SPZP(SZ:300616) Changjiang Securities·2025-05-09 01:45Investment Rating - The investment rating for the company is "Accumulate" and maintained [9] Core Views - The company is expected to achieve revenue of 3.789 billion yuan and a net profit attributable to the parent company of -215 million yuan in 2024, with a revenue decline of 23% year-on-year [2][6] - In Q4 2024, the company is projected to have revenue of 1.057 billion yuan, with a net loss of 101 million yuan, reflecting a 24% year-on-year revenue decline [2][6] - For Q1 2025, the company anticipates revenue of 741 million yuan, with a net loss of 39 million yuan, indicating a 5% year-on-year revenue decline but a narrowing of losses [2][6] - The positive effects of national subsidies have been observed since Q4 2024, leading to a reduction in revenue decline, and this trend is expected to continue into Q2 2025 [2][6] Summary by Sections Revenue and Profitability - The company faced a revenue decline of 23% in 2024, with specific declines in customized furniture, supporting home products, and overall business models [13] - The revenue decline has narrowed from 29% in Q3 2024 to 17% in Q4 2024, indicating a positive trend due to national subsidies [13] Cost Management and Efficiency - In Q1 2025, the company reported a gross margin increase of 7.4 percentage points and a net profit margin increase of 5.9 percentage points, reflecting effective cost management [13] Strategic Focus - The company is focusing on its traditional strengths in customization and supporting products, aiming for high-quality development [13] - The company is actively expanding its overseas presence under the Sunpina brand, with successful franchise establishments in various countries [13] Channel Development - The company is implementing a new channel strategy that includes a mix of direct sales and franchise models to enhance market coverage [13] - The company aims to reduce the operational requirements for franchisees, facilitating faster market entry and shared resources [13] Future Outlook - The company plans to distribute dividends of 187 million yuan in 2024, with an expected dividend yield close to 7% [13] - Projections for net profit attributable to the parent company for 2025-2027 are approximately 70 million, 100 million, and 150 million yuan, respectively [13]