Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 7.25-7.45 billion yuan in 2024, representing a year-on-year increase of 54%-58% [3][4]. - In Q4 2024, the net profit is projected to be between 1.94-2.14 billion yuan, with a year-on-year growth of 23%-35% [3][4]. - The growth is supported by the trend of thermal cup popularity and the rapid release of new production capacity [3][4]. Financial Performance Summary - Total revenue for 2024 is estimated at 2,793 million yuan, up from 1,775 million yuan in 2023, indicating a significant growth trajectory [12]. - The gross profit margin is expected to be around 39% in 2024, slightly decreasing from 41% in 2023 [12]. - The company anticipates a net profit of 740 million yuan in 2024, with an EPS of 7.12 yuan [12]. Market Trends and Production Capacity - The North American thermal cup trend continues, with significant sales growth in related products on platforms like Amazon [5]. - The company's production capacity in Vietnam is ramping up, with the first phase already at full capacity and the second phase expected to be operational in 2025 [5]. - The company has implemented a restricted stock incentive plan, reflecting confidence in growth and aiming for substantial revenue and profit increases over the next few years [5].
嘉益股份2024年业绩预告点评：符合预期，看好保温杯潮流化以及新产能释放支撑高增