CHACHA FOOD CO.,LTD(002557) 华鑫证券·2025-02-26 00:49Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Insights - The company achieved a revenue of 7.131 billion yuan in 2024, representing a 5% year-on-year increase, while the net profit attributable to shareholders was 852 million yuan, up 6% [5] - The company is experiencing pressure on profit margins due to high costs, particularly from rising raw material prices for sunflower seeds, although there is a slight downward trend in costs [5] - The company is expanding its overseas market presence, with an estimated revenue of around 600 million yuan from international operations in 2024, and expects growth in overseas markets to outpace domestic growth [6] Summary by Sections Revenue and Profitability - In Q4 2024, the company reported a revenue of 2.374 billion yuan, a 2% increase year-on-year, but a 24% decrease in net profit attributable to shareholders at 226 million yuan [5] - The company is adjusting its procurement strategy in response to market conditions to manage costs effectively [5] Product and Market Development - The company is focusing on new product categories such as nut milk, fresh-cut potato strips, and peanut products to explore growth opportunities [6] - The high-end sunflower seed product "Kuaizhen" is gaining market share, and the company is actively penetrating lower-tier markets [6] Earnings Forecast - The earnings per share (EPS) estimates for 2024-2026 have been adjusted to 1.68, 1.80, and 2.05 yuan respectively, with corresponding price-to-earnings (PE) ratios of 16, 15, and 13 times [7] - The company is expected to maintain a stable growth trajectory with a focus on both sunflower seeds and nuts, while optimizing its product mix [7]