Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved revenue and net profit of 6.54 billion and 739.43 million respectively in 2024, representing a year-on-year growth of 6.24% and a decline of 13.28% [7] - Third-party sales continue to grow, driven by products like crayfish, while the overall average price has slightly decreased due to the introduction of high-cost performance products [7] - The company is expected to maintain low double-digit growth in third-party revenue in 2025, with potential improvement in related party performance [7] Financial Forecasts - Total revenue is projected to grow from 6.54 billion in 2024 to 8.64 billion in 2027, with year-on-year growth rates of 6.24%, 10.76%, 9.96%, and 8.46% respectively [1][8] - Net profit is forecasted to decline to 739.43 million in 2024, followed by a recovery to 884.67 million in 2025 and 1,087.89 million in 2027 [1][8] - The latest diluted EPS is expected to be 0.71 in 2024, increasing to 1.05 by 2027 [1][8] Revenue Breakdown - Third-party revenue is expected to grow by 9% in the second half of 2024, with specific product categories showing varied performance [7] - Related party revenue is projected to decline by 12.35% in the second half of 2024, with significant drops in certain product categories [7] Strategic Initiatives - The company is enhancing its partner assessment mechanisms and accelerating product launches, with over 50 new products expected in 2024 [7] - The company is focusing on refining channel management and expanding e-commerce and overseas markets, particularly with the new factory in Thailand [7]
颐海国际：2024年业绩公告点评：第三方保持稳健，关联方有望修复-20250327