QIANHE(SH:603027) Soochow Securities·2025-04-16 10:23Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company's revenue is under pressure due to strategic adjustments, but cost advantages are enhancing profitability [1][8] - The company reported a revenue of 3.07 billion yuan in 2024, a year-on-year decrease of 4.2%, and a net profit of 514.15 million yuan, down 3.1% year-on-year [8] - The company is experiencing a decline in major product categories due to proactive adjustments and public opinion events, with soy sauce and vinegar revenues declining significantly [8] - The company is focusing on shareholder returns, achieving a dividend payout ratio of 99% in 2024, and addressing public concerns regarding product safety [8] Financial Summary - The company forecasts total revenue of 3.24 billion yuan for 2025, with a projected growth of 5.38% [1][9] - The net profit for 2025 is expected to be 586.22 million yuan, reflecting a year-on-year increase of 14.02% [1][9] - The company's gross margin is projected to improve, with a gross margin of 38.68% in 2025 [9] - The company has a total market capitalization of approximately 12.1 billion yuan and a price-to-earnings ratio of 23.53 for 2024 [5][9]