证券代码：002301 证券简称：齐心集团 深圳齐心集团股份有限公司 投资者关系活动记录表 编号：2025-004 投资者关系活动类别 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观□其他 （） 参与单位名称及人员姓名 华创证券刘一怡、周星宇，永赢基金庄子童 时间 2025 年 6 月 11 日 10:30-11:40 地点 深圳市坪山区锦绣中路 18 号齐心科技园公司会议室 交流形式 现场交流 上市公司接待人员姓名 公司副总经理、董事会秘书王占君 交流内容及具体问答记录 一、参观公司展厅 二、公司业务介绍 公司主营业务为 B2B 办公物资集采业务，持续聚焦央企、央管金融机构、政府、世界 500 强等优质大客户，其中当前 98 家央企中，已服务过半客户数。基于核心业务场景的客 户重叠度情况，公司在深度经营办公行政物资基础上，业务场景延展和强化 MRO 工业品、员 工福利和营销物料等核心场景和服务边界，深度契合客户业务发展过程中的新场景与新需 求，打造延展性的综合物资集采服务平台。 1.B2B 办公物资集采业务 证券代码：002301 证券简称：齐心集团 MRO 销售 ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved a revenue of 11.397 billion RMB in 2024, representing a year-on-year increase of 2.69%, while the net profit attributable to the parent company was 62.82 million RMB, down 18.32% year-on-year due to a provision for asset and credit impairment losses of 120 million RMB [1][2] - In Q1 2025, the company reported a revenue of 2.212 billion RMB, a year-on-year increase of 0.98%, with a net profit of 48.87 million RMB, down 1.14% year-on-year [1] - The company is expected to focus on core clients and business scenarios in office procurement, which is anticipated to lead to stable growth in business scale [1] - The company plans to enhance IP collaboration in new stationery products, which is expected to contribute to growth [1] - After the impairment provisions, the company is expected to recover its profitability in 2025 [1] Revenue and Profitability - The B2B office supplies and new stationery business generated a revenue of 11.352 billion RMB in 2024, up 3.00% year-on-year, with a net profit of 22 million RMB, down 9.8% year-on-year excluding goodwill impairment [2] - The SaaS software and services segment reported a revenue of 45 million RMB in 2024, down 41.93% year-on-year, with a net loss of 110 million RMB, slightly narrowing from a loss of 112 million RMB in 2023 [2] Financial Metrics - The gross profit margin for 2024 increased by 0.21 percentage points to 8.59%, attributed to a higher proportion of high-margin businesses and improved operational efficiency [3] - The operating expense ratio decreased by 0.50 percentage points to 6.46%, with the sales expense ratio increasing by 0.10 percentage points to 4.99% due to higher marketing expenses [3] - The net profit forecast for 2025-2027 is projected at 222.91 million RMB, 280.47 million RMB, and 339.96 million RMB respectively, with corresponding EPS of 0.31 RMB, 0.39 RMB, and 0.47 RMB [4][6] Valuation - The target price for the company is set at 8.37 RMB, based on a PE ratio of 27 times for 2025, reflecting an increase from the previous target price of 7.03 RMB [4][8] - The current market capitalization is approximately 5.028 billion RMB, with a closing price of 6.97 RMB as of April 25 [8]