银都股份（603277）：2024年报及2025年一季报点评：海外生产基地布局时间早，自主品牌全球化进程持续推进

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [6][17]. Core Views - The company achieved a revenue of 2.753 billion yuan in 2024, a year-on-year increase of 3.77%, and a net profit attributable to shareholders of 541 million yuan, up 5.89% year-on-year [1]. - The company is actively expanding its global presence with early investments in overseas production bases and a continuous push for brand globalization [1][6]. - The target price for the company's stock is set at 30.23 yuan, with the current price at 23.26 yuan, indicating significant upside potential [3][7]. Financial Performance Summary - In 2024, the company reported total revenue of 2,753 million yuan, with a year-on-year growth rate of 3.8% expected to reach 2,921 million yuan in 2025, representing a growth of 6.1% [8]. - The net profit attributable to shareholders for 2024 is projected at 541 million yuan, with an expected increase to 642 million yuan in 2025, reflecting a growth rate of 18.6% [8]. - The gross margin for 2024 is reported at 43.01%, with a slight year-on-year decrease of 0.49 percentage points, while the operating profit is expected to grow steadily in the coming years [6][8]. Market Position and Strategy - The company has increased its export ratio, with overseas sales accounting for 93.7% of total revenue in 2024, up from 90.2% in 2023 [6]. - The establishment of a production base in Thailand is expected to enhance competitiveness in the U.S. market, especially in light of recent tariff changes [6]. - The company is focusing on product diversification and smart equipment development, aiming to capture a larger share of the U.S. market, particularly in the fast-food sector with its French fry robot product [6][7].