华鑫证券：给予日辰股份买入评级

Core Viewpoint - 日辰股份 shows improvement in profitability margins and successful client development, leading to a "buy" rating from Huaxin Securities [1] Financial Performance - In 2024, total revenue reached 405 million yuan, a 13% increase year-on-year, with net profit attributable to shareholders at 64 million yuan, also up 13%. The first quarter of 2025 saw revenue of 101 million yuan, a 10% increase, and net profit of 18 million yuan, a 37% increase [2] - The fourth quarter of 2024 reported total revenue of 107 million yuan, a 15% increase, but net profit decreased by 36% to 9 million yuan [2] Profitability Metrics - Gross margin improved slightly in 2025 Q1 to 39.21%, up 1 percentage point year-on-year, while the net profit margin increased to 17.42%, up 3 percentage points [3] - The company achieved a reduction in sales expense ratio by 3 percentage points in 2025 Q1, indicating effective cost management [3] Client Development and Product Performance - Revenue from sauce products in 2024 was 319 million yuan, a 19% increase, while powdered products saw a 6% decline [4] - The company is expanding its client base and product offerings, with significant growth in the Sam's Club channel and a projected increase in operational efficiency from automation in the new factory [4] Earnings Forecast - The company is expected to see earnings per share (EPS) of 0.81, 0.98, and 1.16 yuan for 2025, 2026, and 2027 respectively, with current stock prices reflecting price-to-earnings (PE) ratios of 33, 27, and 23 times [5]