lolo(SZ:000848) Huaxin Securities·2024-05-20 08:30Investment Rating - The report maintains a "Buy" investment rating for the company [4] Core Views - The company is recognized as a leader in almond milk, with significant market expansion potential. The implementation of employee stock ownership plans is expected to enhance internal confidence and operational vitality [4] - The company is actively developing new products, including collaborations with matcha and coffee, and is exploring new plant-based categories such as almond milk. New products will be trialed online before being promoted offline based on performance [2][28] - The company is focusing on expanding its market presence in underrepresented regions and targeting younger consumers through increased media investment [36] Financial Projections - The company’s projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.66, 0.74, and 0.84 yuan respectively, with corresponding price-to-earnings (PE) ratios of 14, 13, and 11 times [4] - Revenue and net profit forecasts show a steady growth trajectory, with revenue expected to increase from 2,955 million yuan in 2023 to 4,221 million yuan in 2026, representing a compound annual growth rate (CAGR) of 14.2% [8] - The return on equity (ROE) is projected to remain stable around 20% over the forecast period [8] Market Performance - The company’s stock price is currently at 9.42 yuan, with a total market capitalization of 99 billion yuan [29] - The stock has shown a price range of 7.38 to 9.59 yuan over the past 52 weeks, indicating a relatively stable performance [29]