YINDU KITCHEN EQUIPMENT CO., LTD(603277) 东吴证券·2025-04-30 13:41Investment Rating - The report maintains an "Accumulate" rating for the company [2][4] Core Views - In Q1 2025, the company's net profit attributable to the parent company increased by 21% year-on-year, supported by steady growth in overseas revenue due to the ongoing globalization strategy [2] - For 2024, the company achieved total revenue of 2.753 billion yuan, a year-on-year increase of 3.8%, and a net profit of 541 million yuan, up 5.9% year-on-year [2] - The company is expected to continue its growth trajectory in the global commercial kitchen equipment industry, aided by its early overseas capacity layout and manageable tariff risks [4] Financial Performance Summary - The company's total revenue and net profit forecasts for 2025 and 2026 have been adjusted to 6.45 billion yuan and 7.70 billion yuan respectively, with a new forecast for 2027 set at 8.78 billion yuan [4] - The sales gross margin for 2024 was 43.0%, an increase of 1.9 percentage points year-on-year, while the net profit margin was 19.7%, up 0.4 percentage points [3] - The company’s overseas revenue reached 2.58 billion yuan in 2024, a year-on-year increase of 7.8%, while domestic revenue fell by 39.5% to 1.4 billion yuan due to reduced procurement demand from domestic chain customers [2][3] Product Performance Summary - In 2024, revenue from commercial catering refrigeration equipment was 2.05 billion yuan, a year-on-year increase of 4.3%, while revenue from Western kitchen equipment was 460 million yuan, up 1.2% [2] - The company has introduced a series of intelligent products, including a smart French fry robot and a multifunctional steam oven, which have garnered significant attention and are expected to be growth drivers in the medium to long term [4]