Panda Dairy (300898) 新浪财经·2025-04-20 02:41Core Viewpoint - The company experienced a significant decline in overall revenue and net profit in 2024, while achieving a notable improvement in gross margin and profitability [2][3]. Financial Performance - Total revenue and net profit for 2024 were 764 million and 102 million yuan, respectively, reflecting a year-on-year decrease of 19% and 6% [2]. - In Q4 2024, revenue and net profit were 196 million and 24 million yuan, showing a year-on-year decline of 18% and 10% [2]. - Gross margin and net margin for 2024 were 28% and 13%, respectively, with year-on-year increases of 5.3 and 2.2 percentage points [2]. - Q4 2024 gross margin and net margin were 29% and 12%, with year-on-year increases of 7.0 and 1.3 percentage points [2]. - Operating net cash flow and sales collection for 2024 were 176 million and 929 million yuan, reflecting year-on-year declines of 4% and 17% [2]. - Q4 2024 operating net cash flow and sales collection were 35 million and 265 million yuan, with year-on-year declines of 59% and 16% [2]. Product Performance - Revenue from concentrated dairy products, coconut products, and dairy trade in 2024 was 585 million, 44 million, and 126 million yuan, respectively, with year-on-year declines of 10.06%, 42.60%, and 38.37% [3]. - Concentrated dairy products showed a sales volume decrease of 12.85% but an average price increase of 3.21%, with a gross margin increase of 4.28 percentage points [3]. - Coconut products experienced a significant sales volume decline of 49.43%, while the average price increased by 13.51%, leading to a gross margin decrease of 16.91% [3]. Channel and Regional Performance - Revenue from direct sales, distribution, and trade in 2024 was 169 million, 468 million, and 126 million yuan, with year-on-year declines of 22.55%, 10.32%, and 38.37% [4]. - The company maintained a stable distribution network with 146 distributors by the end of 2024, an increase of 12 distributors [4]. - Regional revenue for 2024 was 384 million, 128 million, 78 million, and 175 million yuan for East China, South China, North China, and other regions, with varying year-on-year changes [4]. Profitability Outlook - The company is expected to consolidate its core business in condensed milk and continue to develop a second growth curve, optimizing retail channel construction [5]. - Projected EPS for 2025-2027 are 0.89, 0.99, and 1.13 yuan, with corresponding PE ratios of 36, 32, and 28 times at the current stock price [5].