Zhongjing Food(SZ:300908) Huaxin Securities·2025-03-28 01:23Investment Rating - The report maintains a "Buy" investment rating for the company [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 experiencing steady growth, with a focus on expanding the product matrix and enhancing e-commerce channels [1][3] - The company has increased its dividend payout ratio to approximately 83% in 2024, up from 58% in 2023 [2] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 1.098 billion yuan, a 10% increase year-on-year, and a net profit of 175 million yuan, also a 2% increase year-on-year [1] - The fourth quarter of 2024 saw a revenue of 259 million yuan, a slight decrease of 0.4% year-on-year, with net profit dropping by 19% due to rising raw material costs [1] Profitability and Costs - The gross margin increased by 0.1 percentage points to 41.73% in 2024, despite pressure from rising raw material prices [2] - The net profit margin decreased by 1 percentage point to 15.98% due to increased sales and management expenses [2] Product and Channel Development - Revenue from seasoning products reached 625 million yuan, a 12% increase year-on-year, with successful expansion in offline channels [3] - The direct sales channel generated 660 million yuan in revenue, a 17% increase, driven by enhanced partnerships with chain supermarkets and B-end custom sales [4] Future Outlook - The company is expected to maintain steady growth, with projected revenues of 1.208 billion yuan in 2025, reflecting a growth rate of 10% [11] - Earnings per share (EPS) are forecasted to be 1.29 yuan in 2025, with a corresponding price-to-earnings (P/E) ratio of 22 times [9][11]