Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported a significant increase in net profit for Q1 2025, achieving a net profit of 310 million yuan, a year-on-year increase of 41.3%, despite a revenue decline of 4.8% to 3.45 billion yuan [5][6] - The improvement in gross margin is attributed to enhanced production efficiency and a shift in channel structure, with the gross margin reaching 34.3%, up 4.3 percentage points year-on-year [7][8] - The company is actively optimizing its store layout while increasing the number of high-margin direct sales channel stores [6][8] Summary by Sections Financial Performance - Q1 2025 revenue breakdown by product: cabinets 980 million yuan (-8.5%), wardrobes 1.8 billion yuan (-5.6%), bathrooms 220 million yuan (+9.7%), wooden doors 220 million yuan (+1.0%) [6] - Revenue by channel: direct sales 160 million yuan (+10.2%), distribution 2.59 billion yuan (-1.3%), bulk sales 500 million yuan (-28.6%) [6] Profitability Metrics - Q1 2025 gross margin by product: cabinets 29.7% (+4.1 pcts), wardrobes 39.8% (+4.2 pcts), bathrooms 24.1% (+2.8 pcts), wooden doors 21.2% (+6.2 pcts) [7] - Q1 2025 gross margin by channel: direct sales 55.6% (+2.5 pcts), distribution 35.4% (+3.5 pcts), bulk sales 17.4% (+1.5 pcts) [7] Future Projections - The company’s net profit forecasts for 2025-2027 have been slightly raised to 2.84 billion yuan, 3.20 billion yuan, and 3.52 billion yuan respectively, reflecting increases of 3%, 5%, and 6% [8][9] - Projected EPS for 2025-2027 are 4.67 yuan, 5.26 yuan, and 5.78 yuan, with corresponding P/E ratios of 14, 12, and 11 times [8][9]

Core Viewpoint - The company reported a revenue of 18.92 billion yuan for 2024, a year-on-year decrease of 16.9%, and a net profit attributable to shareholders of 2.6 billion yuan, down 14.4% year-on-year, aligning with previous performance guidance [1] Group 1: Financial Performance - The company's gross profit margin for 2024 increased by 1.8 percentage points to 35.9%, attributed to ongoing supply chain improvements and automation upgrades [3] - The net profit margin for 2024 was 13.7%, reflecting a year-on-year increase of 0.4 percentage points, indicating enhanced profitability [1][3] - The company’s total contract liabilities reached 1.964 billion yuan by the end of Q4 2024, representing a year-on-year increase of 97% and a quarter-on-quarter increase of 80% [3] Group 2: Revenue Breakdown - Retail channel revenue decreased by 19.2% to 14.88 billion yuan in 2024, with dealer and direct store revenues declining by 20.1% and increasing by 0.6% to 14.04 billion yuan and 0.83 billion yuan, respectively [2] - The engineering channel revenue fell by 15.1% to 3.05 billion yuan in 2024 [2] - Revenue from various product categories in 2024 showed declines: cabinets down 22.5% to 5.45 billion yuan, wardrobes and accessories down 18.1% to 9.79 billion yuan, bathrooms down 3.6% to 1.09 billion yuan, and wooden doors down 17.7% to 1.13 billion yuan [2] Group 3: Future Outlook - The company anticipates a recovery in demand in 2025 due to new real estate policies and trade-in programs, which may positively impact its performance [1] - The company aims to continue refining operations to control costs and enhance efficiency, expecting improved revenue and profit in 2025 [1][4] - The profit forecasts for 2025, 2026, and 2027 are set at 2.852 billion yuan, 3.087 billion yuan, and 3.325 billion yuan, respectively, with corresponding EPS of 4.68 yuan, 5.07 yuan, and 5.46 yuan [4]

调改后加工熟食占比提升，毛利率因为供应链改革有所承压。分业务，2024 年食品用品/生鲜及加工/其 他/租赁收入分别收入349.43/288.25/26.73/11.33 亿元，同比-14.03%/-12.82%/-28.08%/-6.77%，食品用品/ 生鲜及加工/其他/租赁收入毛利率分别为18.81%/12.79%/99.96%/78.66%，同 比-0.08pct/-0.37pct/+0.70pct/-2.20pct未来随着供应链持续优化+品质商品占比提升，公司毛利率有望恢 复。 费用边际有所提升，调改进入稳定期后有望下降。公司2024 年毛利率为20.46%，同比-0.78pct，销售/管 理/研发/财务费用分别占比19.33%/2.65%/0.27%/1.68%，同比+0.66pct/+0.25pct/-0.13pct/+0.00pct；公司 2025Q1 销售/管理/研发/财务费用分别占比16.63%/2.45%/0.24%/1.46%，同比 +1.04pct/+0.43pct/-0.10pct/+0.01pct 公司2024 年实现营业收入675.74 亿元，同比-14.07%，实现归母净利润- ...

