Hengshun Vinegar(600305) 华创证券·2025-04-22 02:01Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 8.0 yuan [2][6]. Core Views - The company achieved a total revenue of 2.196 billion yuan in 2024, representing a year-on-year increase of 4.3%, and a net profit attributable to shareholders of 127 million yuan, up 46.5% year-on-year. In Q4 2024, revenue reached 665 million yuan, a year-on-year increase of 41.9%, with a net profit of 7 million yuan, marking a turnaround from losses [2][6]. - The company is expected to continue its growth trajectory in 2025, driven by new leadership and ongoing reforms aimed at enhancing operational efficiency and market competitiveness [6][2]. Financial Summary - Revenue and Profit Forecasts: - 2024A: Total Revenue: 2,196 million yuan, Net Profit: 127 million yuan - 2025E: Total Revenue: 2,350 million yuan, Net Profit: 181 million yuan - 2026E: Total Revenue: 2,522 million yuan, Net Profit: 205 million yuan - 2027E: Total Revenue: 2,688 million yuan, Net Profit: 234 million yuan [2][12]. - Growth Rates: - Revenue growth rates are projected at 4.2% for 2024, 7.0% for 2025, 7.3% for 2026, and 6.6% for 2027 [2][12]. - Net profit growth rates are expected to be 46.5% for 2024, 42.1% for 2025, 13.3% for 2026, and 14.1% for 2027 [2][12]. - Earnings Per Share (EPS): - EPS is forecasted to be 0.11 yuan for 2024, 0.16 yuan for 2025, 0.18 yuan for 2026, and 0.21 yuan for 2027 [2][12]. - Valuation Ratios: - Price-to-Earnings (P/E) ratios are projected at 67 for 2024, 47 for 2025, 42 for 2026, and 36 for 2027 [2][12]. - Price-to-Book (P/B) ratios are estimated at 2.6 for 2024, 2.5 for 2025, 2.5 for 2026, and 2.4 for 2027 [2][12]. Market Performance - The company’s stock price has fluctuated between a high of 8.80 yuan and a low of 6.65 yuan over the past 12 months, with a current price of 7.68 yuan [3][6]. Business Segments - The company’s revenue from the condiment business was 2.09 billion yuan in 2024, showing a slight increase of 0.7% year-on-year. The revenue from vinegar, wine, and sauce segments saw declines of 2.2%, 0.5%, and 8.1% respectively, while other condiments grew by 22.2% [6][2]. - The company is focusing on product innovation and market expansion, particularly in the soy sauce and compound seasoning segments, which have shown significant growth [6][2]. Strategic Outlook - The company aims to strengthen its core business while expanding into ancillary sectors, emphasizing quality control, marketing innovation, and cost reduction strategies [6][2]. - The new chairman is expected to lead significant reforms that could enhance operational efficiency and drive growth in the coming years [6][2].