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 its 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 year-on-year growth of 50.77% [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’s overseas subsidiary in Cambodia has commenced production, which is expected to become a new revenue and profit growth point [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 [5] - The net profit attributable to the parent company is expected to reach 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% [5] - The company’s P/E ratio is projected to decrease from 28.3 in 2025 to 19.3 in 2027, indicating improving valuation metrics [5]
路斯股份：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-20250610