牧高笛：自主品牌冷山基因再升级-20250507

Investment Rating - The report maintains a "Buy" rating for the company with a target price yet to be specified [5] Core Insights - 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 in Q1 2025, while the self-owned brand business saw a decline of 19.42% [2] Financial Performance Summary - In Q1 2025, the company's revenue was 330 million, with a net profit of 30 million, and a non-recurring net profit of 30 million, reflecting a 14% decline year-on-year [1] - For the full year 2024, the company reported a revenue of 1.3 billion, down 10% year-on-year, and a net profit of 84 million, down 22% year-on-year [1] - The company plans to distribute a cash dividend of 6.5 yuan per 10 shares, totaling 60 million, with a payout ratio of 72% [1] Business Segment Performance - The self-owned brand business generated 773.84 million in revenue for 2024, down 16.43% year-on-year, while the OEM/ODM business revenue was 528.95 million, nearly flat [2] - Online sales for the "Big Shepherd" brand reached 44.48 million, up 2% year-on-year, while offline sales dropped by 35% to 50.83 million [2] - The "Little Shepherd" direct stores saw a revenue decline of 45% to 2.34 million, while franchise stores reported a slight increase of 1% to 15 million [2] Profitability and Cost Management - Sales expenses decreased by 4% to 120 million due to more precise electronic platform targeting, while management expenses increased by 24% to 120 million due to higher labor costs and investments in smart warehousing and SAP systems [3] - The company is adjusting its profit forecasts for 2025-2026 and has added projections for 2027, expecting net profits of 96 million, 115 million, and 143 million for 2025, 2026, and 2027 respectively [9]