KE MING FOOD(002661) 华鑫证券·2025-01-07 23:49Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [2][6]. Core Insights - The company demonstrates confidence in its future development through a share buyback plan, intending to repurchase shares worth 100-200 million yuan at a price not exceeding 11.50 yuan per share, which reflects a commitment to enhancing shareholder value [4]. - The company is focusing on brand cultivation and optimizing channel expense investment models, aiming to develop high-end products and enhance marketing efforts to increase repurchase rates [5]. - Earnings per share (EPS) forecasts for 2024-2026 are projected at 0.48, 0.49, and 0.55 yuan respectively, with corresponding price-to-earnings (PE) ratios of 20, 20, and 18 times [6]. Financial Performance Summary - The company's main revenue for 2023 is reported at 5,184 million yuan, with a projected decline to 4,671 million yuan in 2024, followed by a slight recovery in subsequent years [8]. - The net profit attributable to shareholders is expected to turn positive in 2024, reaching 165 million yuan, and further increasing to 190 million yuan by 2026 [8]. - The company's return on equity (ROE) is forecasted to improve from -2.4% in 2023 to 6.3% in 2026, indicating a recovery in profitability [8].