QIANHE(603027) 光大证券·2025-04-19 12:48Investment Rating - The report maintains an "Accumulate" rating for Qianhe Flavor Industry (603027.SH) with a current price of 11.99 CNY [1] Core Views - In 2024, Qianhe Flavor Industry's revenue is under pressure, achieving 3.07 billion CNY, a year-on-year decrease of 4.2%, while the net profit attributable to shareholders is 514 million CNY, down 3.1% year-on-year [5] - The company is facing intensified market competition and is undergoing strategic adjustments, which have led to a decline in revenue from soy sauce and vinegar products [6] - Despite revenue challenges, the company's profitability has improved due to cost control and a favorable raw material cost environment, with a gross margin of 37.2% in 2024, slightly up from the previous year [7] Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 790 million CNY, down 10.3% year-on-year, but net profit increased by 13.4% to 160 million CNY [5] - For Q1 2025, revenue was 830 million CNY, a decrease of 7.2% year-on-year, while net profit rose by 3.7% to 160 million CNY [5] - The company maintained a high dividend payout ratio of 99.9% in 2024 [5] Product Performance - In 2024, revenue from soy sauce and vinegar was 1.96 billion CNY and 370 million CNY, respectively, with year-on-year declines of 3.8% and 12.5% [6] - The company plans to increase R&D investment and enhance product quality in 2025 [8] Cost and Profitability - The gross margin for 2024 was 37.2%, with a slight increase attributed to lower raw material costs and product mix optimization [7] - The net profit margin improved to 16.7% in 2024, up 0.2 percentage points year-on-year [7] Future Outlook - The company aims to enhance organizational efficiency and improve operational effectiveness through dynamic compensation and differentiated authorization in 2025 [8] - Revenue forecasts for 2025 and 2026 are set at 3.27 billion CNY and 3.51 billion CNY, respectively, with expected growth rates of 6.31% and 7.38% [9]