Investment Rating - The report maintains a rating of "Accumulate" for the company [2][10]. Core Views - The company is experiencing rapid growth in its industrial internet platform and is successfully implementing its "going out" strategy, with AI application scenarios accelerating [3][10]. - The projected revenue for the company is expected to grow from 13.51 billion yuan in 2024 to 22.68 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 16.5% [4][10]. - The net profit attributable to shareholders is forecasted to increase from 927.43 million yuan in 2024 to 2.13 billion yuan in 2027, with a significant growth rate of 28.4% in 2027 [4][10]. - The company has successfully expanded its market presence, with over 120 mature AI application scenarios developed and contracts worth 256 million yuan signed in 2024 [10]. Financial Summary - Revenue projections: 1,141 million yuan (2023), 1,351 million yuan (2024), 1,642 million yuan (2025), 1,947 million yuan (2026), and 2,268 million yuan (2027) [4][11]. - Net profit (attributable to shareholders): 62 million yuan (2023), 93 million yuan (2024), 126 million yuan (2025), 166 million yuan (2026), and 213 million yuan (2027) [4][11]. - Earnings per share (EPS) forecast: 0.09 yuan (2023), 0.14 yuan (2024), 0.19 yuan (2025), 0.24 yuan (2026), and 0.31 yuan (2027) [4][11]. Market Data - The company's stock price has ranged between 7.01 yuan and 16.02 yuan over the past 52 weeks, with a total market capitalization of 7,749 million yuan [5][10]. - The company has a total share capital of 678 million shares, with 423 million shares in circulation [5][10]. Valuation Metrics - The report assigns a target price of 13.96 yuan based on a dynamic price-to-earnings (PE) ratio of 75 times for 2025 [10][12]. - The current price-to-earnings ratio is projected to decrease from 125.43 in 2023 to 36.41 in 2027 [4][11].

Core Insights - The company Ruoyuchen (003010.SZ) reported significant revenue and profit growth for 2024 and Q1 2025, with a 29.26% year-on-year increase in revenue to 1.766 billion yuan and a 94.58% increase in net profit to 106 million yuan for 2024 [1] - In Q1 2025, the company achieved revenue of 574 million yuan, reflecting a 54.16% year-on-year growth, and a net profit of 27.42 million yuan, which is a 113.88% increase compared to the same period last year [1] Business Performance - The self-owned brand business has become the core driver of Ruoyuchen's performance, with the home cleaning brand "Zhanjia" achieving over 100% year-on-year growth in GMV across platforms like Tmall, Douyin, and Xiaohongshu [2] - The self-owned health product brand "Feicui," focusing on women's anti-aging, has rapidly gained traction since its launch in September 2024 [2] Brand Management - Ruoyuchen enhances partner brands through comprehensive digital capabilities, exemplified by Bayer's Kangwang, which saw a 283% year-on-year increase in total sales due to support in brand positioning, product design, marketing, and multi-channel sales [2] - The company's revenue from brand management services surged by 212% year-on-year in 2024 [2] Technological Advancements - Ruoyuchen has established a comprehensive digital decision-making system, utilizing its self-developed system DeepSeek R1 for precise decision-making in market insights, product development, and supply chain management [2] - The launch of an integrated business and financial platform in 2024 allows for real-time interaction between business and financial data, while automated customer service and intelligent work order systems have improved OMS response efficiency [2]