Gaishi Food(836826) 江海证券·2024-12-25 07:41Investment Rating - The report assigns a "Hold" rating for the company, marking its first coverage [10]. Core Viewpoints - The company specializes in a wide range of prepared cold dishes, including algae, fungi, wild vegetables, fish roe, vegetables, and seafood delicacies, offering over 300 product categories and more than 1000 SKUs [10][16]. - The company has established a strong market presence both domestically and internationally, exporting products to over 60 countries and regions, including Japan, the USA, and Europe [10]. - The prepared dish industry in China is experiencing rapid growth, driven by urbanization and the rise of chain restaurants, with increasing competition and regulatory developments [10][21]. - The company has a robust product development pipeline, with numerous new products launched recently that have gained consumer popularity [10][57]. - Financial forecasts indicate a revenue growth of 18.76%, 17.89%, and 16.10% for 2024-2026, with net profit growth of 26.94%, 19.33%, and 16.71% for the same period [10][11]. Summary by Sections Company Overview - The company was established in 2002 and successfully listed on the Beijing Stock Exchange in 2021, becoming the first stock in the prepared cold dish sector [15][24]. - The company has a concentrated shareholding structure, with the largest shareholder holding 48.32% of the shares [35][62]. Industry Overview - The prepared dish industry is in a growth phase, with increasing competition and regulatory measures being introduced to standardize the market [10][21]. - The market for prepared dishes is expected to continue expanding, with significant potential for both domestic and international sales [10][38]. Financial Analysis - The company has shown a compound annual growth rate (CAGR) of 23.79% in revenue and 30.38% in net profit over the past seven years [22]. - The projected financials for 2024-2026 include revenues of 5.82 billion, 6.86 billion, and 7.96 billion, with corresponding net profits of 0.44 billion, 0.53 billion, and 0.62 billion [10][11]. Product and Market Strategy - The company is focusing on expanding its online channels and enhancing its brand presence through social media platforms like Douyin [41]. - The company has established long-term partnerships with major restaurant chains and food producers, enhancing its market position [10][45].