有友食品：拥抱新渠道，老树焕新颜

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is positioned as a leading brand in the leisure food sector, particularly in the spicy chicken feet market, and is entering a new growth phase by embracing new sales channels and product innovations [8][16]. - The company has experienced a significant revenue rebound in 2024, with a projected growth trajectory supported by new product launches and channel expansions [22][70]. - The report anticipates that the company will successfully transition from a revenue scale of 1 billion to 2 billion yuan, leveraging its established market presence and operational capabilities [8][70]. Summary by Sections 1. Company Overview and Market Position - The company has evolved through four stages: startup (1987-2005), expansion (2006-2019), exploration (2020-2023), and renewal (2024-present), with a focus on product innovation and channel diversification [8][16][17]. - The core product, spicy chicken feet, peaked at nearly 1 billion yuan in revenue in 2021, representing over 70% of total sales, but has faced challenges due to product aging and market concentration [8][32]. 2. Market Dynamics - The leisure food market, particularly the spicy chicken feet segment, has shown steady growth, with the market size reaching approximately 20 billion yuan, despite some fluctuations due to external factors like the avian flu [55][60]. - The industry remains fragmented, with the leading company holding only about 10% market share, indicating significant room for growth and consolidation [60][62]. 3. Product and Channel Strategy - The company has successfully launched new products, such as the deboned duck feet, which have gained popularity in membership-based supermarkets, contributing to a notable increase in sales [70][72]. - The company is actively expanding its online presence, particularly on platforms like Douyin and Xiaohongshu, to enhance brand visibility and drive sales growth [74][75]. 4. Financial Projections - Revenue forecasts for 2024-2026 are set at 1.2 billion, 1.6 billion, and 1.84 billion yuan, with corresponding growth rates of 25%, 33%, and 15% [1][8]. - The projected net profit for the same period is expected to be 150 million, 190 million, and 240 million yuan, with growth rates of 26%, 33%, and 25% [1][8].