Shanghai Ziyan Foods (603057) 国泰海通证券·2025-05-16 11:16Investment Rating - The report assigns a rating of "Accumulate" for the company [9][16]. Core Views - Short-term performance is significantly under pressure, but long-term growth potential is promising. The target price has been raised, with the current stock price corresponding to a 2025 PE of 38X [3][9]. - The company is expected to face challenges in 2024, with a projected revenue of 3.36 billion yuan, a year-on-year decrease of 5%, and a net profit of 346 million yuan, a year-on-year increase of 4% [9][10]. - The report highlights a decline in same-store sales and an increase in store closure rates due to weak macro demand, with an estimated increase in closure rates for 2024-2025 [9][10]. Financial Summary - Revenue and profit forecasts for the company show a decline in 2025, with an estimated EPS of 0.57 yuan, down from a previous estimate of 0.98 yuan [9][10]. - The company’s gross margin for 2024 is projected to be 22.95%, with a net profit margin of 10.33% [9][10]. - The balance sheet indicates total assets of 3.33 billion yuan and total liabilities of 1.32 billion yuan for 2024, resulting in a net asset value of 2.01 billion yuan [4][10]. Market Performance - The stock has experienced a 52-week price range of 13.43 to 24.15 yuan, with a current market capitalization of 8.96 billion yuan [3][9]. - The report notes a relative performance of -10% over the last three months compared to the index, indicating underperformance [7][9].