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倍轻松:24年盈利水平转正,海外增速更快-20250520
GOLDEN SUN SECURITIES· 2025-05-20 05:23
证券研究报告 | 公司点评 gszqdatemark 2025 05 20 年 月 日 倍轻松(688793.SH) 24 年盈利水平转正,海外增速更快 事件:公司发布 2024 年年报和 2025 年一季报。公司 2024 年实现营业 总收入 10.9 亿元,同比-14.9%;实现归母净利润 0.1 亿元,同比+120.2%。 24Q4 单季营业总收入为 2.5 亿元,同比-25.4%;归母净利润为-0.03 亿 元,同比+91.8%。25Q1 实现营业收入 2.0 亿元,同比-32.8%;实现归母 净利润-0.02 亿元,同比-111.7%。 国内销售有所下滑,头部按摩产品表现优秀。分区域:24 年公司国内、国 外收入分别为收入 10.0 亿元、0.8 亿元,同比-16.4%、+9.5%。国内收入 有所下滑,主要系减少抖音推广等投入以及直营新开门店带来的收入无法 覆盖闭店导致的缺口;国外收入增长主要系加大线上独立站的投入。后续 公司将持续探索"科技产品+速效按摩服务"的新商业模式。分产品:24 年公司眼部、颈部、头皮+头部、肩部、腰背部、其他收入分别为 1.3 亿 元、1.3 亿元、2.4 亿元、3.5 ...
倍轻松(688793):24年盈利水平转正,海外增速更快
GOLDEN SUN SECURITIES· 2025-05-20 03:58
Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company achieved profitability in 2024 with a net profit of 0.1 billion yuan, a year-on-year increase of 120.2% despite a revenue decline of 14.9% to 1.09 billion yuan [1][4]. - The company is exploring a new business model combining "technology products + effective massage services" to drive future growth [2]. Revenue Performance - In 2024, domestic and international revenues were 1.0 billion yuan and 0.08 billion yuan, reflecting a year-on-year decline of 16.4% and an increase of 9.5%, respectively [2]. - The revenue breakdown by product for 2024 shows significant variations, with head and neck products performing well, while eye and shoulder products saw declines [2]. Profitability Metrics - The gross margin for 2024 improved by 1.3 percentage points to 60.6%, with notable increases in margins for eye and neck products [3]. - The net profit margin for 2024 was 0.9%, an increase of 4.9 percentage points year-on-year [3]. Future Projections - The forecast for net profit from 2025 to 2027 is 0.47 billion yuan, 0.62 billion yuan, and 0.80 billion yuan, representing substantial growth rates of 358.8%, 31.4%, and 30.1%, respectively [4]. - The expected earnings per share (EPS) for 2025 is projected at 0.55 yuan, with a price-to-earnings (P/E) ratio of 56.1 [6][4].