Gaishi Food(836826) 开源证券·2025-03-18 08:32Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company reported a revenue of 534 million yuan for 2024, representing a year-on-year growth of 9.02%, and a net profit attributable to the parent company of 40.86 million yuan, which is a 17.17% increase year-on-year [1][2] - The growth in revenue is primarily driven by the expansion of sales channels, new customer acquisition, and a significant increase in the sales of fish roe and seafood delicacies [2] - The company has two main production bases, with the new factory in Huai'an ramping up production to meet demand from the saturated Dalian factory [2] Financial Summary - The company’s financial performance shows a projected revenue increase from 490 million yuan in 2023 to 534 million yuan in 2024, with further growth expected to 603 million yuan in 2025 and 664 million yuan in 2026 [5][7] - The net profit attributable to the parent company is expected to rise from 35 million yuan in 2023 to 41 million yuan in 2024, reaching 45 million yuan in 2025 and 53 million yuan in 2026 [5][7] - The earnings per share (EPS) is projected to increase from 0.25 yuan in 2023 to 0.29 yuan in 2024, and further to 0.32 yuan in 2025 and 0.38 yuan in 2026 [5][7] Industry Insights - The company is focused on the development and sales of prepared cold dishes, which are expected to grow due to improvements in cold chain logistics and changing consumer habits [3] - The company has been proactive in product innovation, particularly in the cold dish sector, which has helped maintain its market competitiveness [3]