Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady revenue growth, with a reported revenue of 2.983 billion yuan in 2024, representing a year-over-year increase of 4.53%. The net profit attributable to shareholders was 312 million yuan, up 22.60% year-over-year [5][9] - The company is focusing on core product categories and enhancing research and development efficiency, leading to the launch of over a hundred new products, including innovative solutions for chronic disease management [6][9] - The online sales channel generated 1.990 billion yuan in revenue, a year-over-year increase of 8.94%, while the gross margin improved by 9.57 percentage points to 54.86% [7][9] Financial Performance - In 2024, the company achieved a revenue of 2.983 billion yuan, with a year-over-year growth of 4.5%. The projected revenues for 2025, 2026, and 2027 are 3.580 billion yuan, 4.333 billion yuan, and 5.236 billion yuan, respectively, with growth rates of 20.0%, 21.0%, and 20.8% [11][9] - The net profit attributable to shareholders for 2025 is expected to be 414 million yuan, with a growth rate of 32.7%, and projected to reach 613 million yuan by 2027 [11][9] - The company's gross margin is expected to remain stable around 51.7% from 2025 to 2027 [11][9] Market Strategy - The company is actively expanding its online channels and has begun to explore overseas markets, successfully entering regions such as South America, Africa, and Southeast Asia [7][8] - The company has established a digital operation system centered on category management, integrating resources across research and development, procurement, production, and logistics to enhance market responsiveness [7][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady revenue growth with a diverse product range and multiple sales channels, achieving a revenue of 2.983 billion yuan in 2024, a year-on-year increase of 4.53%, and a net profit of 312 million yuan, up 22.60% year-on-year [5][9] - The company focuses on core product categories and enhances R&D efficiency, launching over a hundred new products, including innovative solutions for chronic disease management [6] - The online sales channel generated 1.990 billion yuan in revenue, a growth of 8.94% year-on-year, while the offline channel saw a decline of 3.12% [7][8] Financial Performance Summary - In 2024, the company achieved a revenue of 2.983 billion yuan, with a net profit of 312 million yuan and a gross margin of 51.9% [11] - Revenue projections for 2025-2027 are 3.580 billion yuan, 4.333 billion yuan, and 5.236 billion yuan, with corresponding net profits of 414 million yuan, 504 million yuan, and 613 million yuan [9][11] - The expected EPS for 2025-2027 is 1.98 yuan, 2.41 yuan, and 2.93 yuan, with P/E ratios of 17x, 14x, and 11x respectively [9][11]