Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved a total revenue of 720 million and a net profit attributable to the parent company of 152 million in Q1 2025, representing year-on-year growth of 67% and 41% respectively [3][4]. - The growth in revenue is driven by both new and existing customers, with significant contributions from the company's largest customer, PMI, which reported a revenue of 2.472 billion in 2024, up 64% year-on-year [4]. - The company's production capacity in Vietnam is ramping up, and new facilities are under construction, which is expected to further support revenue growth [3][4]. - The company is focusing on high-margin insulated cup products, and the global sales trend of its customers, along with the company's global production layout, is expected to mitigate the impact of additional tariffs [3][4]. Summary by Sections Revenue Performance - In Q1 2025, the company experienced a significant increase in revenue, with contributions from both new and existing customers [4]. - The first major customer, PMI, is expected to continue its high growth trend into Q1 2025 [4]. Profitability Analysis - The gross margin improved quarter-on-quarter, with the Vietnam base's capacity utilization increasing [5]. - The Q1 2025 gross margin decreased by 4.8 percentage points year-on-year to 33.9%, primarily due to the ramp-up of the Vietnam and domestic new factories [5]. - The company incurred expenses related to convertible bond interest and equity incentive costs, which partially affected profit performance [5]. Strategic Initiatives - The company is actively expanding its production capabilities in Vietnam to enhance product origin diversification and strengthen supply chain collaboration with overseas customers [10]. - A recent share buyback plan was announced, reflecting the company's confidence in long-term growth [10]. - The company is increasing its R&D investment, with a 37.85% year-on-year increase in 2024, focusing on innovative product development [10].
嘉益股份 2025Q1 业绩点评：增长超预期，收入&利润环比提速