Core Viewpoint - The company, Zhiyou Technology, is experiencing a decline in stock price and trading volume, while also benefiting from various economic trends such as cross-border e-commerce and the pet economy [1][4]. Group 1: Company Overview - Zhiyou Technology was established on January 8, 2010, and went public on June 21, 2023. The company specializes in the research, design, and sales of its own brand home products [7]. - The revenue composition of Zhiyou Technology includes furniture series (51.68%), home series (36.35%), pet series (8.32%), outdoor sports (2.52%), and others (1.13%) [7]. - The company operates in the light industry manufacturing sector, specifically in home goods, and is associated with concepts such as the pet economy and cross-border e-commerce [7]. Group 2: Financial Performance - As of May 9, the number of shareholders in Zhiyou Technology was 8,995, a decrease of 3.46% from the previous period, while the average circulating shares per person increased by 3.58% [8]. - For the period from January to March 2025, Zhiyou Technology achieved a revenue of 2.09 billion yuan, representing a year-on-year growth of 13.56%, and a net profit attributable to shareholders of 111 million yuan, up 10.30% year-on-year [8]. - Since its A-share listing, Zhiyou Technology has distributed a total of 321 million yuan in dividends [8]. Group 3: Market Dynamics - On July 30, Zhiyou Technology's stock price fell by 1.30%, with a trading volume of 64.36 million yuan and a market capitalization of 7.336 billion yuan [1]. - The company has established a differentiated cross-border e-commerce export warehousing logistics system, enhancing operational efficiency and customer satisfaction [2]. - The company has engaged with influencers for marketing, although the current sales contribution from these collaborations is relatively small [2][3]. Group 4: Technical Analysis - The average trading cost of Zhiyou Technology's shares is 19.07 yuan, with the stock price approaching a resistance level of 18.27 yuan, indicating potential for a price correction if this level is not surpassed [6].

Core Viewpoint - The company reported strong revenue growth for 2024, with a total revenue of 4.75 billion, reflecting a year-on-year increase of 34.2%, while net profit slightly decreased by 0.6% to 296 million [1] Revenue Performance - The company achieved 3.606 billion in overseas sales for 2024, a year-on-year increase of 36.8%, with a gross margin of 20.98%, down by 1.81 percentage points [2] - Domestic sales reached 1.122 billion in 2024, up 26% year-on-year, with a gross margin of 23.84%, an increase of 0.89 percentage points [4] Product Performance - In 2024, revenue from various product categories included 3.416 billion from office chairs, 645 million from sofas, and 910 million from height-adjustable desks, with significant growth in height-adjustable desks at 137.6% year-on-year [5] Cost and Profitability - The company's gross margin for 2024 was 21.64%, a decrease of 1.24 percentage points, influenced by currency fluctuations and declining margins in sofa products [6] - The adjusted net profit margin improved to 6.16% in 2024, an increase of 0.26 percentage points [6] Future Outlook - The company forecasts revenues of 5.7 billion, 6.74 billion, and 7.72 billion for 2025 to 2027, with corresponding net profits of 380 million, 480 million, and 580 million, indicating a positive growth trajectory [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 4.749 billion yuan in 2024, representing a year-on-year growth of 34.22%, while the net profit attributable to the parent company was 296 million yuan, a slight decline of 0.56% year-on-year. In Q4 2024, the revenue reached a historical high of 1.359 billion yuan, with a year-on-year increase of 30.94%, but the net profit decreased by 17.67% year-on-year. In Q1 2025, the revenue was 1.01 billion yuan, up 17.93% year-on-year, and the net profit increased by 34.81% year-on-year [3][4] Summary by Sections Financial Performance - In 2024, the company achieved revenues of 4.749 billion yuan, with a year-on-year growth of 34.22%. The net profit attributable to the parent company was 296 million yuan, down 0.56% year-on-year. The Q4 2024 revenue was 1.359 billion yuan, up 30.94% year-on-year, while the net profit was 71 million yuan, down 17.67% year-on-year. For Q1 2025, the revenue was 1.01 billion yuan, up 17.93% year-on-year, and the net profit was 58 million yuan, up 34.81% year-on-year [3][4] Sales Growth - The company experienced sustained high demand with new customers, channels, and projects accelerating. In 2024, the revenue from various product lines included office chairs (3.416 billion yuan), sofas (645 million yuan), massage chairs (240 million yuan), and others, showing significant year-on-year growth rates [4] Strategic Investments - The company is strategically investing in building its own brand and developing new businesses, which has temporarily impacted the net profit margin. The gross margin for 2024 was 21.64%, down 1.24 percentage points year-on-year. The net profit margin was 6.24%, down 2.18 percentage points year-on-year [5] International Expansion - The company has established two overseas production bases in Vietnam and Romania, enhancing its competitive advantage. The Vietnam base has been operational since 2018, while the Romania base began production in 2023, supporting the company's ability to meet global customer demands [6][7] Future Outlook - The company is transitioning from a primarily export-oriented model to a balanced approach of domestic and international sales, along with a focus on its own brand. Revenue projections for 2025-2027 are 5.625 billion yuan, 6.425 billion yuan, and 7.116 billion yuan, respectively, with corresponding net profits of 363 million yuan, 439 million yuan, and 518 million yuan [8][10]