事件：7 月28 日，公司与香港理工大学共同发起的"数字化营销人工智能联合实验室"正式启幕。 前瞻性出海布局奠定模式复制基础。公司已系统性推进东南亚跨境电商业务，通过TikTok、Lazada、 Tokopedia 和Shopee 等境外电商平台矩阵，深度合作金佰利、欧莱雅、资生堂、联合利华、艾雪 （Aice）等母婴、个护、美妆、食饮头部品牌，并在印尼建成500 平米直播基地验证本地化运营。待国 内AI 营销模式验证成熟后，可依托现有基础设施快速复制至东南亚高增长市场，打开增量空间。 盈利预测与投资建议：公司作为头部白酒电商运营平台，股权激励着重利润增长，看好中长期高成长 性。我们预计公司25-26 年营业收入分别44.6/54.8 亿元,归母净利润分别为3.3/4.2 亿元,当前股价对应25 年P/E为14X，维持"强烈推荐"评级。 风险提示：零售环境疲软的风险；市场竞争加剧的风险；电商平台经营波动的风险。 产学研深度融合，夯实AI 营销技术壁垒，共同构建"更懂人"的数字营销。公司旗下核心运营主体久爱 致和自2010 年成立以来，已积累酒类、水饮、日化、母婴、家居五大行业近30 家头部品牌服务经验及 海量电 ...

Core Insights - The company reported significant revenue growth and profit release in 2024, with total revenue, net profit attributable to shareholders, and net profit excluding non-recurring items reaching 3.676 billion, 260 million, and 235 million yuan respectively, all showing year-on-year increases of 30% and 17% [2] - The company is expanding its product offerings and exploring new sales channels, particularly in the e-commerce sector, which is expected to drive future growth [3] - The company has a robust online sales service system that meets the current demands of the liquor industry, with a positive earnings forecast for 2025-2027 [4] Financial Performance - In 2024, the company's total revenue and net profit for Q4 were 901 million and 70 million yuan respectively, with year-on-year growth of 5% and 68% [2] - The gross margin and net margin for 2024 were 25% and 7%, showing slight declines compared to the previous year, while Q4 margins improved slightly [2] - Operating cash flow was negative at -235 million yuan for the year, despite a 19% increase in sales collection [2] Product and Channel Development - Internet sales and services generated 362.9 million and 4.7 million yuan in 2024, with internet sales growing by 32.1% [3] - The company is collaborating with well-known brands to develop new products, including limited edition offerings, which are expected to enhance growth [3] - The company is establishing a strong presence in live-streaming e-commerce, with nearly 4,000 square meters of space dedicated to live-streaming bases in key cities [3] Earnings Forecast - The company is projected to have earnings per share (EPS) of 0.48, 0.60, and 0.74 yuan for 2025-2027, with corresponding price-to-earnings (PE) ratios of 13, 10, and 8 times [4]