Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance exceeded expectations, driven by rising gold prices which stimulated demand for investment products [8] - The company reported a total revenue of 20.23 billion yuan in 2024, a year-on-year increase of 22.24%, and a net profit attributable to shareholders of 719 million yuan, up 1.73% year-on-year [8] - The company is expanding its direct store network and enhancing its multi-channel layout, with a focus on the Beijing-Tianjin-Hebei region [8] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 24.63 billion yuan, with a year-on-year growth rate of 21.8% [7] - The net profit attributable to shareholders for 2025 is projected to be 804 million yuan, reflecting an 11.8% year-on-year increase [7] - The company plans to distribute a cash dividend of 7.20 yuan per 10 shares, totaling 560 million yuan, which represents 77.89% of the net profit attributable to shareholders [8]

事件概述 成本端来看，公司25Q1 毛利率为27.08%，同比-4.35pct。公司毛利率端有所承压，我们预计主因毛利率 较低的新渠道扩张较快所致。费用端来看，公司25Q1 销售/管理/研发/财务费用率分别为 8.88%/3.13%/0.28%/-0.02%，分别同比-2.88/-0.56/+0.09/-0.01pct。公司费用率水平显著下降，我们预计 主因低费投、高效率的会员制超市新渠道快速增长所致。利润端来看，公司25Q1 归母净利润率为 13.14%，同比-2.60pct；25Q1 扣非归母净利润率为11.38%，同比-1.22pct。受制于毛利率承压，公司净 利润率水平有所承压。 新渠道动能持续释放，关注潜在新品 根据公司24 年年报披露，公司2025 年预计营业收入增长不低于20%。产品端来看，我们认为公司24年 通过脱骨鸭掌新品成功切入选品严格的山姆渠道，并成为爆款单品，验证了公司在产品打造上的能力。 公司产品储备丰富，涵盖凤爪、素食、猪皮晶等种类，未来有望依靠产品创新，持续打造适合渠道特点 的新单品，带来业绩增量。渠道端来看，山姆以其优秀的选品能力与严格的供应链管理，近年来实现快 速增长。根据金 ...