李子园：公司事件点评报告：业绩符合预期，盈利能力持续提升-20250513

Investment Rating - The report maintains a "Buy" investment rating for the company [1][8] Core Insights - The company's main revenue is stable, with continuous improvement in profitability. Total revenue and net profit for 2024 were CNY 1.415 billion and CNY 224 million, respectively, showing a year-on-year growth of 0.2% and a decline of 6%. In Q4 2024, total revenue and net profit were CNY 351 million and CNY 67 million, reflecting a year-on-year increase of 2% and 39% [5] - The company is experiencing a significant increase in gross margin, with 2024 gross margin at 39.08%, up 3.2 percentage points year-on-year. The net margin slightly decreased due to increased sales and management expenses [5] - The company is expanding its e-commerce channels, with online sales revenue reaching CNY 76 million, a growth of 90%, and accounting for 5.43% of total revenue [7] Summary by Sections Financial Performance - In 2024, the company reported total revenue of CNY 1.415 billion and a net profit of CNY 224 million. The Q1 2025 figures were CNY 320 million in revenue and CNY 66 million in net profit, with a year-on-year growth of 16% in net profit [5][10] - The gross margin for 2024 was 39.08%, and for Q1 2025, it increased to 42.83% [5][10] Revenue Breakdown - The revenue from dairy beverages was CNY 1.354 billion in 2024, with a slight decline of 2%. The company introduced new products to meet health-conscious consumer demands [6] - The company’s revenue from direct sales grew significantly by 111% in 2024, while traditional distribution channels saw a decline [6][7] Profitability Forecast - The company is expected to see EPS of CNY 0.66, 0.75, and 0.85 for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 20, 18, and 15 [8][10]