Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company's revenue for 2024 is expected to be 1.415 billion yuan, showing a slight increase of 0.22% year-on-year, while the net profit attributable to shareholders is projected to be 224 million yuan, a decrease of 5.55% year-on-year [8] - The company has maintained a stable profitability with a gross margin of 29.1% in 2024, an increase of 3.24 percentage points year-on-year, primarily due to declining raw material costs [8] - The company is focusing on product upgrades and channel expansion, particularly in the sweet milk series and new vitamin water products, which are expected to enhance profitability [8] Financial Summary - Total revenue forecast for 2024 is 1.415 billion yuan, with a projected growth of 8.69% in 2025 [1] - The net profit attributable to shareholders is expected to reach 254 million yuan in 2025, reflecting a year-on-year growth of 13% [1] - The earnings per share (EPS) is projected to be 0.64 yuan in 2025, with a price-to-earnings (P/E) ratio of 19.43 times [1] - The company plans to distribute a cash dividend of 184 million yuan in 2024, with a cash dividend rate of approximately 87% [8]