Sichuan Teway Food (603317) Huaxin Securities·2025-03-30 14:23Investment Rating - The report maintains a "Buy" investment rating for the company [8] Core Insights - The company achieved a revenue of 3.476 billion yuan in 2024, representing a 10% year-on-year increase, and a net profit of 625 million yuan, which is a 37% increase compared to the previous year [1] - The company is focusing on optimizing its product structure and controlling costs, leading to a gross margin increase of 1 percentage point to 40.84% in Q4 2024 [2] - The company is leveraging its brand in hot pot products and continuously developing its product categories, with hot pot seasoning revenue reaching 471 million yuan in Q4 2024, a 25% increase year-on-year [3] - The company is enhancing its market presence through team configurations and acquisitions, with offline channel revenue growing by 19% to 907 million yuan in Q4 2024 [4] Financial Performance - The company forecasts EPS of 0.67, 0.75, and 0.83 yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 21, 19, and 17 times [8] - The projected revenue for 2025 is 3.943 billion yuan, reflecting a growth rate of 13.4% [10] - The company expects a net profit of 710 million yuan in 2025, indicating a growth rate of 13.7% [10]