Sanquan Food (002216) 华鑫证券·2025-04-23 02:05Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company reported a total revenue of 6.632 billion yuan in 2024, a decrease of 6% year-on-year, with a net profit of 542 million yuan, down 28% year-on-year [4][9] - The company is focusing on optimizing its channel strategy and enhancing promotional investments to improve margins [5][6] - The company is expected to see a recovery in performance as demand improves, with projected EPS for 2025-2027 being 0.63, 0.69, and 0.78 yuan respectively [9][11] Summary by Sections Financial Performance - In 2024, the company's gross margin decreased by 2 percentage points to 24.22%, primarily due to increased promotional spending amid intensified market competition [5] - The company's net profit margin also declined, with a net margin of 8.18% in 2024 [5] Product Segments - Revenue from frozen noodle products was 5.599 billion yuan in 2024, down 4% year-on-year, while revenue from frozen prepared foods was 873 million yuan, down 19% year-on-year [6] - The company is enhancing flavor development and adjusting pricing strategies to stabilize revenue from traditional products [6] Channel Strategy - Revenue from distribution channels decreased by 9% to 4.999 billion yuan in 2024, while direct sales channels saw a 4% decline to 1.203 billion yuan [7] - The e-commerce channel revenue grew by 59% to 363 million yuan in 2024, although it faced challenges with high promotional costs leading to negative net margins [8] Profitability Forecast - The company is projected to achieve revenue growth rates of 4.7%, 6.4%, and 8.1% for 2025, 2026, and 2027 respectively [11] - The net profit is expected to recover gradually, with growth rates of 2.6%, 9.7%, and 12.6% for the same years [11]