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 [1] - The company’s 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’s 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] - The company’s projected net profits for 2025, 2026, and 2027 are 849 million yuan, 1.029 billion yuan, and 1.246 billion yuan, respectively, with corresponding PE ratios of 12.3X, 10.2X, and 8.4X [4] Financial Performance Summary - Total revenue for 2023 was 1.775 billion yuan, with a year-on-year growth rate of 41.0% [7] - The company’s net profit for 2023 was 472 million yuan, reflecting a year-on-year growth of 73.6% [7] - The gross margin for 2023 was 40.7%, while the return on equity (ROE) was 36.1% [7] - The company’s earnings per share (EPS) for 2023 was 4.54 yuan, with a price-to-earnings (P/E) ratio of 22.20 [7]
嘉益股份：高增延续，客户扩张可期