英派斯（002899）：自主品牌延续高增，业务转型加速

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown strong revenue growth, achieving 1.214 billion yuan in 2024, a year-on-year increase of 35.6%, and a net profit of 109 million yuan, up 23.8% year-on-year [2][3] - The company is experiencing a transformation with a focus on its own brand, which is expected to continue driving high growth in the coming years [2][3] - The company is managing costs effectively, with a decrease in expense ratios, which is expected to improve profitability as production efficiency increases [3] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 1.214 billion yuan, with a year-on-year growth rate of 35.6% [4] - The net profit attributable to the parent company was 109 million yuan, reflecting a year-on-year increase of 23.8% [4] - For Q1 2025, the company reported revenue of 291 million yuan, a year-on-year increase of 21.9%, and a net profit of 14 million yuan, up 2.2% year-on-year [2][3] Revenue Breakdown - Domestic sales reached 259 million yuan, growing by 7.5% year-on-year, while overseas sales were 955 million yuan, up 45.9% year-on-year [2] - The gross margin for domestic sales was 33.0%, while for overseas sales it was 31.4% [2] Profitability and Cost Management - The gross margin for Q1 2025 was 25.4%, down 2.8 percentage points year-on-year, while the net profit margin was 4.9%, down 0.9 percentage points year-on-year [3] - The company has maintained a strong control over expenses, with a total expense ratio of 19.20%, down 1.1 percentage points year-on-year [3] Future Projections - The company is projected to achieve net profits of 125 million yuan, 143 million yuan, and 164 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 23.76X, 20.76X, and 18.08X [4][3]