SIRIO(SZ:300791) Guolian Securities·2024-07-24 01:30Investment Rating - The report maintains a "Buy" rating for the company [4][15]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.47-1.62 billion yuan for the first half of 2024, representing a year-on-year growth of 53% [12]. - The company has a strong focus on innovation, with plans to establish a technology research institute in 2024, targeting areas such as probiotics and precise nutrition [13]. - The company aims to deepen its engagement with high-value clients and expand into modern distribution channels, which are anticipated to become new growth drivers [13]. - The overseas market is recovering, with a strategy focused on large clients and potential cross-selling opportunities between domestic and international markets [14]. - Revenue forecasts for 2024-2026 have been adjusted to 43.39 billion, 49.43 billion, and 55.85 billion yuan, with respective year-on-year growth rates of 21.13%, 13.91%, and 12.99% [15]. Financial Data Summary - The company reported a total revenue of 3,582 million yuan in 2023, with a projected revenue of 4,339 million yuan for 2024, reflecting a growth rate of 21.13% [16]. - The net profit attributable to shareholders is forecasted to be 403 million yuan in 2024, with a growth rate of 43.24% [16]. - The earnings per share (EPS) is expected to be 1.71 yuan in 2024, with a compound annual growth rate (CAGR) of 27.86% over three years [15].