Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company is expected to achieve steady profit growth driven by overseas expansion in 2024, with continued improvement anticipated in 2025 [1][7] - Revenue for 2024 is projected at 777.64 million yuan, representing a year-on-year increase of 11.68%, while net profit is expected to reach 78.36 million yuan, up 14.57% year-on-year [1][7] - The company is focusing on expanding its market presence, particularly in the pet food sector, with significant growth in overseas sales contributing to overall performance [7] Financial Forecasts - Total revenue is forecasted to grow from 696.31 million yuan in 2023 to 950.99 million yuan in 2025, reflecting a compound annual growth rate (CAGR) of approximately 22.29% [1][8] - Net profit is expected to increase from 68.40 million yuan in 2023 to 95.58 million yuan in 2025, with a year-on-year growth rate of 21.97% [1][8] - The earnings per share (EPS) is projected to rise from 0.66 yuan in 2023 to 0.93 yuan in 2025, indicating a positive trend in profitability [1][8] Market Data - The closing price of the company's stock is 22.55 yuan, with a market capitalization of 2,329.56 million yuan [5] - The price-to-earnings (P/E) ratio is currently at 29.73, expected to decrease to 24.37 in 2025 [1][5] Business Performance - The company has reported strong growth in its pet snack segment, with overseas sales increasing significantly, particularly in canned products, which have higher profit margins compared to domestic sales [7] - The company has invested in production capacity in Cambodia to better meet overseas demand, while also focusing on domestic market expansion [7]
路斯股份（832419）：2024年报、2025一季报点评：2024年境外发力盈利稳健增长，2025年有望持续提升