Sichuan Teway Food (SH:603317) Haitong Securities·2025-03-30 11:46Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2]. Core Views - The report highlights that the company's revenue growth has recovered to double digits, with profits exceeding expectations [7]. - The company achieved a total revenue of 3.476 billion yuan in 2024, representing a year-on-year increase of 10.4%, and a net profit of 625 million yuan, up 36.8% year-on-year [7]. - The report emphasizes strong performance in Q4, with revenue reaching 1.112 billion yuan, a 21.6% increase year-on-year, and a net profit of 192 million yuan, up 41.0% year-on-year [7]. Financial Data and Forecast - Revenue projections for the company are as follows: 3.476 billion yuan in 2024, 4.002 billion yuan in 2025, 4.473 billion yuan in 2026, and 4.980 billion yuan in 2027, with year-on-year growth rates of 10.4%, 15.1%, 11.8%, and 11.3% respectively [6]. - Net profit forecasts are 625 million yuan for 2024, 709 million yuan for 2025, 811 million yuan for 2026, and 932 million yuan for 2027, with year-on-year growth rates of 36.8%, 13.5%, 14.5%, and 14.8% respectively [6]. - The report indicates an increase in gross margin to 39.8% in 2024 and 40.1% in 2025, reflecting a positive trend in profitability [6]. Product Performance - The report notes that the revenue from the Chinese cuisine seasoning business grew by 16.6% year-on-year in 2024, driven by product upgrades and strong performance in food extract products [7]. - The hot pot seasoning revenue increased by 3.5% year-on-year, with Q4 showing a significant increase of 25.3% [7]. - The food extract segment continued to show high growth, with a 40.8% year-on-year increase in 2024 [7]. Channel and Regional Performance - Offline and online revenue growth for 2024 was 4.4% and 51.7% year-on-year respectively, with Q4 online revenue increasing by 26.5% [7]. - The southern region showed rapid revenue growth, with a year-on-year increase of 18.2% in 2024 [7]. Strategic Developments - The company completed the acquisition of a 63.84% stake in a brand to enhance its online channel network and product matrix [7]. - The acquired brand focuses on younger consumers and has successfully entered various online platforms, achieving significant sales milestones [7].