Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 18.2 CNY [1][7]. Core Insights - The company reported a revenue of 2.651 billion CNY for 2024, reflecting a year-on-year growth of 11.91%. However, the net profit attributable to the parent company decreased by 22.52% to 233 million CNY. For Q1 2025, revenue was 669 million CNY, up 7.18% year-on-year, while net profit fell by 4.19% to 58 million CNY [1][3][7]. - The company is expected to continue its stable revenue growth, with a projected annual revenue increase of over 10% for 2025, driven by improvements in both B-end and C-end markets. The report highlights the potential for profit recovery in the coming quarters [7][8]. Financial Performance Summary - **2024 Financials**: Total revenue reached 2,651 million CNY, with a net profit of 233 million CNY. The gross margin was 32.8%, a slight decrease of 0.3 percentage points year-on-year. The company maintained stable expense ratios across sales, management, and R&D [3][8]. - **2025 Projections**: Expected revenue growth of 11.0% to 2,943 million CNY, with net profit projected to rise by 19.7% to 279 million CNY. The EPS is forecasted to be 0.70 CNY [3][7]. - **Long-term Outlook**: The company aims to transition from a restaurant supply chain to a food supply chain enterprise, which is anticipated to open new growth avenues in the future [7][8]. Revenue and Profit Trends - The company has shown resilience with a revenue growth of 12.6% in Q4 2024 and Q1 2025 combined. The breakdown indicates that revenue from the mixed seasoning segment grew by 13.2%, while the light cooking segment saw a growth of 10.4% [7][8]. - The report notes that the company’s net profit margin is expected to gradually improve throughout 2025, with a focus on enhancing operational efficiency and product innovation [7][8].

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].

Group 1 - The company approved the 2025 remuneration plan for directors and senior management, confirming the execution of the 2024 remuneration plan [2][5][42] - The company agreed to reappoint Tianjian Accounting Firm as the financial and internal control auditor for the year 2025, pending shareholder approval [6][8][44] - The company conducted a self-assessment report on the independence of independent directors, which was approved by the board [9][10] Group 2 - The company reported a net profit of RMB 233,235,938.80 for the year 2024, with a proposed cash dividend of RMB 2.50 per share, totaling RMB 100,002,500 [67][68][90] - The company plans to distribute a total of RMB 160,004,000 in cash dividends for the year 2024, which represents 68.60% of the net profit attributable to shareholders [67][90] - The company has established a mid-term dividend distribution plan for 2025, with a maximum distribution amount not exceeding 50% of the net profit for that period [70][71] Group 3 - The company reported a revenue of RMB 2.651 billion for 2024, reflecting a year-on-year growth of 11.91%, and a net profit growth of 8.99% [88][89] - The company emphasized its commitment to continuous and stable dividend policies, enhancing shareholder returns through increased cash dividend frequency [89][90] - The company has implemented a fundraising management system to ensure effective use and storage of raised funds, complying with regulatory requirements [80][81]

Company Overview - Baoli Food announced a 2024 annual distribution plan, proposing a cash dividend of 2.5 yuan per 10 shares (including tax), with a total cash payout of 100 million yuan, representing 42.88% of the net profit [2] - The company has distributed dividends four times since its listing, with the latest distribution yielding a dividend yield of 1.68% [2] Financial Performance - For the fiscal year 2024, Baoli Food reported a revenue of 2.651 billion yuan, reflecting a year-on-year growth of 11.91% [2] - The net profit for the same period was 233 million yuan, showing a decline of 22.52% compared to the previous year [2] - Basic earnings per share were reported at 0.58 yuan, with a weighted average return on equity of 17.07% [2] Industry Context - In the food and beverage sector, 69 companies have announced their 2024 distribution plans, with Kweichow Moutai leading with a cash payout of 34.671 billion yuan [3] - Other notable companies include Haitian Flavor Industry and Qingdao Beer, with cash distributions of 4.773 billion yuan and 3.001 billion yuan, respectively [3]

上海宝立食品科技股份有限公司 2024 年度独立董事述职报告（周虹） 2024 年度，作为上海宝立食品科技股份有限公司（以下简称"公司"）的 独立董事，本人周虹根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司独立董事管 理办法》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》《公司章 程》等有关规定，凭借丰富的会计专业知识和经验，充分发挥独立董事的作用， 恪尽职守、勤勉尽责，积极出席公司各次相关会议，在董事会日常工作及决策中 尽职尽责，为董事会的科学决策提供支撑，切实维护了公司和全体股东尤其是中 小股东的合法权益。现将 2024 年度履职情况报告如下： 报告期内，作为审计委员会主任委员，本人出席了 5 次审计委员会，审议通 过了公司定期报告、审计委员会年度履职情况报告、财务决算报告、内部控制评 价报告、续聘会计师事务所、募集资金投资项目调整、使用部分闲置自有资金进 行现金管理、关联交易、开展外汇衍生品交易业务等议案，并发表了意见和建议。 一、独立董事的基本情况 （一）基本履历 本人周虹，1962 年 11 月出生，中国国籍，无 ...