Investment Rating - The report maintains a "Buy" rating for the company with an expected relative return of over 20% within the next six months [6]. Core Insights - The company has optimized its promotional strategies, leading to a reduction in traffic costs and an improvement in gross margin, which increased by 4 percentage points year-on-year to 48% in Q1 2025 [1][2]. - Despite a decline in revenue, the company achieved a 26% year-on-year increase in net profit for the fiscal year 2024, attributed to cost control measures and improved operational efficiency [2][4]. - The company is focusing on high-quality development by enhancing product design and supply chain management, introducing premium materials to cater to mid-to-high-end consumers while maintaining a wide price range to attract various consumer segments [3]. Financial Summary - For the fiscal year 2024, the company reported a revenue of 700 million yuan, a decrease of 10% year-on-year, while net profit reached 100 million yuan, reflecting a 26% increase [1][5]. - The projected net profits for 2025 to 2027 are estimated at 120 million yuan, 140 million yuan, and 160 million yuan respectively, with corresponding EPS of 0.54 yuan, 0.61 yuan, and 0.71 yuan [4][5]. - The company’s financial metrics indicate a PE ratio of 26x for 2025, decreasing to 20x by 2027, suggesting a favorable valuation trend [4][5].
戎美股份（301088）：流量成本优化，毛利率同比改善