Investment Rating - The report maintains a "Buy" investment rating for the company [1][10]. Core Views - The company's Q1 performance was under pressure due to the timing of the Spring Festival, but overall revenue and net profit for 2024 showed growth of 11% and 4% year-on-year, respectively [2]. - The company is expected to benefit from cost reductions in almond prices and increased market investment, leading to improved gross margins [2]. - The introduction of new products, particularly the "Lulu Herbal" series, is anticipated to enhance growth prospects [3]. Financial Performance Summary - For 2024, total revenue and net profit are projected at 3.287 billion and 666 million yuan, respectively, with growth rates of 11.3% and 4.4% [12]. - Q1 2025 revenue and net profit were reported at 1.002 billion and 215 million yuan, reflecting declines of 18% and 13% year-on-year [2]. - The gross margin for Q1 2025 improved to 48%, up 4.4 percentage points year-on-year, while the net margin reached 22%, an increase of 1.4 percentage points [2]. Product Performance Summary - The almond milk product line showed steady growth, with revenue increasing by 11.38% year-on-year, while the new product lines, including those combined with coffee and tea, are expected to drive future sales [3]. - The company launched the "Lulu Herbal" product line in March 2025, featuring low-sugar and no-fat formulations aimed at health-conscious consumers [3]. Regional and Channel Performance Summary - Revenue from the northern region grew by 11.73% year-on-year, indicating strong market presence, while direct sales channels performed particularly well due to effective online marketing strategies [4][9]. - The company opened 141 transportation hub stores and 203 school stores, enhancing its market reach [9]. Earnings Forecast - The company is projected to achieve earnings per share (EPS) of 0.67, 0.76, and 0.82 yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 14, 13, and 12 [10][12].

Core Viewpoint - The company reported a revenue of 3.29 billion RMB for 2024, reflecting a year-on-year increase of 11.3%, and a net profit of 670 million RMB, up 4.4% year-on-year. However, Q1 2025 saw a revenue decline of 18.4% year-on-year to 1 billion RMB and a net profit decrease of 12.53% to 220 million RMB. The company plans to distribute a cash dividend of 3 RMB per 10 shares, totaling 315 million RMB, with a cash dividend rate of 47% [1]. Revenue and Profit Analysis - In 2024, the company achieved revenues of 3.19 billion RMB from almond milk, 90 million RMB from walnut milk, and 10 million RMB from almond milk, with respective year-on-year changes of +11.4%, -2.3%, and +248.6%. The sales volume for almond milk, walnut milk, and almond milk increased by 11.5%, 5.0%, and 171.5% respectively [2]. - The company’s gross margin for 2024 was 40.9%, a decrease of 0.5 percentage points year-on-year. The gross margin for Q4 2024 was 39.8%, an increase of 2.1 percentage points year-on-year, while Q1 2025 saw a gross margin of 48.1%, up 4.4 percentage points year-on-year [3]. Cost and Expense Management - The sales and management expense ratios for 2024 were 12.7% and 1.7%, respectively, with increases of 1.1 and 0.6 percentage points year-on-year. The rise in sales expense ratio was primarily due to increased investments in e-commerce operations, new market development, and new product launches [3]. - The net profit margin for 2024 was 20.3%, down 1.3 percentage points year-on-year, while Q1 2025 saw a net profit margin of 21.5%, an increase of 1.4 percentage points year-on-year [3]. Product Development and Market Strategy - The company has successfully implemented an employee stock ownership plan, enhancing management stability and focusing on both short-term and long-term growth. Recent product launches include almond milk, almond coffee, and herbal health drinks, with plans for further product development [4]. - The company is actively expanding its distribution channels, having developed 141 transportation hub stores, 203 school stores, and 9,028 restaurant stores by the end of 2024. The number of distributors increased by 56 to a total of 922 [2]. Future Outlook and Investment Recommendations - The company forecasts net profits of 700 million RMB, 790 million RMB, and 840 million RMB for 2025 to 2027, with corresponding EPS of 0.67 RMB, 0.75 RMB, and 0.80 RMB. The company is expected to benefit from cost pressures easing and new product upgrades potentially leading to category breakthroughs [4]. - A target price of 12.06 RMB is set based on an 18x PE ratio for 2025, with an initial "buy" rating recommended [4].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 11.73 CNY based on a reasonable valuation level of 17 times the earnings for 2025 [2][11][5]. Core Insights - The company achieved a revenue of 3.29 billion CNY in 2024, representing a year-on-year growth of 11.3%, and a net profit of 666 million CNY, up 4.4% year-on-year [10]. - The almond milk segment showed steady growth, with revenue reaching 3.19 billion CNY in 2024, an increase of 11.4% year-on-year, driven by improved penetration in the northwest region [10]. - The company is expected to benefit from lower raw material costs in 2025, leading to a significant increase in gross margin, projected at 48.1% in Q1 2025, up 4.4 percentage points year-on-year [10]. Financial Summary - **Revenue Forecast**: The company is projected to generate revenues of 3.36 billion CNY in 2025, 3.57 billion CNY in 2026, and 3.75 billion CNY in 2027, with respective growth rates of 2.3%, 6.1%, and 5.1% [4]. - **Net Profit**: The net profit is expected to reach 726 million CNY in 2025, 787 million CNY in 2026, and 831 million CNY in 2027, with growth rates of 8.9%, 8.5%, and 5.6% respectively [4]. - **Earnings Per Share (EPS)**: EPS is forecasted to be 0.69 CNY in 2025, 0.75 CNY in 2026, and 0.79 CNY in 2027 [4][11]. - **Gross Margin**: The gross margin is expected to improve to 43.5% in 2025, with a slight increase to 43.6% in the following years [4]. Market Performance - The company's stock price as of April 25, 2025, was 9.92 CNY, with a 52-week high of 10.31 CNY and a low of 6.73 CNY [5]. - The company has shown strong absolute performance over various time frames, including a 14.29% increase over the past three months [6].

