SIRIO(300791) 华鑫证券·2024-07-22 02:00Investment Rating - The report maintains a "Buy" investment rating for the company [25]. Core Views - The company is expected to benefit from a series of integration and cost-reduction measures that will enhance its profitability in the BF segment. Long-term prospects are positive due to strong product development capabilities and competitive strength in the B-end market [25][17]. - The company is focusing on six key functional tracks and expanding into emerging channels such as convenience stores and bulk snack sales, which will enhance domestic performance resilience [17]. - The company’s international strategy is being reinforced by leveraging its German and BF factories, aiming for growth in overseas markets while optimizing its supply chain [17]. Summary by Sections Financial Performance - The company forecasts a significant increase in revenue and net profit for 2024, with expected revenue of 4,332 million yuan, a growth rate of 20.9%, and a net profit of 416 million yuan, reflecting a growth rate of 48.2% [27]. - Earnings per share (EPS) are projected to be 1.76 yuan for 2024, with corresponding price-to-earnings (P/E) ratios of 13 times [25][27]. Market Position - The company is positioned to capture growth in the global nutrition and health food industry, with a solid foundation in the Chinese market and a commitment to international expansion [17]. - The report highlights the company's ability to adapt and thrive amid increasing market demand for health-oriented products [17]. Analyst Insights - The analysts emphasize the company's strong fundamentals and the potential for continued growth, supported by effective management strategies and market opportunities [25][17].