Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a historical high in revenue in 2024, with total revenue reaching 797 million yuan, a year-on-year increase of 26.4%. However, the net profit attributable to shareholders decreased by 30.5% to 56 million yuan due to intensified product price competition and shrinking profit margins [4][5] - The company is actively expanding its overseas sales channels, with export sales amounting to 554 million yuan, a year-on-year increase of 32.0%, and export sales accounting for 69.5% of total sales [5] - The company has accelerated its capacity expansion, with the first phase of its fundraising project in Thailand officially commencing production in November 2024, expected to add significant production capacity [8][9] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 797 million yuan, with a gross profit margin of 25.5%, down 6.6 percentage points year-on-year. The net profit margin was 6.9%, a decrease of 5.7 percentage points [4][5] - The fourth quarter of 2024 saw a revenue of 221 million yuan, a year-on-year increase of 41.8%, while the net profit was 11 million yuan, down 5.3% year-on-year [4][7] Capacity Expansion and Market Strategy - The company has initiated a project in Thailand that will add 1,000 tons of vanillin, 200 tons of rubber flavoring, and other products to its production capacity, which is expected to positively impact its operational performance [8] - The acquisition of a 10% stake in Centrome Inc. (ABT) for 30 million USD is aimed at enhancing the company's market competitiveness and expanding its sales channels [9] Profit Forecast and Valuation - The company’s revenue projections for 2025, 2026, and 2027 are 1.379 billion yuan, 1.638 billion yuan, and 1.828 billion yuan, respectively, with corresponding net profits of 199 million yuan, 274 million yuan, and 327 million yuan [10][12] - The expected price-to-earnings (P/E) ratios for the next three years are 32, 23, and 19 times, reflecting the anticipated growth in the vanillin market and the impact of new production capacity [10][12]
亚香股份（301220）：2024年年报点评：营收历史新高，产能加速外移扩张全球市场