Gaishi Food(836826) 开源证券·2024-10-08 14:00Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company, Gais Food, targets the C-end market for pre-made seafood dishes and is expanding its production capacity for mushrooms and vegetables through new factories. The company has achieved a total revenue CAGR of 21% over the past five years and is expected to see significant profit growth due to increased production capacity and a shift in sales structure [1][2]. Company Overview - Gais Food operates two factories in Dalian and Huai'an, with an annual production capacity of 30,000 tons. The company has a strong export presence, serving over 60 countries, primarily in Asia and Europe. The revenue from algae products constitutes the largest share of its income, with a market share of 36.19% for its flagship product, kelp salad, in 2021 [1][3]. - The company is expected to achieve net profits of 40 million, 45 million, and 53 million yuan from 2024 to 2026, with corresponding EPS of 0.29, 0.32, and 0.38 yuan per share, leading to PE ratios of 28.5, 25.3, and 21.7 times, respectively [1][4]. Industry Overview - The pre-made food market in China is projected to grow from 210 billion yuan in 2021 to approximately 600 billion yuan by 2025, with over 85% of sales currently concentrated in the B-end market. The industry is characterized by intense competition and a fragmented market structure [2][3]. Highlights - Gais Food has established stable partnerships with major clients such as Haidilao and Anjijia, and its fundraising projects are progressing smoothly. The company is expanding its market reach in southern, eastern, and central China through its new Huai'an factory, which will reduce transportation costs and improve service efficiency [3][4]. - The company has launched several new products, including innovative pre-made dishes that have gained recognition in the market, contributing to its revenue growth [3][4].