Hiroad(300915) 华福证券·2025-04-24 14:28Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the market benchmark within the next six months [17]. Core Views - The company achieved a revenue of 1.087 billion yuan in 2024, representing a year-on-year growth of 13.89%. The net profit attributable to shareholders was 111 million yuan, up 23.78% year-on-year [2]. - The company has seen significant growth in its direct sales channel, with a 65.37% increase in revenue compared to the previous year, contributing to overall revenue growth [3]. - The company is expected to continue its growth trajectory with new production capacities coming online, including an additional 80,000 tons of capacity for baking cream and plant-based protein beverages [5]. Financial Performance Summary - In 2024, the company reported a gross margin of 35.03%, slightly down from the previous year, primarily due to fluctuations in raw material prices and changes in channel structure [4]. - The company’s net profit margin for 2024 was 10.19%, reflecting a year-on-year increase of 0.81 percentage points, while the fourth quarter saw a decline in profitability [4]. - The company plans to raise up to 300 million yuan through a new share issuance to support its growth initiatives [5]. Revenue and Profit Forecast - The company’s revenue is projected to reach 1.378 billion yuan in 2025, with a growth rate of 27%, and net profit is expected to be 132 million yuan, reflecting a 19% increase [6][10]. - Earnings per share (EPS) are forecasted to be 1.46 yuan in 2025, with a corresponding price-to-earnings (P/E) ratio of 24 [10][11].