Sichuan Teway Food (603317) Minsheng Securities·2025-03-29 09:23Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company achieved its revenue target of +10% for 2024, with a total revenue of 3.48 billion yuan, representing a year-on-year increase of 10.4%. The net profit attributable to shareholders reached 630 million yuan, up 36.8% year-on-year [1][2]. - In Q4 2024, the company reported a revenue of 1.11 billion yuan, a year-on-year increase of 21.6%, and a net profit of 190 million yuan, up 41.0% year-on-year [1][2]. - The company plans to achieve a revenue and profit growth of no less than 15% in 2025, focusing on new product launches and expanding into county-level markets [3][4]. Summary by Sections Financial Performance - In 2024, the company generated a total revenue of 3.48 billion yuan, with a net profit of 630 million yuan and a non-deducted net profit of 570 million yuan, reflecting increases of 36.8% and 40.0% respectively [1][2]. - Q4 2024 saw a significant improvement in profitability, with a gross margin of 40.8% and a net profit margin of 17.3%, both showing year-on-year increases [3]. Product and Channel Analysis - Revenue from hot pot base materials reached 1.26 billion yuan, with a year-on-year increase in volume of 7.9% but a price decrease of 4.1% due to policy adjustments [2]. - Online sales grew significantly by 51.7% year-on-year, contributing to a total of 600 million yuan in revenue, while offline sales increased by 4.4% [2]. Future Outlook - The company is expected to continue its growth trajectory, with projected revenues of 3.99 billion yuan in 2025, 4.40 billion yuan in 2026, and 4.83 billion yuan in 2027, representing year-on-year growth rates of 14.6%, 10.3%, and 9.9% respectively [4][5]. - The company aims to enhance its product offerings in the hot pot and fresh soup categories while expanding its market presence [3].