Hiroad(300915) 华鑫证券·2025-05-07 08:01Investment Rating - The report maintains a "Buy" investment rating for the company [10] Core Views - The company has successfully expanded its direct customer base and is focusing on the progress of capacity release [1] - Revenue for 2024 is projected at 1.087 billion yuan, representing a 14% year-on-year increase, with a net profit of 111 million yuan, up 24% [1] - The company is expected to continue its positive operational trend due to the optimization of raw material costs and the implementation of capacity projects [10] Summary by Sections Financial Performance - In 2024, total revenue reached 1.087 billion yuan, with a net profit of 111 million yuan and a non-recurring net profit of 94 million yuan [1] - For Q1 2025, revenue was 240 million yuan, a decrease of 6% year-on-year, with a net profit of 7 million yuan, down 80% [1] Cost Management - The gross margin for 2024 and Q1 2025 decreased by 0.04 percentage points and 9 percentage points to 35.03% and 28.63%, respectively [2] - The company is implementing strategies such as structural price locking and direct engagement with core suppliers to mitigate cost pressures [2] Product Development - Revenue from cream products in 2024 was 1.008 billion yuan, a 16% increase, with a gross margin of 35.48% [3] - The company is focusing on upgrading its product structure and optimizing cost-performance ratios for its products [3] Sales Channels - Revenue from distribution channels in 2024 was 877 million yuan, a 6% increase, while direct sales revenue grew by 65% to 210 million yuan [4] - The company is actively developing large customers and enhancing its customer coverage [9] Market Outlook - The overseas revenue for 2024 was 216 million yuan, reflecting a 17% increase, with expectations for continued double-digit growth in 2025 [9] - The company anticipates that the second phase of its investment projects will significantly alleviate capacity bottlenecks [3]