LHG(600186) 华鑫证券·2025-01-26 01:22Investment Rating - The report maintains a "Buy" investment rating for Lianhua Holdings (600186.SH) [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 200-230 million yuan in 2024, representing a year-on-year increase of 54%-77%, driven by enhanced competitive advantages in its seasoning business and optimized product and channel structures [5] - The brand effect of Lianhua is being released, with a focus on merger and acquisition opportunities, as the company continues to gain market share in the MSG sector [6] - The establishment of an industrial fund to reserve growth points and the inclusion of Lianhua Holdings in the margin trading list highlight its investment value [7] - The company is actively expanding its second growth curve in computing power, with strong earnings momentum expected to continue [10] Summary by Sections Financial Performance - The company forecasts a main business revenue of 2,632 million yuan for 2024, with a growth rate of 25.3% [12] - The net profit attributable to shareholders is projected to be 215 million yuan in 2024, reflecting a growth rate of 65.4% [12] - The diluted earnings per share (EPS) for 2024 is estimated at 0.12 yuan [12] Market Position - Lianhua's MSG market share is over 25%, ranking first among major brands, with significant growth in market share for its top SKUs [6] - The MSG market is expected to grow by 13.7% in 2024, benefiting Lianhua as it capitalizes on the recovery in consumer demand [6] Strategic Initiatives - The company plans to invest 350 million yuan in a joint industrial merger fund with Dongzheng Capital to foster growth opportunities [7] - Lianhua Holdings has acquired shares in Jia Jia Food through its wholly-owned subsidiary, indicating ongoing M&A activities [6]