Sanquan Food (002216) 东吴证券·2025-04-22 10:04Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - In 2024, the company's revenue from traditional rice and noodle products faced pressure, but there was a marginal improvement in Q1 2025 [7] - The company achieved total revenue of 6.632 billion yuan in 2024, a year-on-year decrease of 6.00%, and a net profit attributable to shareholders of 542.25 million yuan, down 27.64% year-on-year [7] - The company expects revenue growth to turn positive in 2025, driven by product innovation and new retail channels [7] Financial Summary - Total revenue forecast for 2023A is 7.056 billion yuan, with a projected decline to 6.632 billion yuan in 2024A, followed by a recovery to 7.013 billion yuan in 2025E [1][8] - The net profit attributable to shareholders is expected to decrease from 749.36 million yuan in 2023A to 542.25 million yuan in 2024A, before increasing to 596.14 million yuan in 2025E [1][8] - The earnings per share (EPS) is projected to decline from 0.85 yuan in 2023A to 0.62 yuan in 2024A, with a slight recovery to 0.68 yuan in 2025E [1][8] - The company's price-to-earnings (P/E) ratio is expected to be 19.25 in 2024A, decreasing to 17.51 in 2025E and further to 15.34 in 2026E [1][8]