LHG(600186) 华鑫证券·2025-04-07 02:23Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company reported better-than-expected performance, with a revenue of 2.659 billion yuan in 2024, representing a 27% year-on-year increase, and a net profit of 207 million yuan, up 59% year-on-year [4][5] - The company is benefiting from a recovery in industry demand and a strong brand effect, leading to an increase in market share in the seasoning industry [5] - The company's high-margin computing power business is progressing steadily, with a total collection of 2.7308 million yuan in March, optimizing the overall profitability structure [6] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 2.659 billion yuan, with a net profit of 207 million yuan, and a significant increase in net profit for Q1 2025 is expected to be between 100 to 120 million yuan, reflecting a year-on-year growth of 103% to 144% [4][10] Market Position - The company holds over 25% market share in the seasoning market, ranking first, and is the only brand among the top five to see a year-on-year increase in market share [5] Business Strategy - The company is committed to a "Brand Revival Strategy" to consolidate its leading position in the industry, benefiting from the overall market growth and increased market share [5] Profitability Forecast - The report adjusts the earnings per share (EPS) forecasts for 2024-2026 to 0.12, 0.22, and 0.29 yuan respectively, with corresponding price-to-earnings (PE) ratios of 54, 28, and 21 times [7][10]