NONGFU SPRING(HK:09633) Huachuang Securities·2025-03-26 06:31Investment Rating - The report maintains a "Recommended" rating for Nongfu Spring (09633.HK) [1][2] Core Views - The company reported a main revenue of 42.896 billion yuan for 2024, a year-on-year increase of 0.5%, and a net profit attributable to shareholders of 12.123 billion yuan, also up 0.4% year-on-year [1] - In the second half of 2024, the main revenue was 20.723 billion yuan, down 6.7% year-on-year, with a net profit of 5.884 billion yuan, also down 6.7% year-on-year [1] - The company is gradually recovering from a low point, with expectations for accelerated growth as the peak season approaches [1][5] Financial Summary - 2024 Financial Indicators: - Main Revenue: 42,896 million yuan - Year-on-Year Growth Rate: 0.5% - Net Profit: 12,123 million yuan - Year-on-Year Growth Rate: 0.4% - Earnings Per Share: 1.08 yuan - Price-to-Earnings Ratio: 31.5 times - Price-to-Book Ratio: 11.8 times [1][11] - Future Projections: - 2025E Main Revenue: 49,356 million yuan (15.1% growth) - 2025E Net Profit: 14,204 million yuan (17.2% growth) - 2026E Main Revenue: 55,196 million yuan (11.8% growth) - 2026E Net Profit: 16,115 million yuan (13.5% growth) - 2027E Main Revenue: 60,933 million yuan (10.4% growth) - 2027E Net Profit: 17,932 million yuan (11.3% growth) [1][11] - Profitability Metrics: - Gross Margin: 58.1% for 2024 - Net Margin: 28.3% for 2024 [5][6] Market Performance - The stock price target is set at 42 HKD, with the current price at 36.75 HKD, indicating potential upside [2] - The company has a total market capitalization of 413.3 billion HKD and a circulating market value of 185 billion HKD [2]