RYC(SZ:003010) Soochow Securities·2025-05-21 12:23Investment Rating - The report maintains a "Buy" rating for the company [4] Core Viewpoints - The company has launched a significant new product, Ruby Oil, which is expected to expand its health supplement business [2] - The self-owned brands, Zhanjia and Feicui, are driving growth with Zhanjia projected to achieve a revenue of 501 million yuan in 2024, a year-on-year increase of 90.28% [2] - The company's profitability is expected to improve due to the growth of its self-owned brands, with gross margins and net profit margins increasing in 2024 [3] - The brand management business is showing strong growth, with revenue expected to reach 501 million yuan in 2024, a year-on-year increase of 212.24% [3] - The company has adjusted its net profit forecasts for 2025 and 2026 upwards due to better-than-expected growth in self-owned brands, with a new forecast for 2027 net profit of 300 million yuan [4] Financial Projections - Total revenue is projected to grow from 1,366 million yuan in 2023 to 4,762 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 31.04% [1] - The net profit attributable to the parent company is expected to increase from 54.29 million yuan in 2023 to 302.92 million yuan in 2027, reflecting a CAGR of approximately 30.37% [1] - The earnings per share (EPS) is forecasted to rise from 0.33 yuan in 2023 to 1.85 yuan in 2027 [1]