以下文章来源于21世纪经济报道 ，作者21记者 21世纪经济报道 . 权威、专业、深度、有趣！用经济思维看世界。 来源|21世纪经济报道 作者|刘婧汐 编辑|张伟贤 江佩佩 连续4年净流入为负，处在"话题中心"近一年之久的永辉超市发布了2024年度财报。 4月25日，永辉超市（601933.SH）公布了2024年年度及2025年第一季度财务报告。截至报告期末，公司营业收入675.74亿元，同比减少 14.07%， 归属上市公司股东净利润-14.65亿元 ，与上年同期相比亏损增加了1.36亿元。 | | | | | 单位:元 币种:人民币 | | --- | --- | --- | --- | --- | | 主要会计数据 | 2024年 | 2023年 | 本期比上 年同期增 | 2022年 | | | | | 碱(%) | | | 营业收入 扣除与主营业务 | 67.573.824.099.64 | 78,642,171,577.01 | -14.07 | 90.090.819.396.14 | | 无关的业务收入 | | | | | | 和不具备商业实 | 67,469,147,214.23 | 78.4 ...

商业世界的故事、逻辑、认知。由"和讯商业"团队出品。 以下文章来源于和讯商业 ，作者孟圆 和讯商业 . 螳螂捕蝉，黄雀在后，零食行业的后来者不只一位，量贩渠道的力量正在不断渗透。 随着市场竞争 加剧，行业逻辑也正在被改写。 截至4月24日收盘，洽洽食品（002557.SZ）报价23.99元，日跌7.37%，盘中一度逼近跌停，已触 及近三年最低水平。这主要是受一季度业绩超预期下滑影响。 面对近期股价接连下跌，洽洽食品此前在投资者互动平台表示，公司正在实施回购股份计划。 2024年，洽洽食品还算交出一份稳定的答卷，营收净利润双增长，业绩稍有回暖，但同时公布的 2025年一季报却再遭滑铁卢，营收下降超13%，净利润下滑近七成。另一端，竞争对手三只松鼠 （300783.SZ）则高歌猛进，以106.22亿元的营收和49.3%的增速，重回百亿营收高位。 从年报来看，三只松鼠显得从容许多。 2024年，三只松鼠结束营收连续四年的下滑状态，以106.22 亿元的营收创历史新高，同比增速达49.3% ；实现归母净利润 4.08 亿元，增长85.51%；归母扣非 净利润3.19亿元，同比大增214.3%，其增长动力主要来自抖音等 ...

本次电话会议仅服务于星叶证券客户会议音频及文字记录的内容版权为星叶证券所有内容必须经星叶证券审核后方可留存未经允许和授权专载转发此次会议内容均属侵权星叶证券将保留追究其法律责任的权利 召开会议所有参会人员不能泄露内幕信息以及未公开重要信息涉及外部嘉宾发言的商业证券不保障其发言内容的准确性与完整性商业证券不承担外部嘉宾发言内容所引起的任何损失及责任不承担因转载转发引起的任何损失及责任市场有风险投资需谨慎提醒投资者 好的各位领导各位投资者上午好那么今天我们非常高兴可以邀请到回家时代的副总兼总理张飞总来给我们分享一下公司2024年的经营情况以及后续的一些展望 那么我们先请张培总来分析一下整个年报的一些重点和亮点的一些变化那么以及后续的一些规划那么后续呢我们可以再进入到问答环节有请张培总 好的各位上午好那么公司之后年报大家其实已经看到就是我们整个二四年的一个整个经营业绩呢是较二三年是有所下降的那么收入端可能下降的幅度稍微较小一点但是从利润端来看的话呢其实我们整个受大的这个环境的影响还是比较大所以我们这块利润端呢相较二三年同期下降的幅度也比较大 自2014年我们还是整体在年初制定的整个精英计划的这个基础上 整个还是按照 ...