QIANHE(603027) 新浪财经·2025-04-18 06:33Core Insights - The company reported a revenue of 3.073 billion in 2024, a year-on-year decrease of 4.16%, and a net profit attributable to shareholders of 514 million, down 3.07% year-on-year [1] - The company plans to distribute a cash dividend of 514 million, with a dividend payout ratio of 99.94% [1] - The company has adjusted its profit forecasts for 2025-2026 downwards due to slow demand recovery and increased competition [1] Revenue and Product Performance - In 2024, the company generated revenue of 1.964 billion from soy sauce and 370 million from vinegar, with year-on-year declines of 3.75% and 12.52% respectively [2] - Soy sauce volume and price changed by 1.27% and -4.96% year-on-year, while vinegar saw a volume decline of 9.50% and a price drop of 3.33% [2] - In Q1 2025, soy sauce revenue was 540 million, down 4.7% year-on-year, and vinegar revenue was 100 million, down 10.6% [2] Regional and Channel Analysis - In 2024, revenue by region was 700 million in the East, 237 million in the South, 417 million in the Central, 560 million in the North, and 1.12 billion in the West, with varying year-on-year changes [2] - Online and offline sales in 2024 were 600 million and 2.433 billion respectively, both showing declines [2] - In Q1 2025, online revenue was 126 million, down 12.3%, while offline revenue was 691 million, down 5.9% [2] Profitability and Cost Management - The company achieved a gross margin of 37.19% in 2024, a slight increase year-on-year, with soy sauce and vinegar gross margins at 38% and 40.27% respectively [3] - Despite revenue and price declines, the company benefited from cost reductions, with soy sauce and vinegar costs down 5.6% and 5.2% respectively [3] - In Q1 2025, the gross margin improved to 38.89%, attributed to lower costs [3] Investment Rating and Valuation - The company maintains a "buy" rating, with adjusted profit forecasts for 2025-2027 at 540 million, 610 million, and 690 million respectively, reflecting year-on-year growth of 5%, 13%, and 14% [1] - The latest stock price corresponds to PE valuations of 23x, 20x, and 18x for 2025-2027 [1]