Fuling Zhacai(002507) 华鑫证券·2025-02-28 10:27Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company's performance is under pressure, with a projected revenue of 2.408 billion yuan in 2024, a decrease of 2% year-on-year, and a net profit of 824 million yuan, down 0.3% year-on-year. However, the non-recurring net profit is expected to increase by 0.1% to 757 million yuan [5] - The company has completed organizational restructuring and is focusing on optimizing product and channel collaboration, which is expected to drive growth in the restaurant channel [6] - The company is actively addressing previous marketing and product strategy issues, leading to continuous improvement in performance, with a forecasted EPS of 0.71, 0.79, and 0.85 yuan for 2024, 2025, and 2026 respectively [7] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 2.408 billion yuan, a decrease of 1.7% from 2023, and a net profit of 824 million yuan, a decrease of 0.3% [11] - The company expects a revenue increase of 5.3% in 2025 and 6.1% in 2026, with net profit projections of 907 million yuan and 976 million yuan respectively [11] Profitability Metrics - The gross margin is expected to remain high at 52.6% in 2024, increasing to 54.5% by 2026 [12] - The net profit margin is projected to improve from 33.7% in 2023 to 36.3% in 2026 [12] Organizational Changes - The company has implemented a flat organizational structure and optimized its compensation system, which is expected to enhance collaboration and efficiency [6] - The company is focusing on product optimization and new product launches, with specific support for channel policies [6] Market Outlook - The company anticipates that the restaurant channel will continue to grow significantly, supported by the adaptability of its products [6] - The company has sufficient low-cost raw material inventory to support operations through Q2 2025, with additional storage capacity being developed [6]