Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company reported a revenue of 2.836 billion yuan for 2024, representing a year-on-year increase of 59.8%, and a net profit of 733 million yuan, up 55.3% year-on-year [2][3] - The core customers, including PMI (Stanley and Starbucks), generated revenue of 2.472 billion yuan, a 63.0% increase year-on-year, accounting for 87.2% of total revenue [2] - The company is expected to maintain high growth in Q1 2025, despite some short-term profit pressures due to external factors [2] - The company has a strong global presence, with 96% of the US insulated cup imports coming from China, indicating a high dependency on Chinese manufacturing [3] - The gross margin for 2024 was 37.7%, down 3.1 percentage points year-on-year, while the net margin was 25.8%, down 0.8 percentage points year-on-year [3] Financial Summary - The company’s total revenue is projected to reach 3.664 billion yuan in 2025, with a year-on-year growth rate of 29.2% [7] - The net profit for 2025 is estimated at 849 million yuan, reflecting a growth rate of 15.9% year-on-year [7] - The gross margin is expected to decline to 35.4% in 2025, while the net asset return (ROE) is projected to be 34.4% [7] - The earnings per share (EPS) is forecasted to be 8.18 yuan in 2025, with a price-to-earnings (P/E) ratio of 12.34 times [4][7]
嘉益股份（301004）：高增延续，客户扩张可期