IMPULSE(SZ:002899) ZHESHANG SECURITIES·2025-05-05 07:08Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a revenue of 1.21 billion yuan for 2024, representing a year-on-year increase of 35.6%, and a net profit of 109 million yuan, up 23.8% [2][3] - The company is focusing on both international market dynamics and expanding its domestic market presence, with significant growth potential in China's fitness equipment market [4] - The company is actively pursuing a smart transformation by integrating AI technology into its product offerings, which includes 28 series of fitness equipment [5] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 1.21 billion yuan, with a year-on-year growth of 35.6%, and a net profit of 109 million yuan, reflecting a growth of 23.8% [2][3] - For Q1 2025, the revenue was 291 million yuan, showing a year-on-year increase of 21.9%, with a net profit of 14 million yuan, up 2.19% [2] Business Growth - The traditional business segment is experiencing steady growth, with commercial products accounting for 87.7% of revenue and overseas sales making up 78.7% [3] - The company is enhancing its OEM/ODM product offerings and has successfully launched over 10 new products [3] Market Potential - The domestic fitness market is expected to grow significantly, with China's fitness penetration rate at 5.37% as of 2023, compared to higher rates in the US, UK, and Germany [4] - The company aims to mitigate risks associated with international markets by tapping into the vast potential of the domestic market [4] Strategic Initiatives - The company is deepening its application of AI technology to create smart fitness solutions, positioning itself for future growth in the AI glasses sector [5] - The report forecasts revenue growth for 2025-2027 to be 1.31 billion, 1.64 billion, and 1.89 billion yuan, respectively, with net profits projected at 103 million, 144 million, and 181 million yuan [6][8]