农夫山泉（09633）：坚韧不拔，勇于创新

Investment Rating - The investment rating for the company is "Buy" [1][4] Core Views - The company achieved a revenue of 42.896 billion yuan in 2024, representing a year-on-year growth of 0.54%, and a net profit attributable to shareholders of 12.123 billion yuan, with a year-on-year increase of 0.36% [2][4] - The packaging water segment faced a significant decline in revenue, down 21.3% year-on-year to 15.952 billion yuan, primarily due to negative online sentiment affecting the brand and sales [3][4] - The tea beverage segment saw a robust growth of 32.3% year-on-year, reaching 16.745 billion yuan, driven by health-conscious consumer trends [3][4] - The company maintains a strong focus on product innovation and sustainable agricultural practices, which are expected to drive long-term growth [3][4] Financial Summary - The company forecasts revenues of 49.547 billion yuan in 2025, with a projected growth rate of 15.5% [6] - The net profit is expected to reach 14.550 billion yuan in 2025, reflecting a year-on-year growth of 20.02% [6] - The gross margin is projected to be 59.00% in 2025, slightly improving from 58.08% in 2024 [6] - Earnings per share (EPS) are expected to be 1.29 yuan in 2025, with a price-to-earnings (P/E) ratio of 25 [4][6]