SIRIO(300791) 天风证券·2025-04-23 13:45Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company is expected to achieve revenue of 4.21 billion yuan in 2024, representing a year-on-year growth of 17.56%, with net profit attributable to the parent company projected at 325 million yuan, up 15.66% [1][4]. - The company is actively expanding its new consumer market in China and has achieved mass production of soft candies in the Americas, indicating a positive growth trajectory [2][4]. - The company is focusing on cost reduction and efficiency improvements, which are expected to enhance gross margins [3][4]. Summary by Sections Financial Performance - Revenue for 2024 is projected at 4.21 billion yuan, with a breakdown of 3.25 billion yuan for net profit and 3.28 billion yuan for net profit after deducting non-recurring items [1]. - The revenue from the core business is expected to be 3.25 billion yuan, reflecting a 12.3% increase year-on-year, while BF revenue is anticipated to reach 958 million yuan, marking a 39.91% increase [1][2]. - The gross margin for 2024 is forecasted to be 31.46%, an increase of 1.2 percentage points year-on-year [3]. Regional Performance - In China, revenue is expected to decline by 10.28% due to weak demand in traditional channels, while new consumer market initiatives are showing early success [2]. - In the Americas, BF is projected to contribute 9.6 billion yuan in revenue, a nearly 40% increase, with efforts to mitigate tariff impacts through local production [2]. - In Europe, the company has established a management center in Frankfurt and converted over 40 clients [2]. Product Segmentation - Revenue by product type is expected to be 1.98 billion yuan for soft capsules, 326 million yuan for tablets, 232 million yuan for powders, 995 million yuan for soft candies, 248 million yuan for functional drinks, and 223 million yuan for hard capsules, with soft candies showing a growth of 34.54% [3]. - The gross margins for these products vary, with soft candies achieving a gross margin of 48.88%, reflecting a year-on-year increase of 3.72 percentage points [3]. Future Projections - Revenue is expected to grow to 4.81 billion yuan in 2025, 5.48 billion yuan in 2026, and 6.07 billion yuan in 2027, with corresponding net profits projected at 403 million yuan, 497 million yuan, and 573 million yuan respectively [4][12]. - The company is anticipated to maintain a PE ratio of 15X in 2025, 12X in 2026, and 11X in 2027, indicating a favorable valuation outlook [4].