事件：公司发布 2024&25Q1 业绩，2024 年实现营收 23.57 亿元/yoy+22.55%，实现归母净利润0.96 亿 元/yoy+20.02%，扣非归母净利润0.81 亿元/yoy+13.47%，经营活动现金流净额1.11 亿元/yoy+117.93%。 2025Q1 实现收入7.14 亿元/yoy+42.87% ， 归母净利润0.43 亿元/yoy+33.52%，扣非归母净利润0.40 亿 元/yoy+25.95%，经营活动现金流净额0.16 亿元/yoy-25.31%。2024 年度，公司拟每股派发现金红利0.14 元（含税），现金分红总额0.37 亿元，分红率38.17%。 盈利预测：我们预计公司 25/26/27 年营收分别为30/39/48 亿元，同比+29%/+28%/+24%，归母净利润分 别为1.28/1.65/2.10 亿元，同比+33%/+29%/+27%，对应2025 年4 月25 日收盘价PE 分别为25/19/15X。 点评： 风险因素：产品推新不及预期，渠道扩张不及预期，线上竞争加剧致电商ROI下降，金价剧烈波动。 践行互联网线上战略，以线上赋能线下，实现全渠道发展。 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook based on performance metrics and growth projections [1]. Core Insights - The company achieved a revenue of 2.357 billion yuan in 2024, representing a year-over-year increase of 22.55%, and a net profit attributable to shareholders of 96 million yuan, up 20.02% year-over-year [1]. - The first quarter of 2025 saw revenues of 714 million yuan, a year-over-year increase of 42.87%, with a net profit of 43 million yuan, up 33.52% year-over-year [1]. - The company is focusing on an omnichannel strategy, leveraging online capabilities to enhance offline sales, with e-commerce contributing significantly to revenue growth [2]. - The company plans to distribute a cash dividend of 0.14 yuan per share for 2024, with a total cash dividend amounting to 37 million yuan, reflecting a dividend payout ratio of 38.17% [1]. Revenue Breakdown - In 2024, the revenue from various sales channels was as follows: direct stores (270 million yuan), counters (410 million yuan), franchises (380 million yuan), and e-commerce (1.29 billion yuan), with e-commerce accounting for 54.83% of total revenue [2]. - The e-commerce channel experienced a year-over-year growth of 40.76%, significantly contributing to the overall revenue increase [2]. Store Expansion and Performance - By the end of 2024, the company had 235 stores, netting an increase of 67 stores, covering 15 provinces and 2 cities [2]. - The revenue from offline channels (including franchises) was 1.056 billion yuan, a year-over-year increase of 5.92%, primarily driven by channel expansion [2]. Product Performance - The company reported a decline in revenue from embedded products, while gold products showed strong performance, driving overall single-store gross profit growth [3]. - In 2024, revenue from solid gold jewelry was 2.28 billion yuan, up 29% year-over-year, while embedded jewelry revenue was 68 million yuan, down 54% year-over-year [3]. Profit Forecast - The company is projected to achieve revenues of 3.047 billion yuan in 2025, 3.886 billion yuan in 2026, and 4.814 billion yuan in 2027, with year-over-year growth rates of 29%, 28%, and 24% respectively [4]. - The net profit attributable to shareholders is expected to reach 128 million yuan in 2025, 165 million yuan in 2026, and 210 million yuan in 2027, with corresponding growth rates of 32.9%, 29.4%, and 27.1% [4].