Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook based on financial performance and growth projections [1]. Core Insights - The company achieved a revenue of 17.904 billion yuan in 2024, representing a year-over-year growth of 5%. The adjusted net profit reached 157 million yuan, marking a 20% increase year-over-year, and the company declared a dividend of 0.075 yuan per share, with a payout ratio of approximately 170% [2][4]. - The self-owned brand business showed significant growth, with a monthly active buyer increase of 18%. The self-operated revenue for 2024 was approximately 16.973 billion yuan, accounting for about 95% of total revenue, with a notable 220% increase in the transaction scale of self-owned brand products [4][5]. - The company successfully turned a profit in 2024, with a cash flow cycle of approximately -32 days, indicating high cash turnover and efficiency. The operating cash inflow was 656 million yuan, a 45% increase year-over-year [4][5]. Financial Performance Summary - **2024 Financials**: Total revenue was 17.904 billion yuan, with a net profit of 30 million yuan. The gross margin was 10.13%, and the return on equity (ROE) was 1.29% [6][8]. - **2025-2027 Projections**: Expected revenues for 2025, 2026, and 2027 are approximately 20.813 billion yuan, 23.476 billion yuan, and 26.494 billion yuan, respectively, with year-over-year growth rates of 16%, 13%, and 13%. The projected net profits for the same years are 129 million yuan, 274 million yuan, and 441 million yuan, with significant growth rates of 330%, 113%, and 61% [6][8]. - **Valuation Metrics**: The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are approximately 40.65, 19.12, and 11.90, respectively, indicating a favorable valuation trend as earnings grow [6][8].