lolo(000848) 东吴证券·2025-04-24 04:32Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2024 annual report exceeded expectations, with a revenue of 3.287 billion yuan, a year-on-year increase of 11.26%, and a net profit attributable to shareholders of 666.24 million yuan, up 4.41% year-on-year [6] - The significant performance in Q4 2024 was attributed to the early Spring Festival, leading to a revenue of 1.128 billion yuan and a net profit of 247 million yuan, representing growth of 22.69% and 26.95% respectively [6] - The company is expected to continue benefiting from cost reductions in raw materials, particularly with a more than 30% decrease in almond procurement prices starting from Q3 2024 [6] - The management team has shown stability and a strong commitment to innovation, launching several new products, including herbal health series, which are expected to gain market traction [6] - The company has a high-quality cash flow, with a net cash flow from operations of 630 million yuan in 2024 and a strong dividend policy, proposing a dividend of 0.3 yuan per share [6] Financial Summary - The company forecasts total revenue of 3.307 billion yuan for 2025, with a slight increase in net profit to 680.38 million yuan [1] - The projected earnings per share (EPS) for 2025 is 0.65 yuan, with a price-to-earnings (P/E) ratio of 15.28x [1] - The company’s total assets are expected to grow to 4.876 billion yuan by 2025, with a debt-to-asset ratio of 23.22% [15] - The company plans to repurchase 30 to 60 million shares, significantly exceeding market averages, indicating strong confidence in its future performance [6]