日辰股份(603755)：餐饮业务景气延续 并购完善渠道能力

Core Viewpoint - The company experienced a revenue increase in Q4 2024 but faced a significant decline in net profit due to rising expenses, while Q1 2025 showed recovery in both revenue and net profit, driven by strong performance in the restaurant channel and improved gross margins [1][7]. Financial Performance - In Q4 2024, the company reported revenue of 1.07 billion, a year-on-year increase of 14.90%, while net profit was 942.32 million, down 36.49% due to increased expenses [2][4]. - For the full year 2024, the company achieved revenue of 4.05 billion, up 12.59%, and net profit of 6385.77 million, up 13.16% [2]. - In Q1 2025, revenue reached 1.01 billion, a 10.5% year-on-year increase, and net profit was 1766 million, up 36.86% [5][7]. Business Segments - The company’s restaurant business generated 2.0 billion in 2024, a 22.2% increase, with Q4 showing a 17.3% growth, primarily due to deepening partnerships with major clients [3]. - The brand customization segment saw revenue of 523.3 million in 2024, up 15.1%, with Q4 growth of 26.5% attributed to increased orders from clients like Sam's [3]. - The distributor channel continued to decline, with a 34.9% drop in revenue for 2024, reflecting a strategic shift towards direct channels [3]. Profitability Metrics - The company maintained a gross margin of 38.70% for 2024, slightly down from the previous year, while Q4 gross margin improved to 39.28% due to lower raw material costs [4]. - The net profit margin for 2024 was 15.78%, a slight increase, but Q4 saw a decline to 8.77% due to higher sales and management expenses [4]. Future Outlook - The company anticipates continued growth in the restaurant channel in 2025, supported by ongoing collaborations with major clients and the acquisition of Jiaxing Aibeibang Food Co., which is expected to enhance revenue and product capabilities [6][7]. - The focus remains on B2B client expansion, with expectations for improved profitability driven by cost stability and optimized expenses [6][7].