lolo(SZ:000848) China Post Securities·2025-04-15 04:19Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company holds a significant market position in the almond milk sector, with a market share of 90%, and its main product, "Lulu" almond milk, accounts for 97.54% of its revenue [4][5] - The company is expected to benefit from a decrease in raw material costs, particularly for bitter almonds and sugar, which could improve its gross margin [5] - The introduction of a new series of health-oriented water products aligns with market trends and is expected to expand the company's market presence [6][7] - The company has set ambitious revenue and profit targets for 2024-2026, aiming for revenue of 3.171 billion, 3.451 billion, and 3.803 billion yuan, respectively, with corresponding net profits of 644 million, 713 million, and 777 million yuan [8][10] Company Overview - The latest closing price of the company's stock is 9.11 yuan, with a total market capitalization of 9.6 billion yuan [3] - The company has a debt-to-asset ratio of 25.3% and a price-to-earnings ratio of 14.93 [3] Financial Projections - Revenue is projected to grow at rates of 7.32%, 8.83%, and 10.19% for the years 2024, 2025, and 2026, respectively [8][10] - The expected earnings per share (EPS) for the same years are 0.61, 0.68, and 0.74 yuan, with corresponding price-to-earnings ratios of 15, 13, and 12 [8][10]