宝立食品(603170)：聚焦产品创新 依托强研发创新能力从B端向C端拓展 扩展多元渠道

Group 1 - The company is expanding its product matrix and consumer scenarios, with nearly 2,600 products sold in 2024, and 60% of these developed in the last three years, covering various categories such as staple foods, snacks, beverages, and desserts [1] - The company has maintained its leading position in the instant pasta category for four consecutive years, achieving the top retail sales in this category nationwide [1] - The company is actively exploring new channels, including membership systems and large chain supermarkets, to capture growth opportunities and enhance collaboration with core customers [2] Group 2 - The company is expected to achieve revenue of 3 billion, 3.449 billion, and 3.998 billion yuan in 2025-2027, with year-on-year growth rates of 13.17%, 14.95%, and 15.91% respectively [2] - The projected net profit attributable to the parent company for 2025-2027 is 285 million, 342 million, and 421 million yuan, with growth rates of 22.12%, 20.17%, and 23.13% respectively [2] - The company maintains a strong recommendation rating with projected PE ratios of 19.32, 16.08, and 13.06 for the years 2025-2027 [2]