Sichuan Teway Food (603317) 新浪财经·2025-03-30 12:30Core Insights - The company reported a revenue of 3.476 billion yuan for 2024, representing a year-on-year increase of 10.41%, and a net profit attributable to shareholders of 625 million yuan, up 36.77% year-on-year [1] - The company achieved a revenue of 1.112 billion yuan in Q4 2024, reflecting a year-on-year growth of 21.57%, with a net profit of 192 million yuan, an increase of 41.03% year-on-year [1] - The company plans to maintain a revenue and net profit growth target of no less than 15% for the upcoming year, demonstrating strong operational confidence [3] Revenue and Profitability - The company’s gross margin for 2024 was 39.78%, an increase of 1.9 percentage points year-on-year, with Q4 gross margin at 40.84%, up 0.54 percentage points year-on-year [2] - The total expense ratio decreased by 3.13 percentage points year-on-year, with sales, management, R&D, and financial expense ratios showing respective changes of -2.39, -0.96, +0.02, and +0.2 percentage points [2] - The net profit margin for the year reached 18.55%, an increase of 3.77 percentage points year-on-year, driven by significant improvements in gross sales difference [2] Strategic Developments - The company completed the acquisition of a 63.84% stake in a peer company, enhancing its growth momentum and optimizing its product structure [3] - The acquisition is expected to strengthen the company's omnichannel strategy and improve its product offerings, particularly in Western, Japanese, and Korean seasonings [3] - The total dividend for 2024 reached 610 million yuan, with a high payout ratio of 97.62%, reflecting the company's commitment to shareholder returns [3] Future Outlook - The company has revised its profit forecasts for 2025-2026, projecting net profits of 722 million yuan, 811 million yuan, and 907 million yuan for 2025, 2026, and 2027 respectively, indicating year-on-year growth of 16%, 12%, and 12% [3]