Investment Rating - The report maintains a "Buy" rating for Lianhua Holdings [1] Core Views - Lianhua Holdings' 2024 annual report and Q1 2025 report meet expectations, showing significant revenue and profit growth [7] - The company's main business in seasoning products is performing well, while its computing power services are also gaining traction [7] - The company has successfully launched high-margin new products and expanded its distribution channels, indicating strong growth potential [7] Financial Performance Summary - Total revenue for 2024 is projected at 2,646 million RMB, a year-on-year increase of 25.98% [1] - Net profit attributable to shareholders for 2024 is expected to reach 202.58 million RMB, reflecting a year-on-year growth of 55.92% [1] - Earnings per share (EPS) for 2024 is estimated at 0.11 RMB, with a price-to-earnings (P/E) ratio of 60.04 [1] Business Segment Performance - The food manufacturing segment achieved revenue of 2,563 million RMB in 2024, up 22.15% year-on-year, with specific products like monosodium glutamate and compound seasonings showing strong sales growth [7] - The computing power service segment generated revenue of 0.81 million RMB in 2024, marking a substantial increase of 10,447.11% year-on-year [7] Growth Strategy - The company has implemented a brand revitalization strategy, successfully launching new high-margin products and expanding its retail and online sales channels [7] - Lianhua Holdings plans to continue its double-digit growth in the seasoning business through new product launches and channel expansion [7] Profitability Metrics - The gross margin for 2024 is projected to increase to 25.30%, with net profit margin expected to reach 7.54% [7] - The company is optimizing its business structure, leading to improved profitability metrics [7]

Investment Rating - The investment rating for Lianhua Holdings is "Buy" (maintained) [1] Core Views - Lianhua Holdings reported revenue and net profit for 2024 at 2.646 billion and 202.58 million respectively, representing year-on-year growth of 25.98% and 55.92% [7] - The company's main business in seasoning products performed well, while its computing power services are gaining traction [7] - The company has successfully launched high-margin new products and expanded its distribution channels, indicating strong growth potential in the seasoning segment [7] - The computing power business has already secured over 1.1 billion in orders, with a revenue target of around 400 million for 2024 [7] Financial Performance Summary - Total revenue is projected to grow from 2.101 billion in 2023 to 4.476 billion by 2027, with a compound annual growth rate (CAGR) of approximately 16.05% [1] - Net profit is expected to increase from 129.93 million in 2023 to 401.63 million by 2027, reflecting a CAGR of about 20.78% [1] - The earnings per share (EPS) is forecasted to rise from 0.07 in 2023 to 0.22 by 2027 [1] - The company’s gross margin is expected to improve, reaching 26.87% by 2027 [9] Business Segment Performance - The seasoning products segment achieved revenue of 25.63 million in 2024, up 22.15% year-on-year, with specific products like monosodium glutamate and compound seasonings showing significant growth [7] - The computing power services segment generated 0.81 million in revenue in 2024, marking a substantial increase of over 10,447% year-on-year [7] - The company has established a dedicated team for new retail and has expanded its distribution network significantly, adding over 2,000 new retail points in 2024 [7] Profitability Metrics - The gross margin for 2024 is projected to be 25.30%, with a net profit margin of 7.65% [9] - The company’s operating profit is expected to grow steadily, reaching 551 million by 2027 [9] - The return on equity (ROE) is forecasted to improve from 11.94% in 2024 to 15.22% by 2027 [9]

证券代码：600186 证券简称：莲花控股 公告编号：2025—031 莲花控股股份有限公司 2025年第一季度经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》之 《第十四号——食品制造》第十四条相关规定，现将莲花控股股份有限公司 2025 年第一季度主要经营数据（未经审计）公告如下： 一、2025 年第一季度主要经营数据 1、主营业务按照产品类别分类情况 2 、主营业务按照销售渠道分类情况 单位：元 币种：人民币 | 渠道 | 2025 | 年第一季度 | 2024 年第一季度 | 同比变动（%） | | --- | --- | --- | --- | --- | | 线上销售 | | 66,120,881.39 | 31,306,208.67 | 111.21 | | 线下销售 | | 727,334,145.23 | 544,567,456.62 | 33.56 | | 合计 | | 793,455,026.62 | 575,873,66 ...

证券代码：600186 证券简称：莲花控股 公告编号：2025—029 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》之 《第十四号——食品制造》第十四条相关规定，现将莲花控股股份有限公司 2024 年年度主要经营数据公告如下： 一、2024 年年度主要经营数据 1、主营业务按照产品类别分类情况 | | | 单位：元 | 币种：人民币 | | --- | --- | --- | --- | | 产品收入 | 2024 年度 | 2023 年度 | 同比变动（%） | | 味精等氨基酸调味品 | 1,929,715,019.20 | 1,622,886,906.85 | 18.91 | | 鸡精等复合调味品 | 343,299,103.13 | 256,831,053.27 | 33.67 | | 算力服务 | 80,643,421.77 | 764,601.77 | 10447.11 | | 面粉和面制品 | 122,888,570.00 | 108,980,709.08 | 12.76 | | 有机肥和水溶肥 | 36,178,219.01 | 28,878,139.30 | 25.2 ...