Summary of Conference Call Company and Industry - The conference call pertains to Guohai Securities and its analysis of the cosmetics industry, specifically focusing on a company involved in the makeup and skincare sectors. Key Points and Arguments 1. Performance Alignment: The company's performance is reported to be in line with market expectations, with a total profit of 881 million yuan, reflecting a growth rate of 34% [1] 2. Revenue Growth: The revenue for 2024 is projected to be 3.885 billion yuan, showing a year-on-year growth of 34.6%. The mid-year revenue growth is expected to be around 40.97% [2] 3. Profit Margins: The scale profit margin is maintained at 22.7%, while the gold bar profit margin is at 23.8%. A discrepancy of 40 million yuan is noted due to one-time listing expenses and pre-listing incentive costs [2] 4. Seasonality in Sales: The company’s sales are less seasonal compared to other cosmetics companies, attributed to a significant offline business presence, which is nearly half of total sales. Other companies tend to have a higher online sales ratio [2][3] 5. Product Focus: The company has a strong focus on color cosmetics, which account for 59.3% of sales. The increase in the PCT (Product Contribution to Total) for color cosmetics by 3.1% is noted [3] 6. Online Strategy: The company is in a phase of benefiting from online transformation, with expectations for high growth to continue into 2025. However, clearer guidance for 2025 is awaited [4] 7. Market Sentiment: The market sentiment is described as cautious, with trading volumes approaching 30% of the total tradable shares. The stock price experienced a decline of 9.6% during the trading day [5] 8. Consumer Engagement: Online and offline repurchase rates are increasing, with online repurchase rates up by 5.5 percentage points and offline by 2.1 percentage points. The total registered offline members reached 4.8 million, an increase of 1.2 million, while online members reached over 11 million, an increase of 400,000 [6] 9. Future Expectations: The company is expected to confirm growth guidance and product planning in an upcoming offline performance meeting on April 1 [5][7] Other Important Content - The call emphasized the importance of not recording or distributing the content, highlighting legal responsibilities associated with the information shared [1][8] - The conference was intended for clients who meet Guohai Securities' investor suitability management requirements, and the content does not constitute investment advice [7]
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