洽洽食品营收创新高难掩隐忧：销售费用攀升，市值较巅峰缩水过半

Core Viewpoint - Qiaqia Food reported a year-on-year increase in both revenue and net profit for 2024, but the stock price declined due to low growth rates and market concerns [2][3][11]. Financial Performance - In 2024, Qiaqia Food achieved a revenue of approximately 71.31 billion yuan, a year-on-year increase of 4.79%, and a net profit attributable to shareholders of about 8.49 billion yuan, up 5.82% [4][10]. - The company's revenue from sunflower products was about 43.82 billion yuan, accounting for 61.45% of total revenue, while nut products generated approximately 19.24 billion yuan, making up 26.97% of total revenue [5][19]. Profitability - The gross margin for nut products in 2024 was 27.18%, down 4.38% year-on-year, while the gross margin for sunflower products was 29.68%, up 4.45% [6][12]. Strategic Initiatives - Qiaqia Food is focusing on developing a third growth curve by exploring new snack categories such as crispy potato chips and nut milk through a "horse racing" strategy, which emphasizes market performance and potential [7][8]. - The company aims to enhance its channel coverage and expand into new markets, including overseas, to support revenue growth [11][12]. Sales Channels - The company has established a global marketing network primarily through distributors, with 1,380 distributors as of the end of 2024, including 1,272 in China and 108 overseas [16]. - Qiaqia Food's sales through the snack wholesale channel reached approximately 4.5 billion yuan in 2024, with plans to increase SKU offerings in this channel [14][20]. Cost Management - Sales expenses for Qiaqia Food rose to about 7.12 billion yuan in 2024, a year-on-year increase of 15.55%, marking the highest sales expenses since its listing [20][21]. - The company plans to manage expenses while continuing to invest in brand promotion and marketing efforts [22].