Fuanna(SZ:002327) Tianfeng Securities·2025-04-30 15:16Investment Rating - The investment rating for the company is "Buy" with a target price not specified [4]. Core Views - The company experienced significant revenue decline in Q1 2025, with a revenue of 500 million, down 18% year-on-year, and a net profit of 60 million, down 54% year-on-year [1]. - The company maintained a strong dividend payout ratio of 96%, distributing 6.2 yuan per 10 shares to shareholders [1]. - The company is focusing on product innovation and development, leveraging its 30th anniversary to introduce new product lines centered around themes such as "New National Style" and "Health" [3]. Financial Performance Summary - In Q4 2024, the company reported revenue of 1.1 billion, a 2% increase year-on-year, and a net profit of 250 million, a 10% increase year-on-year [1]. - For the full year 2024, the company recorded revenue of 3 billion, a 1% decrease year-on-year, and a net profit of 540 million, a 5% decrease year-on-year [1]. - The gross margin for Q1 2025 was 54%, up 0.3 percentage points year-on-year, while the net profit margin was 10%, down 8 percentage points year-on-year due to increased sales expenses [2]. Channel Performance Summary - Direct sales revenue in 2024 was 700 million, accounting for 24% of total revenue, with a gross margin of 68% [2]. - Franchise revenue was 800 million, accounting for 28% of total revenue, with a gross margin of 56% [2]. - Online sales revenue was 1.1 billion, accounting for 37% of total revenue, with a gross margin of 50% [2]. - Group purchase revenue was 200 million, accounting for 6% of total revenue, showing a 5 percentage point increase year-on-year [2]. Profit Forecast Adjustments - The profit forecast for 2025-2027 has been adjusted, with expected revenues of 3 billion, 3.1 billion, and 3.4 billion respectively [4]. - The net profit for 2025 is projected to be 486 million, with a decrease from previous estimates [8].