有友食品2024年报点评：新品势能延续，盈利水平提升

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 1.182 billion yuan in 2024, representing a year-on-year increase of 22.37%. The net profit attributable to the parent company was 157.33 million yuan, up 35.44% year-on-year [8] - The company has successfully launched new products, leading to significant revenue growth. The revenue from various product categories such as chicken feet, vegetarian products, and new items like deboned duck feet has shown strong performance [8] - Cost reductions and scale effects have improved profitability, with a net profit margin of 13.3% in 2024, an increase of 1.3 percentage points year-on-year [8] Financial Summary - Total revenue projections for 2025-2027 are 1.517 billion yuan, 1.761 billion yuan, and 2.026 billion yuan, respectively, with year-on-year growth rates of 28.30%, 16.12%, and 15.00% [1] - The net profit attributable to the parent company is expected to reach 199 million yuan, 238 million yuan, and 279 million yuan for 2025-2027, with corresponding growth rates of 26.18%, 19.94%, and 17.36% [1] - The latest diluted EPS is projected to be 0.37 yuan, 0.46 yuan, and 0.56 yuan for 2025-2027, with a P/E ratio of 21.50, 17.93, and 15.28, respectively [1]