Gaishi Food(836826) 开源证券·2025-03-18 08:22Investment 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 - Revenue is projected to grow from 534 million yuan in 2024 to 664 million yuan in 2026, with corresponding net profits increasing from 41 million yuan to 53 million yuan [5][10] - The company's gross margin is expected to stabilize around 18.6% to 18.8% over the next few years, while the net margin is projected to improve from 7.6% in 2024 to 8.0% in 2026 [5][10] - Earnings per share (EPS) are forecasted to rise from 0.29 yuan in 2024 to 0.38 yuan in 2026, reflecting a positive growth trajectory [5][10]