Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has achieved significant revenue growth driven by breakthroughs in staple food products and the release of overseas production capacity, marking a new chapter in growth [2] - In Q1 2025, the company reported revenue of 184 million yuan, a year-on-year increase of 17.58%, and a net profit attributable to the parent company of 16.51 million yuan, up 17.34% year-on-year [2] - The company maintains its profit forecast for 2025-2027, expecting net profits of 96 million, 122 million, and 141 million yuan respectively, with corresponding EPS of 0.93, 1.18, and 1.37 yuan per share [2] Revenue and Profit Growth - In 2024, the company achieved revenue of 778 million yuan, a year-on-year increase of 11.68%, and a net profit of 78.36 million yuan, up 14.57% year-on-year [2] - The company’s domestic sales accounted for 37.03% of total revenue in 2024, with a 3.06% year-on-year increase, while pet food sales grew by 21.34% [3] - The staple food products saw a remarkable growth of 50.77% year-on-year [3] Market Potential - The pet food market in urban China is projected to reach 300.2 billion yuan in 2024, with a year-on-year growth of 7.5% [4] - The company has successfully launched its Cambodian subsidiary's first phase, producing 3,000 tons of pet food annually, with the second phase under construction [4] Financial Summary and Valuation Metrics - The company’s revenue is projected to grow significantly, with estimates of 1,005 million yuan in 2025, 1,208 million yuan in 2026, and 1,413 million yuan in 2027, reflecting year-on-year growth rates of 29.2%, 20.2%, and 17.0% respectively [6] - The net profit is expected to increase to 96 million yuan in 2025, 122 million yuan in 2026, and 141 million yuan in 2027, with corresponding year-on-year growth rates of 23.1%, 26.1%, and 16.2% [6] - The company’s P/E ratio is projected to decrease from 28.3 in 2025 to 19.3 in 2027, indicating improving valuation metrics [6]
路斯股份（832419）：北交所信息更新：主粮新突破驱动业绩增长，海外产能释放开启成长新篇章