当前价：13.52 元 作者 分析师：陈彦彤 执业证书编号：S0930518070002 021-52523689 chenyt@ebscn.com 2025 年 4 月 29 日 公司研究 24 年复调与轻烹业务增长稳健，持续完善产品矩阵与新渠道布局 ——宝立食品（603170.SH）2024 年年报与 25 年一季报点评 增持（维持） 分析师：汪航宇 执业证书编号：S0930523070002 021-52523174 wanghangyu@ebscn.com 分析师：聂博雅 执业证书编号：S0930522030003 021-52523808 nieboya@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 4.00 | | 总市值(亿元)： | 54.08 | | 一年最低/最高(元)： | 10.31/17.45 | | 近 3 月换手率： | 48.52% | 股价相对走势 要点 事件：公司发布 2024 年年报，24 年实现营收/归母净利润分别为 26.51/2.33 亿元， 分别同比+11.9%/-22.5%。24Q4 实现营收/归母净利润分别为 7 ...

2025 年 4 月 29 日 公司研究 24 年复调与轻烹业务增长稳健，持续完善产品矩阵与新渠道布局 ——宝立食品（603170.SH）2024 年年报与 25 年一季报点评 增持（维持） 当前价：13.52 元 作者 分析师：陈彦彤 执业证书编号：S0930518070002 021-52523689 chenyt@ebscn.com 分析师：汪航宇 执业证书编号：S0930523070002 021-52523174 wanghangyu@ebscn.com 分析师：聂博雅 执业证书编号：S0930522030003 021-52523808 nieboya@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 4.00 | | 总市值(亿元)： | 54.08 | | 一年最低/最高(元)： | 10.31/17.45 | | 近 3 月换手率： | 48.52% | 股价相对走势 -28% -16% -4% 9% 21% 04/24 07/24 10/24 01/25 宝立食品 沪深300 | 收益表现 | | | | | --- | --- | --- | ...

公司研究 证 券 研 究 报 告 宝立食品（603170）2024 年报及 2025 年一季报点评 强推（维持） 营收增长稳健，静待盈利弹性 目标价：18.2 元 事项： ❖ 公司发布 2024 年年报及 2025 年一季报，2024 年实现营业收入 26.51 亿元，同 比增长 11.91%；归母净利润 2.33 亿元，同比-22.52%；2025 年 Q1 实现营业收 入 6.69 亿元，同比增长 7.18%；归母净利润 0.58 亿元，同比-4.19%。 评论： [ReportFinancialIndex] 主要财务指标 联系人：严文炀 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 2,651 | 2,943 | 3,307 | 3,728 | | 同比增速(%) | 11.9% | 11.0% | 12.4% | 12.7% | | 归母净利润(百万) | 233 | 279 | 327 | 387 | | 同比增速(%) | -22.5% | 19.7% | 17.3% | 18.1 ...

