baccaratpapillon|飞亚达(000026)点评：自主品牌稳步增长 名表业务静待复苏

The company announces its quarterly report for 2024. 24Q1 achieved operating income of 10%Baccaratpapillon. 6.5 billion yuanBaccaratpapillonThe net profit of returning to the mother was 75 million yuan, down 26.8% from the same period last year, and deducting 70 million yuan from the same period last year, down 27.0% from the same period last year. On the income side, the watch business has declined due to the impact of the downturn in consumption expectations, and the marketing effort of independent brands has grown steadily. The company's 24Q1 revenue declined, mainly affected by the decline in the famous watch business. In terms of business: 1) consumption expectations are low, and the high-end watch business is declining: according to the Swiss Watch Association, cumulative exports of 24Q1 watches to Chinese mainland and Hong Kong, China fell by 22.7% and 25.6% respectively compared with the same period last year. Consumption expectations are in the doldrums, and luxury watch business has declined significantly. The company continues to promote channel upgrading, store transformation, deep cultivation of digital operation capabilities, such as building Hengjili "1+N+X" Douyin marketing matrix, enhance customer stickiness, consolidate the core customer base, continue to practice internal skills, and increase market share when high-end consumption picks up. 2) optimize the channel of independent brand, raise the unit price of customers and promote the rejuvenation of the brand. The company actively promotes the reform of independent brand online and offline channels, promotes the opening of aviation-themed stores and stationed in the mainstream shopping malls in first-and second-tier cities, and continues to invest in new media marketing online to achieve sales breakthroughs. Take the aerospace popular style series as the starting point, product marketing efforts, create explosive products, effectively form the advantage of differentiation, promote the promotion of customer unit price and brand rejuvenation, 24Q1 independent brand steady growth; 3) precision technology business: in the product technology research and development and customer initial development stage, has achieved some new customer breakthrough. At the profit end, the decline in income and the rigidity of expenses lead to an increase in the rate of expenses. 24Q1 achieved a gross profit margin of 36.3%, an increase in 0.3pct compared with the same period last year, with sales, management, R & D and financial expense rates of 21.2%, 4.3%, 1.4% and 0.4%, respectively, and a year-on-year change of + 2.2 pm "0.3 pm" 0.3 CPT 0.1pctjue 24Q1. The increase in expense rate is mainly due to declining income and rigid fees. The company continues to optimize and adjust its stores, take the initiative to close stores to save sales costs, reduce personnel to save management costs, and actively reduce internal costs and efficiency, and the expense rate is expected to decline after the income rebounds. 24Q1 achieved a net profit of 75 million yuan, down 26.8% from the same period last year, and the net interest rate was 7.1%. 1.5pct Feiyada is the domestic watch industry.BaccaratpapillonFlagship enterprises, actively promote independent brand building, channel structure upgrading, fine operation, and continue to consolidate core business advantages. Considering that it will still take time for terminal consumption power to recover, we downgrade the company's home net profit forecast for 2024-2026 to 345, 000.BaccaratpapillonIn 2024-2026, the homing net profit was + 3.5%, respectively, compared with the same period last year. The corresponding PE is 12x11. The company is optimistic about the accumulated advantages of the company in domestic independent brands and high-end luxury watch retail channels. At present, the company's valuation is still cost-effective, and the holding rating is maintained. Risk tips: high-end purchasing power is limited, independent brand business development is not as expected. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.

[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.