Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5]. Core Views - The company achieved a revenue of 6.266 billion CNY in 2024, representing a year-on-year growth of 28.63%, and a net profit attributable to shareholders of 1.069 billion CNY, up 21.37% year-on-year [2]. - The growth in revenue and profit is driven by the recovery in the noodle products segment and accelerated sales in vegetable products, with significant increases in online and offline sales channels [3][4]. - The company is expected to benefit from the growth of the konjac product category and its diversified channel strategy, which includes traditional and emerging sales channels [4]. Financial Performance Summary - In 2024, the company reported a gross margin of 48.1%, with a slight increase of 0.5 percentage points year-on-year, although the second half of the year saw a decline due to rising costs [4]. - The company’s net profit margin for 2024 was 17.1%, down 1.0 percentage points year-on-year, impacted by a one-time loss from financial assets [4]. - The forecast for net profit attributable to shareholders for 2025-2027 is 1.3 billion, 1.6 billion, and 1.96 billion CNY, respectively, with growth rates of 22%, 24%, and 22% [5][10].
卫龙美味（09985）：魔芋势能强劲，业绩大超预期