承德露露（000848）：新品推进顺利，老品稳健有方

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company is successfully advancing its new product, Lulule Herbal Health Water, which is positioned in a rapidly growing health beverage market. The competitive landscape is favorable, providing valuable development opportunities. The chairman is personally leading the product development and marketing efforts, indicating the company's commitment to this new line [3][4] - The company is expanding its presence in the southern market by establishing a factory and creating new sales districts. Adjustments to product formulations are being considered to cater to regional taste preferences. The introduction of new products is expected to enhance market penetration and address weaknesses in the southern market [4] - Cost reductions in key raw materials are expected to improve profit margins. The price of wild apricot kernels, a significant ingredient, is projected to decrease, contributing to cost savings and supporting market investments and new product promotions [4] - The company anticipates steady growth in its core product, Almond Milk, with a recovery expected in Q2 due to resilient demand. Revenue projections for 2025-2027 are set at 34.52 billion, 38.02 billion, and 40.07 billion yuan, respectively, with corresponding net profits of 7.14 billion, 7.81 billion, and 8.13 billion yuan [8][10] Summary by Sections Company Overview - The latest closing price is 10.54 yuan, with a total market capitalization of 111 billion yuan. The company has a debt-to-asset ratio of 25.1% and a price-to-earnings ratio of 16.47 [2] Financial Forecast and Key Metrics - Revenue is projected to grow at rates of 5.01%, 10.14%, and 5.39% for the years 2025, 2026, and 2027, respectively. The net profit is expected to grow by 7.15%, 9.46%, and 4.01% in the same years. The earnings per share (EPS) is forecasted to be 0.68, 0.74, and 0.77 yuan for 2025, 2026, and 2027, respectively [10][11]