Sichuan Teway Food (603317) 光大证券·2025-03-31 03:43Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved a revenue of 3.476 billion yuan in 2024, a year-on-year increase of 10.4%, meeting the employee stock ownership plan's assessment target [4] - The net profit attributable to shareholders reached 625 million yuan, up 36.8% year-on-year, with a non-recurring net profit of 570 million yuan, increasing by 40% [4] - The company plans to distribute a cash dividend of 585 million yuan, resulting in a dividend payout ratio of 97.62% for 2024 [4] Revenue Performance - In Q4 2024, the company achieved a revenue of 1.111 billion yuan, a year-on-year increase of 21.6%, with a net profit of 190 million yuan, up 41% [4] - The hot pot seasoning revenue for 2024 was 1.265 billion yuan, with a year-on-year growth of 3.5%, while Q4 saw a significant increase of 25.3% [5] - Online channel revenue for 2024 reached 596 million yuan, a year-on-year increase of 51.7%, indicating strong performance in the online segment [5] Profitability and Cost Management - The company's gross margin improved to 39.8% in 2024, up 1.9 percentage points year-on-year, primarily due to a decrease in raw material costs [6] - The selling expense ratio decreased to 13.0% in 2024, down 2.4 percentage points year-on-year, attributed to reduced advertising and marketing expenses [6] - The net profit margin for 2024 was 18.0%, an increase of 3.5 percentage points year-on-year [6] Future Outlook - The company aims for a revenue and net profit growth of no less than 15% in 2025, with plans to expand its market presence and improve operational efficiency [7] - The company has introduced new products and is focusing on enhancing its B-end channel layout [7] - The report projects net profits for 2025 and 2026 to be 708 million yuan and 797 million yuan, respectively, with corresponding EPS of 0.66 yuan and 0.75 yuan [7]