Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is gradually overcoming its pressure period, with a focus on acquiring new customers and improving product quality in 2025 [7] - The revenue for 2024 is projected to be 1.87 billion, a year-on-year decrease of 1.71%, while the net profit attributable to shareholders is expected to be 0.84 billion, down 37.67% year-on-year [7] - The company is experiencing pressure in the small B-end market due to weak demand and increased competition, while actively expanding new customers in the large B-end market [7] - The company anticipates a recovery in Q2 and aims to seek growth through new retail channels and product quality enhancement in 2025 [7] - The profit forecast for 2025-2027 has been revised down, with expected net profits of 1.0 billion, 1.2 billion, and 1.3 billion respectively, reflecting a year-on-year growth of 21%, 16%, and 11% [7] Financial Summary - Total revenue for 2023 is 1.90 billion, with a projected increase to 1.97 billion in 2025, reflecting a growth rate of 5.37% [1][8] - The net profit attributable to shareholders is expected to recover from 0.84 billion in 2024 to 1.01 billion in 2025, indicating a growth of 21.27% [1][8] - The earnings per share (EPS) is projected to increase from 0.86 in 2024 to 1.04 in 2025 [1][8] - The company's price-to-earnings (P/E) ratio is expected to decrease from 31.44 in 2024 to 25.92 in 2025 [1][8]
千味央厨（001215）：2024年报及2025年一季报点评：逐步度过压力期，25年以新客户和提质为抓手