QIANHE(603027) 申万宏源证券·2025-04-18 06:13Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [2][6]. Core Views - The company reported a total revenue of 3.073 billion yuan for 2024, a year-on-year decrease of 4.16%, and a net profit attributable to shareholders of 514 million yuan, down 3.07% year-on-year [6]. - The company is experiencing pressure on revenue due to slow demand recovery and intensified competition, with a forecasted net profit of 537 million yuan for 2025, reflecting a 4.5% year-on-year increase [5][6]. - The report highlights that the gross profit margin improved slightly to 37.19% in 2024, despite a decline in revenue, due to a decrease in costs [6]. Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2024: 3,073 million yuan - 2025E: 3,039 million yuan - 2026E: 3,283 million yuan - 2027E: 3,506 million yuan - Year-on-year growth rates for revenue are projected at -4.2% for 2024, -1.1% for 2025, 8.0% for 2026, and 6.8% for 2027 [5][7]. - The net profit attributable to shareholders is forecasted to be: - 2024: 514 million yuan - 2025E: 537 million yuan - 2026E: 605 million yuan - 2027E: 688 million yuan [5][7]. - The report indicates a slight increase in gross profit margin from 37.2% in 2024 to 39.7% in 2027 [5][7]. Revenue Breakdown - In 2024, the company’s revenue from soy sauce and vinegar was 1.964 billion yuan and 370 million yuan, respectively, with year-on-year declines of 3.75% and 12.52% [6]. - The company’s revenue by region showed varied performance, with the eastern region experiencing a decline of 1.78% while the southern region saw an increase of 13.99% [6]. - Online and offline sales for 2024 were 600 million yuan and 2.433 billion yuan, respectively, both showing a decline compared to the previous year [6].