公司研究 证 券 研 究 报 告 宝立食品（603170）2024 年报及 2025 年一季报点评 强推（维持） 营收增长稳健，静待盈利弹性 目标价：18.2 元 事项： ❖ 公司发布 2024 年年报及 2025 年一季报，2024 年实现营业收入 26.51 亿元，同 比增长 11.91%；归母净利润 2.33 亿元，同比-22.52%；2025 年 Q1 实现营业收 入 6.69 亿元，同比增长 7.18%；归母净利润 0.58 亿元，同比-4.19%。 证券分析师：董广阳 电话：021-20572598 邮箱：dongguangyang@hcyjs.com 执业编号：S0360518040001 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 2,651 | 2,943 | 3,307 | 3,728 | | 同比增速(%) | 11.9% | 11.0% | 12.4% | 12.7% | | 归母净利润(百万) | ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expected profit growth of 22% in 2025 and 16% in 2026 [5]. Core Insights - The company reported a revenue of 2.651 billion RMB for 2024, an increase of 11.91% year-on-year, while the net profit attributable to shareholders was 233 million RMB, a decrease of 22.52% year-on-year [2]. - The first quarter of 2025 showed a revenue of 669 million RMB, up 7.18% year-on-year, with a net profit of 58 million RMB, down 4.19% year-on-year [2]. - The company is experiencing a recovery in downstream demand, particularly in the catering sector, which has led to improved sales across various product lines [3]. - The gross margin is stabilizing due to an increase in customized product demand, with Q4 2024 gross margin at 35.52% and Q1 2025 at 32.61% [4]. - The company is focusing on expanding its customer base and enhancing its product offerings to drive future growth [4]. Financial Performance Summary - For 2024, the company achieved a revenue of 2.651 billion RMB, with a growth rate of 11.91% [9]. - The net profit for 2024 was 233 million RMB, reflecting a decline of 22.52% compared to the previous year [9]. - The projected net profits for 2025, 2026, and 2027 are 284 million RMB, 330 million RMB, and 373 million RMB, respectively, indicating growth rates of 21.92%, 16.10%, and 12.92% [9]. - The company’s diluted earnings per share for 2025 is estimated at 0.711 RMB, increasing to 0.932 RMB by 2027 [9].

Performance Summary - In 2024, the company achieved revenue of 2.651 billion, a year-on-year increase of 11.91%, and a net profit attributable to shareholders of 233 million, a year-on-year decrease of 22.52% [1] - For Q1 2025, the company reported revenue of 669 million, a year-on-year increase of 7.18%, and a net profit attributable to shareholders of 58 million, a year-on-year decrease of 4.19% [1] Operational Analysis - In Q4 2024, all product categories saw a sequential acceleration due to improved downstream restaurant demand, with revenues for recovery, light cooking, and beverage distribution at 342 million, 320 million, and 37 million respectively, showing year-on-year increases of 19.2%, 14.0%, and 15.5% [2] - The company expanded its offline channels and increased new product launches, resulting in a net increase of 44 distributors throughout 2024 [2] Margin and Cost Analysis - The overall gross margin declined in 2024 due to intensified competition in the restaurant market, with Q4 2024 and Q1 2025 gross margins at 35.52% and 32.61%, respectively, showing year-on-year increases of 4.57 percentage points and 0.57 percentage points [3] - The company improved cost control, with sales, management, and R&D expense ratios showing varied changes [3] - A significant decrease in government subsidies in Q1 2025, amounting to approximately 10.29 million, also impacted profit [4] Growth Outlook - The company is expected to see revenue recovery in 2025, driven by a dual approach focusing on both B2B and B2C segments, with anticipated net profits of 280 million, 330 million, and 370 million for 2025-2027, reflecting growth rates of 22%, 16%, and 13% respectively [4] - The company maintains a "buy" rating based on the expected improvement in profit margins due to new customer acquisition and product mix enhancement [4]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5]. Core Insights - The company reported a revenue of 2.651 billion yuan for 2024, an increase of 11.91% year-on-year, but a decline in net profit attributable to shareholders of 2.33 billion yuan, down 22.52% year-on-year [2]. - The first quarter of 2025 saw a revenue of 669 million yuan, up 7.18% year-on-year, with a net profit of 58 million yuan, down 4.19% year-on-year [2]. - The company is expected to see a recovery in revenue growth driven by improved downstream demand and product structure [5]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 2.651 billion yuan, with a net profit of 233 million yuan, reflecting a decline in profitability [9]. - The gross margin for Q4 2024 was 35.52%, showing a year-on-year increase of 4.57 percentage points, indicating a stabilization in margins due to an increase in customized product demand [4]. Product and Market Dynamics - The fourth quarter of 2024 saw a significant increase in revenue across all product lines, driven by improved demand in the restaurant sector [3]. - The company has been expanding its distribution channels, adding 44 new distributors in 2024, which is expected to enhance market reach [3]. Future Projections - The company anticipates a recovery in net profit, with projections of 280 million yuan for 2025, representing a growth rate of 22% [5]. - The expected net profit for 2026 and 2027 is 330 million yuan and 370 million yuan, respectively, with growth rates of 16% and 13% [5].

