lolo(000848) 东吴证券·2025-04-24 06:23Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's 2024 annual report exceeded expectations, with total revenue reaching 3.287 billion yuan, a year-on-year increase of 11.26%, and a net profit attributable to shareholders of 666.24 million yuan, up 4.41% year-on-year [6] - The significant revenue and profit growth in Q4 2024 was attributed to the early Spring Festival, which led to a revenue of 1.128 billion yuan and a net profit of 247 million yuan, marking increases of 22.69% and 26.95% respectively [6] - The company is expected to benefit from lower raw material costs, particularly for iron and almonds, with almond procurement prices dropping over 30% since Q3 2024 [6] - The management team has shown stability and a strong commitment to innovation, launching several new products, including herbal health series and various plant-based beverages [6] - The company has a robust cash flow, with a net cash flow from operations of 630 million yuan in 2024 and a proposed dividend of 0.3 yuan per share, indicating a strong commitment to shareholder returns [6] Financial Summary - The company forecasts total revenue of 3.307 billion yuan for 2025, with a slight increase in net profit to 680.38 million yuan [1] - The projected earnings per share (EPS) for 2025 is 0.65 yuan, with a price-to-earnings (P/E) ratio of 15.28x [1] - The company expects to achieve a revenue of 4.137 billion yuan and a net profit of 903.23 million yuan by 2027, with corresponding EPS of 0.86 yuan [1]