aiyingshi(SH:603214) 光大证券研究·2025-04-06 13:19Core Viewpoint - The company reported a revenue growth of 4.06% and a net profit growth of 1.61% for the year 2024, indicating stable financial performance despite challenges in the market [3]. Financial Performance - In 2024, the company achieved an operating revenue of 3.47 billion, a year-on-year increase of 4.06%, and a net profit attributable to shareholders of 110 million, up 1.61%. The adjusted net profit was 70 million, reflecting a growth of 9.78% [3]. - For Q4 2024, the company recorded an operating revenue of 1 billion, representing a year-on-year growth of 9.69%, and a net profit of 60 million, which is a 1.26% increase compared to the previous year [3]. Profitability Metrics - The company's overall gross margin for 2024 was 26.9%, down by 1.5 percentage points year-on-year. In Q4 2024, the gross margin was 28.8%, showing a decline of 2.2 percentage points [4]. - The period expense ratio for 2024 was 23.5%, a decrease of 1.6 percentage points year-on-year. The breakdown of expenses showed sales, management, and financial expense ratios at 19.6%, 3.1%, and 0.8%, respectively, with year-on-year changes of -1.2, -0.2, and -0.2 percentage points [4]. Store Expansion and Strategy - The company opened 62 new stores in 2024, bringing the total to 475 stores by the end of the year. All new stores are located in shopping centers, with sizes maintained between 200-250 square meters [5]. - The company implemented a "one store, one policy" strategy for existing stores, optimizing aspects such as store size, product structure, and display layout, with 35 stores adjusted in total for the year [5]. - The fastest-growing channel for the company in 2024 was e-commerce, with a revenue increase of 16.6%, and the live streaming business attracted over one million viewers [5]. - In December 2024, the company opened its first Gundam Base Satellite store in Suzhou, entering the IP retail market and targeting a younger consumer demographic [5].