中国银河：给予路斯股份买入评级

Core Viewpoint - The company reported revenue and profit growth for 2024 and Q1 2025, driven by overseas market expansion and product structure optimization [1][2] Financial Performance - In 2024, the company achieved revenue of 778 million yuan, a year-on-year increase of 11.68%, and a net profit attributable to shareholders of 78.36 million yuan, up 14.57% [1][2] - For Q1 2025, revenue reached 184 million yuan, reflecting a growth of 17.58%, with a net profit of 16.51 million yuan, an increase of 17.34% [1] Revenue Breakdown - Overseas revenue for 2024 was 483 million yuan, growing by 16.64% and contributing over 60% of total revenue, primarily due to significant growth in large customer orders and successful new customer development [2][3] - The company's gross margin improved by 3.0 percentage points to 22.87% in 2024, attributed to rapid growth in overseas canned product sales and cost optimization from large-scale production of staple foods [2] Product Performance - Revenue from core meat jerky products grew steadily, while staple foods and canned products saw growth exceeding 50% [3] - Meat jerky generated 479 million yuan in revenue (+10.63%), accounting for 62.45% of total revenue; staple foods reached 102 million yuan (+53.42%), and canned products 47.98 million yuan (+59.71%) [3] Capacity Expansion and R&D - The company is accelerating global capacity expansion, with a Cambodian subsidiary's first phase producing 3,000 tons of pet food and the second phase partially operational, expected to add 10,500 tons of capacity [4] - R&D investment increased by 7.51% in 2024, focusing on product quality improvement, cost optimization, and new product development, enhancing the company's competitive advantage [4] Investment Outlook - The company aims for sustainable growth through innovation in the pet food market, with projected net profits of 95 million yuan, 115 million yuan, and 139 million yuan for 2025-2027, corresponding to EPS of 0.92, 1.11, and 1.35 yuan per share [4]