Core Viewpoint - The company is expected to achieve record-high overseas sales revenue in 2024, actively expanding production capacity overseas to mitigate tariff risks, while continuing to develop its domestic brand business for future growth potential [1]. Investment Highlights - The company maintains a "Buy" rating, with new profit forecasts for 2027. Expected EPS for 2025-2027 is projected at 1.44, 1.59, and 1.74 yuan, representing year-on-year growth of 11%, 10%, and 9% respectively. A target price of 21.6 yuan is set based on a 15x PE for 2025 [2]. Performance Summary - In 2024, the company achieved revenue of 16.821 billion yuan, a year-on-year increase of 14.84%, with a net profit attributable to shareholders of 1.053 billion yuan, up 7.75%. In Q4 2024, revenue was 4.131 billion yuan, a 6.15% increase, and net profit was 268 million yuan, up 11.07% [3]. - For Q1 2025, revenue reached 3.834 billion yuan, a 10.36% increase, with net profit of 247 million yuan, up 43.02% [3]. - The company reported a total of 13.2 billion yuan in overseas sales, a 22% increase year-on-year, while domestic sales fell by 4% to 3.7 billion yuan [3]. Profitability Analysis - The overall gross margin for 2024 was 20.91%, down 1.83 percentage points year-on-year, with overseas gross margin at 19.33% and domestic gross margin at 26.62% [4]. - In Q1 2025, the gross margin improved to 22.42%, up 0.50 percentage points year-on-year [4]. - The net profit margin for 2024 was 6.26%, a decrease of 0.41 percentage points year-on-year, while Q4 2024 saw a net profit margin of 6.44%, an increase of 1.47 percentage points [4].