颈部按摩仪N5 mini

Search documents
倍轻松(688793):2024年年报及2025年一季报点评:24年利润扭亏,渠道布局持续优化
Shenwan Hongyuan Securities· 2025-04-29 04:43
Investment Rating - The investment rating for the company is "Outperform" [1] Core Insights - The company is expected to turn a profit in 2024, with a focus on optimizing channel layouts and improving profitability despite a decline in online sales [1][6] - The company has experienced a significant drop in revenue in Q1 2025, but the overall performance in Q4 2024 met market expectations [6] - The company is expanding its offline presence and enhancing its retail service model to penetrate lower-tier markets [6] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 1,085 million, with a decline of 14.9% year-on-year, while Q1 2025 revenue is expected to be 197 million, down 32.8% [5] - The net profit for 2024 is forecasted at 10 million, with a significant turnaround expected in 2025, reaching 53 million [5] - The gross margin is expected to remain stable around 61%, with a slight decrease in Q1 2025 [6][5] - The company has slightly adjusted its profit forecast for 2025-2026, now estimating net profits of 53 million and 84 million respectively [6]