YouYou Foods(603697) 华龙证券·2025-03-26 02:35Investment Rating - The investment rating for the company is "Accumulate" [2][9] Core Views - The company has shown a significant improvement in revenue growth and profitability, with a 22.37% year-on-year increase in revenue for 2024, reaching 1.182 billion yuan, and a 35.44% increase in net profit, amounting to 157 million yuan [3][5][9] - The company's core product, "Spicy Chicken Feet," accounts for over 60% of sales, indicating strong brand recognition in the market [5][9] - The company is focusing on product innovation and channel expansion to drive growth, launching six new products to cater to market demands [5][9] Revenue and Profitability - In 2024, the company achieved a revenue of 1.182 billion yuan, a significant recovery from a decline of 5.68% in 2023 [3][5] - The gross margin for 2024 was 28.97%, slightly down by 0.40 percentage points, while the net margin improved to 13.31%, up by 1.28 percentage points [5][9] - The company’s sales expense ratio and management expense ratio decreased, indicating improved cost management [5][9] Product and Channel Performance - Revenue from online channels grew by 204.33% to 68 million yuan, while offline channels generated 1.104 billion yuan, up 17.70% [5][9] - The company’s revenue by product category includes 785 million yuan from Spicy Chicken Feet, 93 million yuan from Crystal Skin products, and 48 million yuan from Chicken Wings, among others [5][9] Financial Forecast - The company is projected to achieve revenues of 1.443 billion yuan in 2025, 1.721 billion yuan in 2026, and 2.001 billion yuan in 2027, with respective growth rates of 22.05%, 19.25%, and 16.30% [7][9] - The forecasted net profit for 2025 is 194 million yuan, with a growth rate of 23.48% [7][9] - The price-to-earnings ratio (P/E) is expected to decrease from 26.7 in 2024 to 21.6 in 2025, indicating a favorable valuation trend [7][9]