QIANHE(603027) 长江证券·2025-04-25 13:45Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a total revenue of 3.073 billion yuan for 2024, a decrease of 4.16% year-on-year, and a net profit attributable to shareholders of 514 million yuan, down 3.07% [2][4]. - In Q4 2024, the company achieved a revenue of 785 million yuan, down 10.3%, but the net profit increased by 13.45% to 163 million yuan [2][4]. - For Q1 2025, the company reported a revenue of 831 million yuan, a decline of 7.15%, while the net profit rose by 3.67% to 161 million yuan [2][4]. - The company is experiencing short-term sales pressure due to public opinion issues, but its profitability continues to improve [10]. Summary by Sections Financial Performance - In 2024, the company’s revenue from soy sauce was 1.964 billion yuan (down 3.75%), and vinegar revenue was 370 million yuan (down 12.52%) [10]. - The gross profit margin improved significantly due to cost reductions and product structure adjustments, with a gross margin of 37.19% for 2024 [10]. - The net profit margin for 2024 increased by 0.19 percentage points to 16.73% [10]. Future Outlook - The company is expected to return to a growth trajectory following adjustments made since Q2 2024, with a projected net profit of 567 million yuan for 2025 and 645 million yuan for 2026 [10]. - The dividend payout ratio for 2024 was 99.9%, amounting to 514 million yuan, indicating strong shareholder returns [10]. Market Position - The company is well-positioned in the health-oriented condiment market, aligning with the trend of health upgrades in the seasoning industry [10]. - Despite short-term challenges, the company has a strong execution team and significant growth potential in national penetration [10].