GUJING(000596) ZHESHANG SECURITIES·2025-05-11 09:18Investment Rating - The investment rating for the company is "Buy" and is maintained [4] Core Views - The company has shown impressive revenue and profit growth in Q1 2025, with the year-on-year revenue growth of 10.38% and net profit growth of 12.78% [8] - The company aims to continue its "nationalization and mid-to-high-end" strategy, focusing on expanding its market presence and product offerings [2][3] - The company has a diverse product portfolio with multiple brands and fragrance types, which supports its growth strategy [2] Summary by Sections Revenue and Profit Growth - In 2024, the company achieved a revenue of 235.78 billion (up 16.41%) and a net profit of 55.17 billion (up 20.22%) [8] - Q1 2025 revenue reached 91.46 billion (up 10.38%) with a net profit of 23.30 billion (up 12.78%) [8] Product Performance - The revenue from the year-round original series was 180.86 billion (up 17.31%), contributing to 79.10% of total revenue [2] - The company has seen volume growth of 11.99% and price growth of 4.75% in the year-round original series [2] Regional Performance - In 2024, the Central China region generated revenue of 201.51 billion (up 17.80%), accounting for 85.47% of total revenue [2] Strategic Initiatives - The company plans to implement the "Three Communication Projects" to enhance sales, reduce inventory, expand channels, and stabilize prices [2] - The company has a total of 5,089 distributors, with significant growth in the Central China region [2] Financial Forecast - Revenue is projected to grow to 26,291 million in 2025, with a net profit of 6,190 million [4] - The estimated EPS for 2025 is 11.71, with a P/E ratio of 14 [4]