ANDRE JUICE(605198) Haitong Securities·2025-03-30 05:58Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company is recognized as a leading player in the concentrated apple juice market, with a history of improving profitability [7] - Significant revenue growth is noted, with a year-on-year increase of 61.85% in 2024, driven by higher sales volumes of concentrated juice [7] - The company is expanding its production capacity and actively seeking market share through strategic investments and acquisitions [8] Financial Performance and Forecast - Revenue projections for 2023 to 2027 are as follows: 876 million in 2023, 1418 million in 2024, 1482 million in 2025, 1550 million in 2026, and 1550 million in 2027, with a notable 61.9% year-on-year growth in 2024 [6][9] - Net profit is expected to grow from 256 million in 2023 to 283 million in 2027, with a year-on-year increase of 2.0% in 2024 [6][9] - The company’s EPS is projected to rise from 0.75 in 2023 to 0.83 in 2027 [6][9] Market Performance - The company’s stock has shown a relative performance improvement, with absolute growth rates of 13.3%, 23.5%, and 28.9% over the last three months [4] - The company achieved a revenue of 1.006 billion from exports in 2024, reflecting an 84.09% year-on-year increase, while domestic sales reached 406 million, up 26.01% [7] Strategic Initiatives - The company is focusing on enhancing management efficiency and expanding its product line to include various juice products, thereby increasing customer loyalty and market presence [8] - The company is also addressing challenges such as rising international shipping costs and tariffs by optimizing internal management and production processes [7][8]