牧高笛（603908）：自主品牌冷山基因再升级

Investment Rating - The report maintains a "Buy" rating for the company, with a target price yet to be specified [5]. Core Views - The company has experienced a decline in revenue and net profit in Q1 2025, with revenue at 330 million, down 6% year-on-year, and net profit at 30 million, down 3% year-on-year [1]. - The company is focusing on upgrading its "Cold Mountain" product line, aiming to cover a full range of high-performance outdoor products from camping to hiking [4]. - The OEM/ODM business showed resilience with a revenue increase of 2.46% year-on-year, while the self-owned brand business saw a decline of 19.42% [2]. Financial Performance Summary - Q1 2025: Revenue of 330 million, net profit of 30 million, and a non-recurring net profit of 30 million, reflecting declines of 6%, 3%, and 14% respectively year-on-year [1]. - Q4 2024: Revenue of 220 million, net profit of -8.66 million, and a non-recurring net profit of -11.10 million, showing declines of 26%, 169%, and 220% year-on-year [1]. - For the full year 2024, revenue was 1.3 billion, down 10%, with a net profit of 84 million, down 22%, and a non-recurring net profit of 60 million, down 43% [1]. Business Segment Performance - In Q1 2025, the OEM/ODM segment generated revenue of 220.3 million, up 2.46% year-on-year, while the self-owned brand segment generated 113.5 million, down 19.42% [2]. - The online revenue for the "Big Shepherd" brand was 44.48 million, up 2% year-on-year, while offline revenue was 50.83 million, down 35% [2]. - The "Little Shepherd" direct store revenue was 2.34 million, down 45%, while franchise store revenue was 15 million, up 1% [2]. Cost and Expense Analysis - Sales expenses were 120 million, down 4% year-on-year, attributed to reduced costs from targeted electronic platform advertising [3]. - Management expenses were 120 million, up 24% year-on-year, primarily due to increased labor costs and depreciation from investments in smart warehousing and SAP systems [3]. Profit Forecast Adjustments - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 96 million, 115 million, and 143 million respectively, and EPS of 1.03, 1.23, and 1.53 [9].