ANLI(300218) 每日经济新闻·2025-05-09 12:15Core Viewpoint - Amway Co., Ltd. has demonstrated significant growth in revenue and net profit for 2024, yet its market valuation remains low, raising concerns among shareholders about the company's perceived value in the market [3][10][12]. Financial Performance - In 2024, Amway achieved a revenue of 2.403 billion yuan, representing a year-on-year increase of 20.12% [3]. - The net profit attributable to shareholders reached 194 million yuan, marking a substantial year-on-year growth of 174.19% [3][6]. - The company's revenue and profit levels rank in the top 20% and top 12% respectively among A-share private manufacturing companies [11]. Market Valuation Concerns - Despite strong financial performance, Amway's market capitalization is approximately 3.057 billion yuan, leading to questions about its low valuation [3][10]. - A comparison with other companies in the polyurethane industry reveals that Amway's price-to-earnings ratio is around 15 times, significantly lower than peers like Meirui New Materials and Hongbaoli, which have much higher valuations [10][12]. International Operations - Amway Vietnam, an important overseas subsidiary, is expected to play a crucial role in future revenue growth, having become a supplier for major brands like Adidas and Nike [6][7]. - However, Amway Vietnam is currently operating at a loss due to long certification cycles and high initial investments, with cumulative losses reaching 50.3744 million yuan by the end of 2024 [6][7]. Future Outlook - The company aims to achieve breakeven for Amway Vietnam in the near term, with plans to complete the installation of additional production lines by mid-2025, which will enhance production capacity [7]. - The management believes that the impact of U.S. tariffs on the company is limited, as only a small percentage of revenue is derived from direct exports to the U.S. [10][13].