NONGFU SPRING(09633) 光大证券·2025-03-30 08:05Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company is gradually recovering from past challenges, with expectations for a rebound in bottled water market share in 2025 [8] - The company achieved a revenue of 42.896 billion CNY in 2024, a year-on-year increase of 0.5%, and a net profit of 12.123 billion CNY, also up 0.4% year-on-year [4] - The report anticipates a double-digit revenue growth in 2025, driven by improvements in bottled water market share and continued strength in ready-to-drink tea [9] Revenue Performance - In 2024, the revenue from bottled water was 15.952 billion CNY, down 21.3% year-on-year, while ready-to-drink tea revenue was 16.745 billion CNY, up 32.3% year-on-year [4][5] - The company’s other income and gains reached 2.129 billion CNY in 2024, a year-on-year increase of 15.6% [7] Profitability Metrics - The gross margin for 2024 was 58.1%, a decrease of 1.4 percentage points year-on-year, primarily due to promotional activities for bottled water [6] - The net profit margin remained stable at 28.3% for 2024 [7] Future Outlook - The company plans to enhance its product offerings and marketing strategies to strengthen its market position in the ready-to-drink tea segment [8] - The projected net profit for 2025 is 14.130 billion CNY, reflecting a growth rate of 16.6% [10]