YKA(300999) 华鑫证券·2025-03-25 10:00Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Views - The company has shown improvement in operating margins, with a continuous optimization of gross profit margins. In 2024, total operating revenue was 238.87 billion yuan, a decrease of 5% year-on-year, primarily due to the impact of falling product prices outweighing sales growth. The net profit attributable to shareholders was 2.50 billion yuan, down 12% year-on-year, while the non-recurring net profit was 0.97 billion yuan, down 26% year-on-year [5] - The company is experiencing an increase in sales volume for its main products, with ample incremental channel space. In 2024, revenue from kitchen foods was 145.42 billion yuan, a decrease of 2% year-on-year, with sales volume of 24.07 million tons, an increase of 4% year-on-year. The company is focusing on high-end product development and expanding into the health sector to diversify its business [6] - The company is expected to recover further as raw material and end-product prices stabilize. The forecasted EPS for 2025-2027 is 0.52, 0.65, and 0.84 yuan, respectively, with corresponding PE ratios of 62, 50, and 38 times [9] Summary by Sections Financial Performance - In Q4 2024, total operating revenue was 63.41 billion yuan, an increase of 1% year-on-year, with net profit attributable to shareholders of 1.07 billion yuan, up 49% year-on-year. The improvement was mainly due to better performance in the flour business and enhanced product profitability from the feed raw materials and oil technology industry chain [5] Sales and Market Expansion - The company is actively expanding its wholesale distribution channels and has established a dedicated team to tap into lower-tier markets. Additionally, rice oil products are being gradually introduced into overseas markets such as the US, Canada, and Japan, which is expected to contribute to performance growth [6] Profitability Forecast - The company is projected to see steady sales volume growth despite short-term revenue pressure from raw material cost fluctuations. The anticipated revenue growth rates for 2025-2027 are 7.3%, 8.0%, and 9.4%, respectively, with net profit growth rates of 12.4%, 24.6%, and 29.4% [11]