SFY(002572) Changjiang Securities·2025-05-08 09:45Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company is expected to achieve revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 10.494 billion, 1.371 billion, and 1.093 billion yuan in 2024, respectively, with year-on-year changes of -10%, +9%, and -4% [2][6]. - The fourth quarter of 2024 shows a significant improvement in operating profitability, with a notable reduction in revenue decline due to the effectiveness of national subsidies [7]. - The company is focusing on a whole-home strategy, with retail as the core, and anticipates growth potential from its Milan brand and integrated home solutions [12]. Financial Performance Summary - In 2024, the company’s revenue is projected to be 10.494 billion yuan, with a net profit of 1.371 billion yuan, reflecting a year-on-year decrease of 10% and an increase of 9%, respectively [2][6]. - For Q4 2024, the revenue is expected to be 2.839 billion yuan, with a net profit of 449 million yuan, showing a year-on-year decline of 18% but a significant increase in net profit of 45% [6][7]. - The first quarter of 2025 is projected to have a revenue of 2.038 billion yuan, with a net profit of 12 million yuan, indicating a year-on-year decline of 3% and a drastic drop in net profit of 93% [6][7]. Strategic Outlook - The company is expected to continue benefiting from national subsidies, which are anticipated to catalyze market share growth [12]. - The retail segment is projected to expand through category diversification and increased average transaction value, with the average transaction price reaching 23,370 yuan in 2024, up from 19,619 yuan in 2023 [12]. - The integrated home solutions segment is expected to see a revenue increase of 16% in 2024, supported by deeper collaborations with installation companies [12].