CHACHA FOOD CO.,LTD(002557) 华鑫证券·2025-02-26 01:23Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Insights - The company achieved a revenue of 7.131 billion yuan in 2024, representing a 5% year-on-year increase, while the net profit attributable to shareholders was 852 million yuan, up 6% year-on-year [5] - The company is experiencing pressure on profit margins due to high costs, particularly from rising raw material prices for sunflower seeds, although there is a slight downward trend in costs [5] - The company is expanding its overseas market presence, with an estimated revenue of around 600 million yuan from international operations in 2024, and expects growth in overseas markets to outpace domestic growth [6] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 2.374 billion yuan, a 2% increase year-on-year, but a 24% decrease in net profit attributable to shareholders [5] - The company’s earnings per share (EPS) forecasts for 2024-2026 have been adjusted to 1.68, 1.80, and 2.05 yuan respectively, with corresponding price-to-earnings (PE) ratios of 16, 15, and 13 times [7] Market Strategy - The company is focusing on product diversification by developing new categories such as nut milk, fresh-cut potato strips, and peanut products, while also enhancing its high-end product line "Kuaizhen" [6] - The company is actively penetrating lower-tier markets and expects to see increased sales through channels like Sam's Club and Hema [6] Growth Projections - The company anticipates steady revenue growth, with projections of 7.613 billion yuan in 2025 and 8.211 billion yuan in 2026, reflecting growth rates of 6.8% and 7.9% respectively [11] - The net profit is expected to reach 915 million yuan in 2025 and 1.041 billion yuan in 2026, with growth rates of 7.4% and 13.7% respectively [11]