CHACHA FOOD CO.,LTD(002557) 华创证券·2025-04-25 10:19Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 30 yuan [2][7][8]. Core Views - The company reported a revenue of 7.13 billion yuan for 2024, a year-on-year increase of 4.8%, and a net profit attributable to shareholders of 849 million yuan, up 5.8% year-on-year. However, Q4 2024 showed a decline in net profit by 24.8% year-on-year [2][8]. - The company has a high dividend payout ratio of 76.12%, distributing a total of 649 million yuan in cash dividends [2][8]. - Despite facing operational adjustments and external pressures, the company is expected to achieve steady revenue growth throughout the year, although profit pressures may persist in the short term [2][7]. Financial Summary - 2024 Financials: Total revenue of 7.13 billion yuan, net profit of 849 million yuan, and earnings per share (EPS) of 1.68 yuan [8]. - 2025 Projections: Expected revenue of 7.43 billion yuan, net profit of 702 million yuan, and EPS of 1.39 yuan, reflecting a decrease in profit due to market conditions [8]. - 2026-2027 Projections: Revenue is projected to grow to 7.85 billion yuan in 2026 and 8.27 billion yuan in 2027, with net profits expected to recover to 855 million yuan and 982 million yuan respectively [8]. Market Performance - The company's stock price as of April 25, 2025, is 23.99 yuan, with a 12-month high of 37.50 yuan and a low of 23.99 yuan [4][8]. - The company has a total market capitalization of 12.135 billion yuan and a circulating market value of 12.110 billion yuan [4][8]. Operational Insights - The company is focusing on enhancing product quality to maintain brand strength amidst increasing competition and market pressures. This includes improving the quality of raw materials and increasing the proportion of high-quality products [2][7]. - The company is also adapting to market demands by implementing promotional strategies while maintaining product quality [2][7].