Workflow
2024年年报、2025Q1业绩点评收入保持稳健,经营质量优秀

Investment Rating - The report maintains a "Buy" rating for the company [6][8] Core Views - The company's revenue for 2024 reached 2.412 billion yuan, representing a year-on-year growth of 16.79%, while the net profit attributable to shareholders was 291 million yuan, an increase of 39.01% year-on-year [2] - The company focuses on improving operational quality, with future growth expected from brand reinforcement of quail eggs, new product launches, and adjustments in online channels [1][2] Revenue and Profit Performance - In 2024, the company achieved a revenue of 2.412 billion yuan, with a net profit of 291 million yuan, and a non-recurring net profit of 261 million yuan [2] - For Q1 2025, the company reported a revenue of 595 million yuan, a growth of 10.27%, but a net profit of 68 million yuan, which is a decline of 8.21% [2] Product Performance - Fish products continue to grow rapidly, with revenue of 1.533 billion yuan in 2024, up 18.76% year-on-year, while quail egg growth has slightly slowed [3] Channel Performance - Online channels saw a decline of 6.15% year-on-year, while offline channels grew by 22.58%, with direct sales channels increasing by 46.35% [4] Profitability Metrics - The gross profit margin for 2024 was 30.47%, an increase of 2.30 percentage points, while the net profit margin was 12.17%, up 1.90 percentage points year-on-year [5] Future Projections - The company is expected to achieve revenues of 2.810 billion yuan, 3.250 billion yuan, and 3.828 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 330 million yuan, 395 million yuan, and 477 million yuan [6][13]