YKA(300999) 华鑫证券·2025-03-25 09:39Investment Rating - The report maintains a "Buy" investment rating for the company [1][8] 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 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][8] - The company's main product sales have increased, with ample incremental channel space. In 2024, the revenue from kitchen foods was 145.42 billion yuan, a decrease of 2% year-on-year, with sales volume at 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][8] - The company is expected to recover further as market demand improves and 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 [8][10] 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 at 1.07 billion yuan, up 49% year-on-year. The non-recurring net profit was 0.73 billion yuan, up 78% year-on-year, mainly due to improved performance in the flour business and enhanced product profitability from the feed raw materials and oil technology industry chain [5][6] Revenue and Profit Forecast - The company is projected to achieve operating revenues of 256.33 billion yuan in 2025, 276.85 billion yuan in 2026, and 302.89 billion yuan in 2027, with growth rates of 7.3%, 8.0%, and 9.4%, respectively. The net profit attributable to shareholders is expected to be 2.81 billion yuan in 2025, 3.50 billion yuan in 2026, and 4.53 billion yuan in 2027, with growth rates of 12.4%, 24.6%, and 29.4%, respectively [10][11]