Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [4]. Core Views - The company has demonstrated significant revenue growth, achieving a revenue of 1.318 billion yuan in 2024, a year-on-year increase of 27.61%, and a net profit of 300 million yuan, up 32.8% year-on-year [1]. - The company is actively strengthening its position in the baby care sector, with expectations for new product launches in 2025, particularly in the sunscreen category [4]. - The company is recognized as a leader in the mosquito repellent market and is expanding its baby care business to unlock further growth potential [4]. Revenue and Profitability - In 2024, the company achieved a gross margin of 58.17%, an increase of 1.83 percentage points year-on-year, with a net profit margin of 22.77%, up 0.89 percentage points year-on-year [3]. - For Q1 2025, the company reported a revenue of 240 million yuan, a 44% increase year-on-year, and a net profit of 44 million yuan, up 24.6% year-on-year [1][3]. Channel and Product Performance - Online direct sales generated 774 million yuan in revenue, a year-on-year increase of 24.84%, while the non-platform distributor channel saw a revenue increase of 39.64% to 347 million yuan [2]. - The mosquito repellent series achieved a revenue of 439 million yuan, up 35.39% year-on-year, while the baby care series generated 690 million yuan, a 32.42% increase [2]. Financial Forecasts - The company is projected to achieve a net profit of 399 million yuan in 2025, with a growth rate of 33.0%, and further growth to 506 million yuan in 2026 and 641 million yuan in 2027 [5][7]. - The expected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 36x, 28x, and 22x, respectively [5].