Hengshun Vinegar(SH:600305) Xin Lang Cai Jing·2025-04-29 02:35Core Viewpoint - The company reported a total operating revenue of 2.196 billion yuan for 2024, reflecting a year-on-year increase of 4.25%, and a net profit attributable to shareholders of 127 million yuan, up 46.54% year-on-year [1] Revenue Analysis - The revenue from the vinegar series was 1.266 billion yuan, down 2.20% year-on-year, but up 9.45% in Q4 year-on-year [2] - The revenue from the wine series was 329 million yuan, up 0.47% year-on-year, but down 5.91% in Q4 year-on-year [2] - The revenue from the sauce series was 180 million yuan, down 8.07% year-on-year, with a slight decline of 1.08% in Q4 year-on-year [2] - Revenue from East China was 1.053 billion yuan, down 1.89% year-on-year, while South China, Central China, and Western regions saw increases of 5.36%, 5.08%, and 6.50% respectively [2] - The company achieved a total revenue of 1.941 billion yuan through the distribution model, up 0.49% year-on-year, and 104 million yuan through direct sales, up 3.07% year-on-year [2] - Online sales reached 274 million yuan, up 3.65% year-on-year, accounting for 13.11% of total revenue [2] Profitability and Cost Management - The overall gross margin for 2024 was 34.7%, an increase of 1.74 percentage points year-on-year [4] - The gross margin for the vinegar series was 45.31%, up 2.21 percentage points year-on-year, while the wine series gross margin was 31.10%, up 5.47 percentage points [4] - The net profit margin attributable to shareholders increased to 5.80%, up 1.67 percentage points year-on-year, and the net profit margin after deducting non-recurring items rose to 5.17%, up 1.54 percentage points [4] Strategic Initiatives - The company is actively adapting to channel changes by expanding into B-end catering and community store channels [3] - Continuous deepening of state-owned enterprise reforms and the implementation of employee stock ownership plans have effectively motivated employees, particularly in the marketing team [5] - New production capacity from projects such as the 100,000-ton yellow wine and seasoning production facilities has been put into operation, providing a solid foundation for future growth [5] - The company plans to focus on the three core product lines of vinegar, wine, and sauce, while launching cost-effective new products and expanding into new retail formats [5] - Expected EPS for 2025 and 2026 are projected to be 0.13 billion yuan and 0.16 billion yuan, with corresponding PE ratios of 62 and 49 [5]