Sichuan Teway Food (603317) 中原证券·2025-04-23 11:36Investment Rating - The report assigns an "Accumulate" rating to the company, predicting a relative increase of 5% to 15% compared to the CSI 300 index over the next six months [13]. Core Views - The company achieved a revenue of 3.476 billion yuan in 2024, representing a year-on-year growth of 10.41%, with a notable increase in net profit attributable to the parent company of 40% [7]. - The growth in revenue is attributed to a balanced focus on both C-end and B-end markets, with a significant increase in cash received from sales in the fourth quarter, which rose by 63.13% year-on-year [7]. - The rapid growth of Chinese-style compound seasonings has become the main driver of revenue growth, with this segment generating 1.771 billion yuan, up 16.56% year-on-year, and accounting for 50.94% of total revenue [7]. - The company's gross profit margin improved to 39.8%, an increase of 1.95 percentage points from the previous year, driven by a decrease in raw material costs and increased production efficiency [7][8]. - The report forecasts earnings per share of 0.66 yuan, 0.74 yuan, and 0.84 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 21.36, 18.91, and 16.70 based on the closing price of 14.01 yuan on April 22 [10][11]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 34.76 billion yuan, a 10.41% increase year-on-year, with a net profit of 5.66 billion yuan, reflecting a 40% increase [7]. - The gross profit margin for the main business reached 39.8%, up 1.95 percentage points, with the hot pot base material margin at 37.53% and the Chinese-style compound seasoning margin at 41.30% [7][8]. Revenue Breakdown - The revenue from Chinese-style compound seasonings increased significantly, while the revenue from hot pot base materials saw a slight increase of 3.53% [7]. - Online sales grew by 51.7%, contributing 17.15% to total revenue [7]. Cost and Profitability - The decrease in costs contributed to enhanced profitability, with a net profit margin increase of 3.77 percentage points to 18.55% [10]. - The report highlights a reduction in sales, management, and R&D expense ratios, which further improved the company's profitability metrics [10].