CHACHA FOOD CO.,LTD(002557) 民生证券·2025-02-26 08:23Investment Rating - The report maintains a "Recommended" rating for the company [5][3]. Core Views - The company achieved a revenue of 7.131 billion yuan in 2024, representing a year-on-year growth of 4.79%, and a net profit attributable to shareholders of 0.852 billion yuan, up 6.19% year-on-year [1]. - The company is focusing on long-term strategic goals, emphasizing product quality and innovation to adapt to market changes, while expanding its distribution channels and enhancing its market presence [1][2]. - The company is expected to see revenue growth of 4.9%, 11.0%, and 11.3% for the years 2024, 2025, and 2026, respectively, with net profits projected to grow by 6.1%, 13.9%, and 17.0% in the same period [3][4]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 2.374 billion yuan, a 2.00% increase year-on-year, but a net profit of 0.226 billion yuan, which is a decline of 23.79% year-on-year [1]. - The net profit margin for Q4 2024 was 9.53%, down 3.23 percentage points compared to the previous year [1]. Strategic Initiatives - The company is enhancing its terminal coverage and expanding into new channels such as snack wholesale stores and membership stores, while also making strides in overseas markets [1]. - The company is increasing its investment in high-end products and innovative nut offerings, which have contributed to overall performance growth [1][2]. Future Projections - Revenue forecasts for 2024, 2025, and 2026 are 71.4 billion yuan, 79.2 billion yuan, and 88.2 billion yuan, respectively [4]. - The projected net profits for the same years are 8.5 billion yuan, 9.7 billion yuan, and 11.3 billion yuan [4].