Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance in the coming year [3]. Core Viewpoints - The company achieved a revenue of 797 million yuan in 2024, representing a year-on-year growth of 26.42%. However, the net profit attributable to shareholders decreased by 30.51% to 56 million yuan due to intensified product price competition [1]. - The establishment of the Thailand production base is expected to enhance the company's competitive strength by avoiding tariff impacts and expanding product capacity. The first phase of the Thailand project has commenced production, with an estimated annual revenue of 400 million yuan from the new synthetic vanillin production line [2]. - The company is projected to see significant profit growth in the coming years, with net profits expected to reach 260 million yuan in 2025, 342 million yuan in 2026, and 406 million yuan in 2027, reflecting a recovery from the previous year's decline [3]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 797 million yuan, with a growth rate of 26.42%. The net profit attributable to shareholders was 56 million yuan, down 30.51% year-on-year. The fourth quarter of 2024 saw revenue of 221 million yuan, a 41.79% increase year-on-year [1]. - The revenue breakdown by business segments for 2024 includes synthetic flavors (85 million yuan), cooling agents (317 million yuan), natural flavors (383 million yuan), and other products (12 million yuan) [1]. Future Projections - Revenue projections for 2025, 2026, and 2027 are 1.78 billion yuan, 2.12 billion yuan, and 2.46 billion yuan, respectively, with growth rates of 123.4%, 19.0%, and 16.2% [4]. - The expected net profit for 2025 is 260 million yuan, with a significant recovery projected for subsequent years [4]. Valuation Metrics - The current price of the stock is 81.99 yuan, with projected price-to-earnings (PE) ratios of 25X for 2025, 19X for 2026, and 16X for 2027 [5][4].
亚香股份（301220）：2024年年报点评：竞争压力短期显现，泰国基地关税红利护航长期盈利