Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved revenue and net profit of 6.54 billion and 739.43 million RMB in 2024, representing a year-on-year growth of 6.24% and a decline of 13.28% respectively [7] - Third-party sales continue to grow, driven by products like crayfish, while the overall average price has slightly decreased due to the introduction of high-cost performance products [7] - The company is expected to maintain low double-digit growth in third-party revenue in 2025, with potential improvement in related party performance [7] Financial Summary - Total revenue is projected to grow from 6.54 billion RMB in 2024 to 8.64 billion RMB in 2027, with year-on-year growth rates of 6.24%, 10.76%, 9.96%, and 8.46% respectively [1][8] - Net profit is forecasted to decline to 739.43 million RMB in 2024, followed by a recovery to 1.09 billion RMB by 2027, with growth rates of -13.28%, 19.64%, 11.74%, and 10.05% respectively [1][8] - The latest diluted EPS is expected to be 0.71 RMB in 2024, increasing to 1.05 RMB by 2027 [1][8] - The company’s P/E ratios are projected to be 18.23x in 2024, decreasing to 12.39x by 2027 [1][8]