Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company is leveraging both its proprietary brand and ODM (Original Design Manufacturer) model to drive growth and expand into new markets and product categories [2] - The company is focusing on upgrading its product offerings, particularly in the adult incontinence segment, to cater to a broader demographic, including elderly and postpartum women [2] - The company aims to enhance its user engagement through a refined user operation system that integrates products and services, utilizing AI for customer support [3] - The financial forecasts have been adjusted, with expected revenues of 1.14 billion, 1.22 billion, and 1.35 billion for 2025, 2026, and 2027 respectively, alongside net profits of 0.34 billion, 0.37 billion, and 0.42 billion for the same years [4] Financial Performance Summary - In Q1 2025, the company reported revenue of 300 million, a decrease of 1% year-on-year, while net profit attributable to the parent company was 20 million, an increase of 1.4% [1] - For the year 2024, the company anticipates a revenue of 1.1 billion, a decrease of 0.3%, and a net profit of 30 million, an increase of 54% [1] - The breakdown of revenue by product for 2024 includes adult incontinence products at 560 million (down 1%), baby products at 400 million (up 7%), and pet hygiene products at 70 million (down 22%) [1] - The company’s gross margin for adult incontinence products is projected to be 19.4%, for baby products 21%, and for pet hygiene products 22% [1] Market and Product Strategy - The company is set to launch a new medical-grade cranberry probiotic absorbent pad by March 2025, aimed at addressing user pain points related to absorption and health [2] - The strategy includes developing welfare products tailored to specific user needs and enhancing product differentiation across various market segments [2] - The company is also focusing on building a valuable user operation system that enhances brand engagement through various outreach methods, including online platforms and community initiatives [3]
可靠股份：自有品牌+ODM双轮驱动-20250501