lolo(000848) 天风证券·2025-04-26 12:23Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook maintained [1][17]. Core Insights - The report highlights that the company's revenue remains stable, with almond costs decreasing, which releases profit margins. For 2024, the company is expected to achieve a revenue of 3.287 billion yuan, a year-on-year increase of 11.26%, and a net profit of 666 million yuan, a year-on-year increase of 4.41% [7][9]. - The company has set ambitious growth targets for 2025, with projected revenue growth rates of 5%, 6%, and 4% for the years 2025, 2026, and 2027 respectively, alongside net profit growth rates of 7%, 8%, and 6% [9][10]. Financial Data Summary - The total share capital of the company is 1,052.55 million shares, with a total market capitalization of 10,441.34 million yuan [2]. - The company's earnings per share (EPS) for 2025 is projected to be 0.68 yuan, with a price-to-earnings (P/E) ratio of 14.61 [10]. - The company’s net profit margin for 2024 is expected to be 20.3%, with a gross margin of 40.9% [8][11]. - The company plans to distribute a cash dividend of 315 million yuan, representing a payout ratio of 47% [8]. Business Performance - In terms of business segments, the almond beverage series generated revenue of 3.19 billion yuan in 2024, reflecting an 11% year-on-year increase, while the walnut and almond milk series showed varied performance [7]. - The company has expanded its market presence, with a net increase of 56 distributors in the northern region, contributing to a revenue increase of 12% in that area [7]. Future Outlook - The company is actively developing new herbal health drink products, leveraging its strategic resources to penetrate core regions such as Jiangsu, Zhejiang, Shanghai, and Anhui [9]. - The report maintains a positive outlook on the company's ability to stabilize its main business and continue benefiting from cost reductions in almond procurement [9].