Sichuan Teway Food (603317) 开源证券·2025-03-30 14:15Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company achieved its 2024 targets smoothly, with significant improvement in profitability [1] - Revenue and net profit for 2024 were reported at 3.48 billion and 630 million yuan, respectively, representing year-on-year growth of 10.4% and 36.8% [4][6] - The company has adjusted its 2025 net profit forecast to 730 million yuan, up from a previous estimate of 700 million yuan, with projected net profits for 2026 and 2027 at 820 million and 930 million yuan, respectively [4][6] Financial Performance - The company's revenue for Q4 2024 was 1.11 billion yuan, with a net profit of 190 million yuan, showing year-on-year increases of 21.6% and 41.0% [4] - The gross margin and net margin for Q4 2024 improved to 39.8% and 18.6%, respectively, due to lower raw material costs and enhanced operational efficiency [6] - The company expects revenue and net profit growth rates of no less than 15% in 2025 [7] Revenue Breakdown - Revenue growth by product category for 2024 included hot pot base (3.5%), Chinese dishes (16.6%), sausages and cured meats (11.0%), and other seasonings (-2.1%) [5] - Q4 2024 revenue growth by product category was particularly strong for hot pot base (25.3%) and Chinese dishes (25.2%) [5] Market Position and Strategy - The company is strengthening its position in the consumer market and has made breakthroughs in e-commerce channels like Douyin and Xiaohongshu [7] - The company is also expanding its presence in small B channels, with ongoing team organization and assessment strategies [7]