Core Viewpoint - The company, Qianwei Yangchu, has experienced a significant decline in net profit and revenue, marking a shift from previous high growth to substantial losses in 2024 [1][2]. Financial Performance - In 2024, the company reported a revenue of 1.868 billion yuan, a year-on-year decrease of 1.71%, with a first-quarter revenue increase of only 1.5% [1]. - The net profit attributable to shareholders plummeted by 37.67% in 2024, with a further decline of 37.98% in the first quarter [1]. - The stock price has been in a continuous decline since August 2023, currently at only 40% of its peak [1]. Business Segments - Traditional business lines have faced significant declines, with fried, baked, and steamed products experiencing growth rates of -11.87%, -4.28%, and 5.41% respectively in 2024, compared to over 20% growth in 2023 [2]. - The core revenue sources, such as staple food products, saw a decrease of 6.88%, while snack food revenue dropped by 13.79% [3]. - The frozen prepared dishes segment grew by 273.39%, but its revenue was only 142 million yuan, accounting for less than 8% of total revenue [3][5]. Cost Structure - The company increased sales and management expenses significantly, with sales expenses rising by 13.33% and management expenses by 12.56% in 2024 [3]. - The sales expense ratio increased by 0.72 percentage points to 5.4%, while the management expense ratio rose by 1.38 percentage points to 10.93% [3]. Market Dynamics - The competitive landscape in the frozen food sector is intensifying, with major players expanding capacity and smaller players adopting low-price strategies [5]. - The company has seen a rise in the number of major clients by 8.81% to 173, but sales from the top two clients decreased by 11% and 15% respectively, indicating growing dependency risks [2]. Future Outlook - The company has three ongoing projects, with a total designed capacity of 196,600 tons and an actual capacity of 123,800 tons, leading to a capacity utilization rate of only 63% due to declining sales [6]. - Fixed assets have increased by 65% to 1.045 billion yuan since 2022, while revenue has only grown by 25%, raising concerns about potential impairment risks if capacity cannot be utilized effectively [6].
千味央厨业绩变脸：传统油炸食品卖不动了？ 费用激增拉低净利润