Investment Rating - The report maintains a "Recommend" rating for the company with a target price of 27.1 CNY per share [2][9]. Core Insights - In 2024, the company reported revenues of 1.3 billion CNY, a decline of 10.4% year-on-year, with a net profit attributable to shareholders of 84 million CNY, down 21.6% [2][5]. - For Q1 2025, the company achieved revenues of 330 million CNY, a decrease of 6.1% year-on-year, with a net profit of 30 million CNY, down 2.7% [2][5]. - The company plans to distribute a cash dividend of 6.5 CNY per 10 shares, resulting in a dividend payout ratio of 72% [2]. Financial Performance Summary - 2024 Financials: - Total revenue: 1,304 million CNY - Net profit: 84 million CNY - Earnings per share: 0.90 CNY - Gross margin: 28.48% [5][10] - 2025-2027 Projections: - Expected revenue growth: 3.1% in 2025, 7.8% in 2026, and 10.7% in 2027 - Projected net profit: 93 million CNY in 2025, 106 million CNY in 2026, and 124 million CNY in 2027 [5][10]. Business Segment Analysis - Self-owned Brand Performance: - In 2024, self-owned brands generated 774 million CNY in revenue, down 16.43% year-on-year, with a gross margin of 29.82% [2][9]. - OEM/ODM Business: - The OEM/ODM segment reported revenues of 529 million CNY in 2024, a slight decline of 0.03% [2][9]. Market Position and Outlook - The company is positioned as a leader in the camping equipment sector and is expected to benefit from the increasing demand in the outdoor industry [2][9]. - The global production capacity is well-established, allowing the company to capture opportunities from customer order relocations [2][9].
牧高笛(603908):2024年报及2025年一季报点评:经营短期承压,25Q1代工业务回暖