Investment Rating - The investment rating for the company is "Buy" and it is maintained [10] Core Views - The company has exceeded expectations in Q2, with a projected net profit of 198-218 million yuan, representing a year-on-year increase of 80%-102% [6] - The high demand in the thermal cup sector and the realization of scale effects are driving the company's performance beyond expectations [2] - The trend of thermal cups becoming fashionable continues, with the company's global capacity layout and manufacturing advantages enhancing market share [2] - The company benefits from strong marketing and collaborations, transforming thermal cups from durable goods to fast-moving consumer goods [6] Financial Forecasts - The company is expected to achieve revenues of 2.71 billion, 3.40 billion, and 4.15 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 53%, 25%, and 22% [7] - The projected net profits for the same years are 707 million, 875 million, and 1.06 billion yuan, with year-on-year growth rates of 50%, 24%, and 21% [7] - The earnings per share (EPS) are forecasted to be 6.80, 8.41, and 10.18 yuan for 2024, 2025, and 2026, respectively [9] Key Financial Metrics - The company’s revenue growth is projected at 40.96% for 2023, 52.65% for 2024, 25.49% for 2025, and 22.06% for 2026 [9] - The net profit growth is expected to be 73.60% for 2023, 49.80% for 2024, 23.67% for 2025, and 21.04% for 2026 [9] - The company’s price-to-earnings (P/E) ratio is projected to be 16.85, 11.25, 9.10, and 7.52 for the years 2023, 2024, 2025, and 2026, respectively [9]
嘉益股份：点评报告：Q2业绩再超预期，保温杯赛道高景气