Zhongjing Food(SZ:300908) Huaxin Securities·2025-03-28 01:04Investment Rating - The report maintains a "Buy" investment rating for Zhongjing Food [1][9] Core Views - The company achieved a revenue of 1.098 billion yuan in 2024, representing a 10% year-on-year increase, with a net profit of 175 million yuan, up 2% year-on-year [1] - The main product lines are showing steady growth, with a focus on expanding the product matrix and enhancing e-commerce channels [1][3] Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 41.73%, a slight increase of 0.1 percentage points year-on-year, despite rising raw material costs impacting profitability [2] - The net profit margin decreased by 1 percentage point to 15.98% due to increased sales and management expenses [2] Product Growth - Revenue from seasoning products reached 625 million yuan, a 12% increase year-on-year, with successful distribution of Shanghai scallion oil in offline channels [3] - The company is continuously launching new products across retail, catering, and sauce categories to enhance its product matrix [3] Channel Development - Revenue from direct sales channels grew by 17% to 660 million yuan, driven by deeper partnerships with chain supermarkets and expansion into B-end custom and home delivery sales [4] - E-commerce channels generated 245 million yuan in revenue, reflecting a 30% year-on-year increase, with ongoing efforts to improve the efficiency of online channel investments [4] Earnings Forecast - The company is expected to maintain steady growth, with projected revenues of 1.208 billion yuan in 2025, 1.357 billion yuan in 2026, and 1.546 billion yuan in 2027, reflecting growth rates of 10%, 12.3%, and 13.9% respectively [11] - The diluted earnings per share (EPS) are forecasted to be 1.29 yuan in 2025, 1.51 yuan in 2026, and 1.76 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 22, 19, and 16 times [9][11]