Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a revenue of 2.836 billion yuan for 2024, representing a year-on-year growth of 59.8%, while the net profit attributable to shareholders was 733 million yuan, up 55.3% year-on-year [7] - The high demand for thermal cups continues, with significant growth from major clients and successful new customer acquisition in Q4 2024 [7][8] - The company is expanding its production capacity in Vietnam to mitigate tariff risks and enhance supply chain efficiency, which is expected to improve profitability in the upcoming quarters [7][8] Financial Data and Profit Forecast - Total revenue projections are as follows: - 2023: 1.775 billion yuan - 2024: 2.836 billion yuan - 2025E: 3.749 billion yuan - 2026E: 4.639 billion yuan - 2027E: 5.552 billion yuan - Year-on-year growth rates for total revenue are projected at 41.0% for 2023, 59.8% for 2024, 32.2% for 2025, 23.7% for 2026, and 19.7% for 2027 [2] - Net profit attributable to shareholders is forecasted as follows: - 2023: 472 million yuan - 2024: 733 million yuan - 2025E: 912 million yuan - 2026E: 1.116 billion yuan - 2027E: 1.377 billion yuan - The projected growth rates for net profit are 73.6% for 2023, 55.3% for 2024, 24.5% for 2025, 22.3% for 2026, and 23.4% for 2027 [2][10] Market Data - The closing price of the stock is 104.90 yuan, with a market capitalization of 10,048 million yuan [3] - The price-to-earnings ratio is projected to decrease from 23 in 2023 to 8 in 2027, indicating an attractive valuation [2][3]
嘉益股份（301004）：2024年年报点评：保温杯高景气度延续，2025年全球