Sichuan Teway Food (603317) 新浪财经·2025-03-30 12:30Core Viewpoint - The company reported a strong financial performance for 2024, with significant year-on-year growth in both revenue and net profit, indicating robust operational efficiency and market demand [1][2]. Financial Performance - Total revenue for 2024 reached 3.476 billion yuan, a year-on-year increase of 10.4% - Net profit attributable to shareholders was 625 million yuan, up 36.8% - In Q4 alone, revenue was 1.112 billion yuan, reflecting a 21.6% year-on-year growth, while net profit for the quarter was 192 million yuan, increasing by 41.0% [1]. Profit Distribution - The company announced a profit distribution plan, proposing a cash dividend of 0.55 yuan per share (before tax), resulting in a distribution rate of 93.6% [2]. Product Performance - Revenue from the Chinese cuisine seasoning business grew by 16.6% year-on-year, driven by product upgrades and strong performance from food extract products - Hot pot seasoning revenue increased by 3.5% year-on-year, with Q4 showing a 25.2% increase - Revenue from sausage and cured meat seasonings saw a year-on-year increase of 11.0% for the year, but a decline of 3.4% in Q4 [2]. Channel Performance - The food extract segment continued its high growth trajectory, with a 40.8% year-on-year increase in 2024 and a 34% increase in January-February 2025 - Offline revenue grew by 4.4% year-on-year, while online revenue surged by 51.7% - In Q4, online revenue increased by 26.5% to 203 million yuan, while offline revenue rose by 19.4% to 907 million yuan [3]. Regional Performance - The southern region showed rapid revenue growth, with a year-on-year increase of 18.2% for 2024 and 41.9% for Q4 - Other regions experienced varied growth, with the western region at 16.5%, eastern at 7.1%, central at 6.2%, and northern region declining by 2.3% for the year [3]. Profitability and Cost Management - Gross margin improved, with 2024 and Q4 margins at 39.8% and 40.8%, respectively, benefiting from lower raw material costs and product structure optimization - Sales expense ratio decreased by 2.39 percentage points for the year, attributed to cost control measures [4]. Tax Impact - The effective tax rate negatively impacted profitability, with net profit margins for 2024 and Q4 at 18.0% and 17.3%, respectively [5]. Strategic Acquisitions - The company completed the acquisition of a 63.84% stake in a brand focused on young consumers, enhancing its online channel network and product offerings [5]. Earnings Forecast - The company projects EPS of 0.67, 0.76, and 0.87 yuan per share for 2025-2027, with a target PE ratio of 20-25 times for 2025, suggesting a reasonable valuation range of 13.31-16.64 yuan [5].