QIANHE(SH:603027) Minsheng Securities·2025-04-17 07:55Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company experienced a revenue decline of 4.2% year-on-year in 2024, with total revenue reaching 3.07 billion yuan. The net profit attributable to shareholders was 510 million yuan, down 3.1% year-on-year [1][4]. - The company is undergoing internal adjustments, which have led to short-term revenue pressure. The soy sauce segment saw a revenue of 1.96 billion yuan in 2024, down 3.8% year-on-year, while vinegar revenue dropped 12.5% to 370 million yuan [2][4]. - Cost optimization has improved profitability, with gross margins increasing to 37.2% in 2024 and 38.9% in Q1 2025, attributed to lower raw material prices [3][4]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 3.07 billion yuan, a decrease of 4.2% year-on-year. The net profit attributable to shareholders was 514 million yuan, down 3.1% year-on-year. For Q1 2025, revenue was 830 million yuan, a decline of 7.2% year-on-year [1][5]. - The company’s gross margin improved to 37.2% in 2024 and 38.9% in Q1 2025, reflecting cost reductions in raw materials [3][4]. Revenue Breakdown - The soy sauce segment generated 1.96 billion yuan in 2024, with a volume increase of 1.3% but a price decrease of 5.0%. The vinegar segment's revenue fell to 370 million yuan, with both volume and price declines [2][4]. Future Outlook - The company expects revenue growth from 2025 to 2027, with projected revenues of 3.18 billion yuan, 3.39 billion yuan, and 3.66 billion yuan, representing year-on-year growth rates of 3.6%, 6.6%, and 7.8% respectively [4][5]. - Net profit is projected to increase to 553 million yuan, 592 million yuan, and 638 million yuan over the same period, with growth rates of 7.6%, 7.1%, and 7.7% respectively [4][5].