Investment Rating - The report maintains a "Buy" rating for the company [1][4][7] Core Views - The company demonstrated stable overall performance in its financial results for 2024 and Q1 2025, benefiting from cost reductions and improved gross margins [1][4][7] - The company reported a revenue of RMB 3.29 billion in 2024, a year-on-year increase of 11.3%, and a net profit of RMB 666 million, up 4.4% year-on-year [4][6][9] - The report highlights the significant impact of the Spring Festival timing on quarterly performance, with a notable decline in Q1 2025 compared to Q1 2024 [1][4][7] Financial Performance Summary - The company’s revenue and net profit growth rates for 2024 were 11.3% and 4.4% respectively, with Q4 2024 and Q1 2025 combined showing a revenue decline of 0.8% but a net profit increase of 4.9% [4][7][9] - The gross margin improved significantly in Q1 2025, reaching 48.1%, an increase of 4.4 percentage points year-on-year [9] - The core product, almond milk, generated RMB 3.19 billion in revenue in 2024, accounting for 97% of total revenue, with a year-on-year growth of 11.4% [7][9] Market and Shareholder Information - The company has a total market capitalization of approximately RMB 10.44 billion, with major shareholder Wanxiang Agricultural Group holding 41.61% [4][6] - The average daily trading volume over the past three months was RMB 123.73 million [4] Future Outlook - The company is expected to benefit from new product launches in 2025, which are anticipated to contribute positively to revenue growth [1][4][7] - The report projects earnings per share (EPS) for 2025 to be RMB 0.67, reflecting a year-on-year increase of 5.6% [6][10]

Core Viewpoint - The company reported a revenue of 3.287 billion in 2024, representing a year-on-year increase of 11.26%, and a net profit attributable to shareholders of 666 million, up 4.41% year-on-year [1] Revenue and Profit Analysis - In Q4 2024, the revenue was 1.128 billion, showing a year-on-year growth of 22.69%, while the net profit was 247 million, increasing by 26.95% year-on-year [1] - For Q1 2025, the revenue was 1.002 billion, reflecting a year-on-year decrease of 18.36%, and the net profit was 215 million, down 12.53% year-on-year [1] - Excluding the impact of the Spring Festival, the combined revenue for Q4 and Q1 was 2.13 billion, showing a slight year-on-year decline of 0.8% [2] Business Segment Performance - In 2024, the revenue from almond milk, nut walnut, and almond milk series was 3.19 billion, 80 million, and 10 million respectively, with year-on-year changes of +11%, -2%, and +249% [2] - The sales volume of almond milk reached 330,000 tons, with a volume increase of 11.5% and stable price per ton [2] Regional Performance - In 2024, the revenue from the northern, central, and other regions was 2.99 billion, 190 million, and 110 million respectively, with year-on-year growth of 12%, 9%, and 3% [2] - The northern region saw a strengthening of its market position, with a net increase of 56 distributors [2] Profitability Metrics - The net profit margin for 2024 decreased by 1.3 percentage points to 20.3% [4] - The gross profit margin was stable, decreasing by 0.5 percentage points to 40.9% [4] - The increase in almond procurement costs due to weather conditions in 2023 led to a rise of over 30% in prices from Q4 2023, but prices dropped by over 30% starting Q4 2024 due to significant production increases [4] Cost and Expense Analysis - The sales expense ratio increased by 1.1 percentage points due to investments in e-commerce operations, new market development, and new product launches [5] - The management expense ratio rose by 0.6 percentage points due to increased share-based payment expenses [6] Future Outlook - The company plans to launch new herbal health drink products, leveraging the resource advantages of its "southward expansion" strategy [6] - The main business is expected to stabilize, with continued cost benefits from almonds anticipated in the first half of 2025 [6] - Revenue growth forecasts for 2025-2027 are 5%, 6%, and 4% respectively, with net profit growth of 7%, 8%, and 6% [6]