周大生（002867）：2024年报及2025年一季报点评：自营表现较优，维持较高分红

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - In 2024, the company's revenue was 13.89 billion yuan, a year-on-year decline of 14.7%, and the net profit attributable to the parent company was 1.01 billion yuan, down 23.2% year-on-year. In Q1 2025, revenue was 2.67 billion yuan, a year-on-year decline of 47.3%, with a net profit of 250 million yuan, down 26.1% year-on-year. The proposed dividend for the 2024 annual report is 0.65 yuan per share, combined with the 2024 interim dividend of 0.3 yuan per share, totaling 0.95 yuan per share [2][6]. Summary by Sections Company Performance - In 2024, the company faced industry demand disruptions, leading to pressure on wholesale business, while self-operated business performed relatively well. The total number of stores in 2024 was 5,008 (net decrease of 98), with 4,655 franchise stores (net decrease of 120) and 353 self-operated stores (net increase of 22). In Q1 2025, the total number of stores was 4,831 (net decrease of 177), with 4,435 franchise stores (net decrease of 220) and 396 self-operated stores (net increase of 43) [12]. Revenue and Profit Analysis - The total revenue in 2024 decreased by 15%, with a gross profit of 2.89 billion yuan, down 2% year-on-year. The decline in gross profit was significantly smaller than the revenue decline. In the wholesale segment, gross profit from wholesale shipments was 600 million yuan (down 13% year-on-year), while self-operated segments showed growth, with offline self-operated gross profit of 500 million yuan (up 29% year-on-year) and online self-operated gross profit of 700 million yuan (up 19% year-on-year) [12][12]. Future Outlook - The company is expected to see EPS of 1.01, 1.11, and 1.26 yuan for 2025, 2026, and 2027 respectively. Despite the pressure on wholesale business due to industry fluctuations, the self-operated channels and e-commerce have achieved gross profit growth. The company is positioned to benefit from high dividend attributes and structural highlights, indicating potential for performance improvement [12][12].