YouYou Foods(603697) 东吴证券·2025-04-27 08:12Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company demonstrated significant growth in Q1 2025, achieving revenue of 380 million yuan, a year-on-year increase of 39.2%, and a net profit attributable to shareholders of 50 million yuan, up 16.2% year-on-year [7] - The company is actively expanding its new product offerings and emerging sales channels, which are expected to contribute significantly to future growth [7] - The company maintains a positive outlook for profitability, with net profit forecasts for 2025-2027 expected to grow by 26.2%, 17.8%, and 15.7% respectively [7] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 380 million yuan, with a breakdown showing meat products revenue at 354 million yuan, a 45% increase year-on-year [7] - The company’s gross profit margin for Q1 2025 was 18.2%, a decrease of 1.5 percentage points year-on-year, attributed to changes in channel structure [7] - The net profit margin for Q1 2025 was 13.1%, down 2.6 percentage points year-on-year [7] Revenue and Profit Forecast - The total revenue forecast for 2023A to 2027E is projected to grow from 966.21 million yuan in 2023A to 2,025.66 million yuan in 2027E, with a compound annual growth rate (CAGR) of approximately 15% [1] - The net profit attributable to shareholders is expected to increase from 116.16 million yuan in 2023A to 270.52 million yuan in 2027E, reflecting a strong growth trajectory [1] Market Position and Strategy - The company is focusing on new product launches and expanding into new sales channels, particularly in e-commerce and membership-based supermarkets, which are anticipated to drive future revenue growth [7] - The company’s strategy includes enhancing operational efficiency and leveraging scale effects to improve profitability [7]