Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the 2024 earnings forecast is in line with expectations, with a projected net profit of 725-745 million yuan, representing a year-on-year growth of 53.6%-57.8% [6] - The company is expanding its production capacity and successfully acquiring new customers, which is expected to drive revenue growth [6] - The global trend towards the consumption of insulated cups is in its early stages, with significant potential for product line extensions in the medium to long term [6] Financial Data and Profit Forecast - Total revenue is projected to grow from 1,775 million yuan in 2023 to 2,856 million yuan in 2024, reflecting a year-on-year growth rate of 60.9% [5] - The net profit is expected to increase from 472 million yuan in 2023 to 744 million yuan in 2024, with a year-on-year growth rate of 57.7% [5] - The company's earnings per share (EPS) is forecasted to rise from 4.71 yuan in 2023 to 7.17 yuan in 2024 [5] Market and Competitive Landscape - The insulated cup market in the U.S. remains robust, with high demand driven by consumer habits, and the company is well-positioned to benefit from this trend [6] - The company has established a new production base in Vietnam, which is expected to enhance its supply chain efficiency and customer retention [6] - The marketing strategies employed by Stanley, a key client, have successfully transformed insulated cups into fashionable items, further expanding market opportunities [6]
嘉益股份：2024年业绩预告点评：业绩表现符合预期，加大产能建设，新老客户共同驱动增长