Investment Rating - The report maintains a "Strong Buy" rating for the company [2] Core Views - The company has successfully navigated challenges in 2024 and is expected to see improvements in 2025, with a focus on adjusting customer structures to adapt to channel shifts. The backdrop of boosting domestic demand is anticipated to lead to gradual revenue recovery in China [5][6] - Despite tariff disruptions in the Americas, the company is actively negotiating cost transfers with clients and dynamically assessing the feasibility of capacity transfers. Strategic partnerships in other regions are being deepened to expand market coverage [5][6] - The company aims to be a leader in the global nutrition and health food industry, with proactive overseas market and global supply chain layouts revealing diverse growth potential [5] Financial Performance Summary - In 2024, the company achieved revenue of 4.21 billion and net profit of 325 million, representing year-on-year growth of 17.6% and 15.7% respectively. The fourth quarter of 2024 saw revenues of 1.16 billion, with a net profit of 90 million, showing a year-on-year increase of 7.7% [5][6] - For the first quarter of 2025, the company reported revenues of 954 million, with net profit of 69 million, reflecting a slight year-on-year increase of 0.3% in revenue and 8.9% in net profit [5][6] - The company’s revenue from different regions in 2024 showed a decline in China by 10.3%, while the Americas saw a significant increase of 59.6% [5][6] - The gross margin improved to 31.5% in 2024 and 33.1% in Q1 2025, driven by cost reduction strategies and pricing optimization [5][6] Growth Projections - The company forecasts total revenue growth from 3.58 billion in 2023 to 4.84 billion in 2025, with a compound annual growth rate (CAGR) of 15% [6][14] - Earnings per share (EPS) are projected to increase from 1.18 in 2023 to 1.62 in 2025, indicating a positive growth trajectory [6][14] - The report anticipates continued improvement in profitability, with net profit margins expected to stabilize around 7.9% by 2025 [6][14]