Core Viewpoint - The company reported its 2024 annual results and Q1 2025 results, showing a revenue increase but a decline in net profit, indicating a mixed performance in financial health and growth potential [1][2]. Financial Performance - In 2024, the company achieved a revenue of 2.651 billion, a year-on-year increase of 11.91%, while the net profit attributable to shareholders was 233 million, a decrease of 22.52%. The non-recurring net profit was 247 million, an increase of 8.99% [1]. - For Q1 2025, the company reported a revenue of 669 million, a year-on-year increase of 7.18%, with a net profit of 58 million, down 4.19%. The non-recurring net profit was also 58 million, up 9.89% [1]. Product Matrix and Market Expansion - The company continues to enrich its product matrix and expand consumption scenarios, with compound seasonings, light cooking solutions, and beverage dessert ingredients generating revenues of 1.296 billion, 1.130 billion, and 147 million respectively in 2024, showing year-on-year growth of 13.21%, 10.41%, and 3% [2]. - In Q1 2025, the revenues for these segments were 301 million, 302 million, and 47 million, with respective year-on-year changes of -1.03%, +12.81%, and +34.5% [2]. Channel and Customer Strategy - The company’s direct sales and non-direct sales achieved revenues of 2.138 billion and 435 million in 2024, reflecting year-on-year growth of 12.35% and 6.63% respectively. In Q1 2025, direct sales and non-direct sales revenues were 548 million and 102 million, with year-on-year increases of 7.96% and 2.71% [3]. Cost Structure and R&D Investment - The company reported a gross margin of 32.81% and a net margin of 8.8% for 2024, with a slight decrease in both margins compared to the previous year. The expense ratio was 19.32%, showing a minor increase [4]. - In Q1 2025, the gross margin was 32.61% and the net margin was 8.71%, with a decrease in net margin year-on-year. The expense ratio was 18.33%, indicating a reduction [4]. Innovation and Growth Strategy - The company focuses on R&D innovation to drive product iteration and market responsiveness, aiming to capture growth opportunities through a well-defined product matrix and channel strategy [5]. - The company anticipates revenue growth from 3 billion in 2025 to nearly 4 billion by 2027, with corresponding net profit growth, indicating a positive outlook for future performance [5].

Core Viewpoint - The annual report of Shanghai Baoli Food Technology Co., Ltd. for 2024 highlights the company's financial performance, including a net profit of RMB 233.24 million, and outlines its profit distribution plan, which proposes a cash dividend of RMB 2.50 per 10 shares [4][21]. Company Overview - Shanghai Baoli Food operates in the manufacturing sector, specifically in the food manufacturing industry, focusing on the production of condiments and fermented products [6]. - The company specializes in the research, development, production, and technical services of food seasonings, offering high-quality solutions to restaurants, food industry enterprises, and home consumers [12][13]. Industry Situation - The condiment industry plays a crucial role in the food sector, with a market size of RMB 479.3 billion in 2023, growing at a CAGR of 5.3% from 2018 to 2023 [8]. - The compound seasoning market in China has seen significant growth, with its size increasing from RMB 74.2 billion in 2018 to RMB 117.4 billion in 2023, reflecting a CAGR of 9.6% [9]. Financial Performance - For the reporting period, the company achieved operating revenue of RMB 2.65 billion, an increase of 11.91% year-on-year, while net profit decreased by 14.10% to RMB 267.36 million [21]. - The total assets of the company reached RMB 2.14 billion, marking a growth of 12.65% compared to the beginning of the year [21]. Profit Distribution Plan - The company plans to distribute a total cash dividend of RMB 100 million to shareholders, which represents 68.60% of the net profit attributable to shareholders for the year [4][33].