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李子园(605337):2024年报及2025年一季报业绩点评:收入符合预期,成本红利释放
Soochow Securities· 2025-05-02 01:38
Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company's revenue for 2024 is expected to be 1.415 billion yuan, showing a slight increase of 0.22% year-on-year, while the net profit attributable to shareholders is projected to be 224 million yuan, a decrease of 5.55% year-on-year [8] - The company has maintained a stable profitability with a gross margin of 29.1% in 2024, an increase of 3.24 percentage points year-on-year, primarily due to declining raw material costs [8] - The company is focusing on product upgrades and channel expansion, particularly in the sweet milk series and new vitamin water products, which are expected to enhance profitability [8] Financial Summary - Total revenue forecast for 2024 is 1.415 billion yuan, with a projected growth of 8.69% in 2025 [1] - The net profit attributable to shareholders is expected to reach 254 million yuan in 2025, reflecting a year-on-year growth of 13% [1] - The earnings per share (EPS) is projected to be 0.64 yuan in 2025, with a price-to-earnings (P/E) ratio of 19.43 times [1] - The company plans to distribute a cash dividend of 184 million yuan in 2024, with a cash dividend rate of approximately 87% [8]
好想你(002582):净利润大幅改善 成本红利持续释放
Xin Lang Cai Jing· 2025-04-29 02:43
Core Viewpoint - The company reported a decline in total revenue for 2024 but showed significant improvement in net profit for Q1 2025, indicating a potential recovery in profitability driven by cost management and product optimization [1][2]. Financial Performance - Total revenue for 2024 was 1.67 billion yuan, a decrease of 3% year-on-year, with a net loss of 72 million yuan compared to a loss of 52 million yuan in 2023 [1] - Q4 2024 revenue was 492 million yuan, down 23% year-on-year, with a net loss of 11 million yuan [1] - Q1 2025 revenue was 413 million yuan, a decrease of 16% year-on-year, but net profit increased by 216% to 40 million yuan [1] Profitability and Cost Management - Gross margin for 2024 and Q1 2025 was 22.62% and 33.97%, respectively, with a recovery in profitability due to the depletion of high-cost raw materials [2] - Selling expense ratio decreased by 0.1 percentage points in 2024 and by 1 percentage point in Q1 2025, while management expense ratio decreased by 1 percentage point in 2024 and by 0.1 percentage points in Q1 2025, indicating effective cost control [2] - Net profit margin improved significantly in Q1 2025 to 9.62%, up from a loss margin of 4.53% in 2024 [2] Product and Channel Strategy - Revenue from red date products, health preservation products, and other categories for 2024 was 1.22 billion, 69 million, and 320 million yuan, respectively, with a notable decline in health preservation products due to reduced maintenance of old products [3] - Offline channel revenue increased by 3% to 1.14 billion yuan, driven by new retail channels, while e-commerce revenue decreased by 16% to 475 million yuan due to channel relocation [3] - The company is focusing on optimizing product structure and developing differentiated, high-tech red date products [3] Earnings Forecast - The company is expected to see continuous improvement in profitability due to lower raw material costs and the expiration of certain depreciation expenses [4] - Projected EPS for 2025-2027 is 0.02, 0.17, and 0.27 yuan, with corresponding PE ratios of 502, 70, and 44 times [4]