宝立食品(603170)：需求逐步改善 增长势能修复

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]