Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company's performance in 2024 was significantly under pressure, with a revenue of 4.147 billion yuan, a year-on-year decline of 18.03%, and a net profit of 458 million yuan, down 55.10% year-on-year [2][3] - In Q1 2025, the company reported a revenue of 1.157 billion yuan, a slight decline of 1.47% year-on-year, but a net profit of 181 million yuan, showing a year-on-year improvement of 0.49% [2][4] - The company is focusing on a dual-brand strategy, with the "FLYCO" brand emphasizing high-end products through innovation and design, while the "POREE" brand targets high-quality, cost-effective products [3] Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 54.58%, a decrease of 1.90 percentage points year-on-year. The gross margins for personal care, household appliances, and other products were 55.35%, 38.46%, and 32.76%, respectively [4] - The net profit margin for 2024 was 11.04%, while in Q1 2025, it improved to 15.64% [4] Revenue and Profit Forecast - The revenue forecast for 2025-2027 is adjusted to 4.5 billion, 4.9 billion, and 5.1 billion yuan, respectively, with net profits expected to be 750 million, 860 million, and 980 million yuan [5][8] - The earnings per share (EPS) for the same period is projected to be 1.72, 1.97, and 2.26 yuan, respectively [5] Market Position and Strategy - The company is experiencing a shift in sales structure, with mid-to-high-end products accounting for 60.78% of sales, an increase of 9.83 percentage points year-on-year [3] - The sub-brand "POREE" achieved a sales revenue of 882 million yuan in 2024, up 1.55% year-on-year, with its sales proportion increasing to 21.36% [3]