公司报告 | 年报点评报告 可靠股份（301009） 证券研究报告 自有品牌+ODM 双轮驱动 公司发布年报及一季报 25Q1 公司营收 3 亿同减 1%，归母净利 0.2 亿同增 1.4%，扣非后归母净利 0.2 亿同减 3%。 婴儿产品 4 亿同增 7%，毛利率 21%同增 2pct； 宠物卫生产品 0.7 亿同减 22%，毛利率 22%同增 2pct。 分地区看，境内收入 6.3 亿同增 3%，毛利率 20%同增 4pct； 2024 年营收 11 亿同减 0.3%，归母净利 0.3 亿同增 54%，扣非后归母净利 0.24 亿同增 33%。 24 年公司分产品看， 成人失禁产品收入 5.6 亿同减 1%，毛利率 19.4%同增 3pct； 境外收入 4.5 亿同减 4%，毛利率 22%同增 2pct。 分模式看，自有品牌收入 5 亿同减 0.3%，毛利率 21%同增 4pct； ODM 收入 6 亿同增 1%，毛利率 19%同增 2pct。 自有品牌+ODM 双轮驱动，继续向新市场、新产品、新领域拓展 以产品为本，拓品拓人群：升级吸水巾，大力拓展轻失禁人群和市场。据 国际尿控协会（ICS）的数据显示， ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [5] Core Views - The company is leveraging both its proprietary brand and ODM (Original Design Manufacturer) model to drive growth, focusing on expanding into new markets, products, and fields [2] - The company is upgrading its product offerings, particularly in the adult incontinence segment, to cater to a broader demographic, including elderly and postpartum women, with a new medical-grade cranberry probiotic absorbent pad set to launch in March 2025 [2] - The company is enhancing its user engagement through various channels, including offline promotions and community projects, to build a valuable user operation system [3] - The financial forecast has been adjusted, projecting revenues of 1.14 billion, 1.22 billion, and 1.35 billion for 2025, 2026, and 2027 respectively, with net profits expected to be 0.34 billion, 0.37 billion, and 0.42 billion [4] Financial Performance Summary - In Q1 2025, the company reported revenue of 300 million, a decrease of 1% year-on-year, while net profit attributable to the parent company was 20 million, an increase of 1.4% [1] - For 2024, the company anticipates revenue of 1.1 billion, a decrease of 0.3%, and net profit of 30 million, an increase of 54% [1] - The breakdown of revenue by product for 2024 shows adult incontinence products at 560 million (down 1%), baby products at 400 million (up 7%), and pet hygiene products at 70 million (down 22%) [1] - The company’s gross margin for adult incontinence products is projected to be 19.4%, baby products at 21%, and pet hygiene products at 22% [1] Market and Product Strategy - The company is focusing on product differentiation and brand strategy for adult incontinence care products, with plans for smart development in high-end products and optimization in mid-to-low-end products [2] - The company aims to educate users about welfare products through targeted marketing and community engagement [3]