事件描述 公司2024 年实现营业总收入/归母净利润/扣非净利润113.97/0.63/0.59 亿元，同比+3%/-18%/-21%；其中 2024Q4 实现营业总收入/归母净利润/扣非净利润30.01/-0.96/-0.98 亿元，同比-10%/亏损/亏损；2025Q1 实现营业总收入/归母净利润/扣非净利润22.12/0.49/0.44 亿元，同比+1%/-1%/-1%。 随着公司进一步优化调整B2B 业务客户结构，有望实现收入稳健成长以及盈利水平的持续改善。公司 已从办公物资采购平台服务商转变成为包括办公物资、MRO、营销物料、员工福利等在内的综合物资 集采服务平台，通过内部结构调整提升MRO 份额占比、同时运用AI 增降本增效有望改善盈利能力。期 待品牌新文具业务品牌贡献增量。新文具业务层面，公司在产品的研发、品质提升、产品情感价值及使 用体验等方面持续投入，在个人及高价值文具市场通过与优质 IP 合作不断推陈出新。此外，期待好视 通业务调整成效显现，有望实现利润正贡献。预计公司2025-2027 年归母净利润2.0/2.5/3.2 亿元，对应 PE25/20/16X。 风险提示 事件评论 1、市场 ...

Investment Rating - The investment rating for the company is "Accumulate" and maintained [7] Core Views - The company is expected to achieve total revenue of 11.397 billion yuan in 2024, with a year-on-year growth of 3%. However, the net profit attributable to the parent company is projected to decline by 18% to 63 million yuan, and the net profit after deducting non-recurring gains and losses is expected to decrease by 21% to 59 million yuan [2][4] - In Q4 2024, the company anticipates total revenue of 3.001 billion yuan, with a year-on-year decline of 10%. The net profit is expected to be a loss of 96 million yuan [2][4] - For Q1 2025, total revenue is projected to be 2.212 billion yuan, with a slight year-on-year increase of 1%. The net profit attributable to the parent company is expected to be 49 million yuan, showing a decrease of 1% [2][4] Summary by Sections Business Performance - The B2B business is estimated to achieve stable growth in 2024, contributing to a total revenue increase of 3%. The revenue from the B2B segment is expected to be 11.352 billion yuan, driven by digital transformation and the use of AI tools to optimize business processes [11] - The SAAS business is projected to generate 4.5 million yuan in revenue, a decrease of 42%, as the company focuses on the smart education sector [11] Profitability - The company's net profit for 2024 is expected to be 63 million yuan, with a net profit of 110 million yuan after excluding goodwill impairment [11] - The gross margin for 2024 is projected to be 8.6%, an increase of 0.2 percentage points. The gross margins for B2B and SAAS businesses are expected to be 8.58% and 10.40%, respectively [11] Future Outlook - In Q4 2024, the company anticipates revenue pressure across all business segments, leading to losses. The B2B revenue is expected to decline by 10%, while SAAS revenue is projected to drop by 52% [11] - For Q1 2025, the company expects a recovery in B2B revenue and positive profitability from the good vision business adjustments [11] - The company aims to optimize its B2B customer structure and enhance its MRO share, leveraging AI for cost reduction and efficiency improvements [11]