LHG(600186) 太平洋·2025-02-02 15:52Investment Rating - The report maintains an "Accumulate" rating for Lianhua Holdings with a target price of 5.60, compared to the last closing price of 5.24 [1][6]. Core Insights - Lianhua Holdings is expected to achieve a net profit of 200-230 million yuan in 2024, representing a year-on-year increase of 53.93%-77.02% [4]. - The company's seasoning business is steadily growing, with market share in MSG products continuing to rise, and new retail and international business expansions showing significant results [5]. - The establishment of a computing power center has opened a second growth curve for the company, with computing power business revenue reaching 55.71 million yuan in the first three quarters of 2024 [5]. - The company has implemented cost control measures that have significantly improved gross and net profit margins, with gross margin and net margin increasing by 6.33 percentage points and 2.43 percentage points, respectively, in the first three quarters of 2024 [5]. Financial Forecasts - Revenue is projected to grow at rates of 22%, 25%, and 21% for 2024, 2025, and 2026, respectively, while net profit growth rates are expected to be 71%, 29%, and 23% for the same years [6][7]. - The diluted earnings per share (EPS) are forecasted to be 0.12, 0.16, and 0.19 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 42x, 33x, and 27x [6][7]. - The company's total revenue is expected to reach 2.569 billion yuan in 2024, with a net profit of 222 million yuan [7][10].