Investment Rating - The investment rating for the company is "Buy-A" with a target price of 11.06 CNY, while the current stock price is 8.51 CNY [5]. Core Views - The company is actively promoting a trade-in program, which is expected to stimulate demand. The implementation of national subsidy policies is anticipated to further catalyze demand, especially with the upcoming 3C certification for smart toilets [3][10]. - The company has shown a significant improvement in gross margin in Q1 2025, reaching 29.02%, an increase of 4.62 percentage points year-on-year, attributed to the positive impact of national subsidy policies on product sales structure [4][10]. Revenue and Profitability - In 2024, the company reported a revenue of 7.131 billion CNY, a year-on-year decrease of 6.76%, and a net profit of 67 million CNY, down 84.28% year-on-year. The first quarter of 2025 saw a revenue of 1.050 billion CNY, a decline of 7.46% year-on-year, with a net loss of 73 million CNY [1][10]. - The company’s gross margin for 2024 was 25.24%, down 3.09 percentage points year-on-year, while the gross margin for Q1 2025 improved significantly [4][10]. Product and Channel Performance - Revenue from various product categories in 2024 showed mixed results, with sanitary ceramics and faucets declining by 6.6% and 1.82% respectively, while bathroom furniture and accessories saw an increase of 2.38% [2]. - The company’s distribution model revenue in 2024 was 6.062 billion CNY, a decrease of 7.62% year-on-year, while the direct sales model revenue was 1.001 billion CNY, down 3.49% [3]. International Expansion - The company achieved overseas revenue of 309 million CNY in 2024, marking a substantial increase of 137.73% year-on-year, as it continues to pursue internationalization and diversify its market presence [3]. Financial Forecast - The company is projected to achieve revenues of 7.568 billion CNY, 8.177 billion CNY, and 9.027 billion CNY for 2025, 2026, and 2027 respectively, with corresponding net profits of 289 million CNY, 385 million CNY, and 501 million CNY [10][11].
箭牌家居（001322）：积极推进以旧换新，25Q1毛利率改善