aiyingshi(603214) 东北证券·2025-04-06 13:14Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [5][16]. Core Insights - The company reported a revenue of 3.467 billion yuan in 2024, representing a growth of 4.06% year-on-year. The net profit attributable to shareholders was 106 million yuan, up by 1.61% [1][10]. - The company is expanding its online presence while maintaining growth in offline sales, with e-commerce revenue increasing by 16.62% to 720 million yuan [2][11]. - A strategic partnership with Bandai Namco is expected to enhance the company's market position in the IP retail sector, aiming to attract younger consumers [3][14]. Financial Performance - In 2024, the company's revenue breakdown by product category shows that milk powder accounted for 60.48% of total revenue, with a growth of 9.45% [2][11]. - The company plans to distribute a cash dividend of 2.53 yuan per 10 shares [1][10]. - The gross margin for 2024 was reported at 26.86%, with a slight decline of 1.52 percentage points compared to the previous year [13][12]. Future Projections - Revenue forecasts for 2025, 2026, and 2027 are projected at 3.772 billion yuan, 4.100 billion yuan, and 4.429 billion yuan, respectively, with net profits expected to reach 130 million yuan, 158 million yuan, and 185 million yuan [3][16]. - The report anticipates a steady increase in the company's market share due to its strategic initiatives and partnerships, particularly in the IP market [3][14].