Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - In Q1 2025, the company achieved total revenue of 720 million yuan, net profit attributable to shareholders of 152 million yuan, and net profit excluding non-recurring items of 146 million yuan, representing year-on-year growth of 67%, 41%, and 34% respectively. The growth is driven by an increase in both new and existing customers, alongside the ramp-up of production capacity in Vietnam and the upcoming establishment of new bases [2][6]. - The company’s main product, insulated cups, has a high markup to end customers, and the global sales trend of customers, along with the company's global production layout, is expected to mitigate the impact of additional tariffs [2][7]. Revenue Analysis - The revenue in Q1 2025 showed significant growth, with contributions from both new and existing customers. The largest customer, PMI, generated revenue of 2.472 billion yuan in 2024, reflecting a 64% year-on-year increase, and this growth trend is expected to continue into Q1 2025. Additionally, Stanley is expanding into non-North American markets, and new customer acquisitions are anticipated to contribute positively to revenue [7]. Profitability Analysis - The gross margin improved quarter-on-quarter in Q1 2025, with the Vietnam base ramping up production. The gross margin year-on-year decreased by 4.8 percentage points to 33.9%, primarily due to the ramp-up effects from Vietnam and new domestic factories. However, the quarter-on-quarter gross margin increased by 0.6 percentage points, indicating improved capacity utilization in Vietnam [7]. Financial Projections - The company is projected to achieve net profits attributable to shareholders of 900 million yuan and 1.1 billion yuan in 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 11x and 9x [7]. R&D and Strategic Initiatives - The company is actively increasing its R&D investment, with 92.36 million yuan spent in 2024, a year-on-year increase of 37.85%. The number of R&D personnel also grew by 73.81% to 438. Key projects include high-altitude heating and insulation cups, rapid cooling water cups, and carbon fiber paddles, aimed at expanding product categories and enhancing competitiveness [7]. Share Buyback Plan - Recently, the company announced a share buyback plan, reflecting confidence in its long-term development. The plan involves repurchasing 570,000 to 1.14 million shares at a price not exceeding 139.86 yuan per share, which represents 0.55% to 1.10% of the total share capital [7].
嘉益股份（301004）：2025Q1业绩点评：增长超预期，收入、利润环比提速