Zhongjing Food(SZ:300908) Zhongyuan Securities·2025-04-18 10:23Investment Rating - The report maintains a "Cautious Accumulate" rating for the company [6][9][13] Core Views - The company achieved a revenue of 1.098 billion yuan in 2024, reflecting a year-on-year growth of 10.40%, although this is a decrease of 2.37 percentage points compared to the previous year [8] - Revenue growth in the first two quarters was robust at 22.78% and 11.51%, but it weakened significantly in the third and fourth quarters, with growth rates of 9.57% and -0.36% respectively [8] - The main drivers of revenue growth were the seasoning products and seasoning ingredients, which generated revenues of 625 million yuan and 462 million yuan, growing by 12.12% and 6.60% year-on-year [8] - Direct sales have increased significantly, with direct sales revenue reaching 660 million yuan, a year-on-year increase of 16.75%, and accounting for 60.67% of total revenue [8] - The core markets for the company are Central and Eastern China, contributing nearly 70% of total revenue, with respective contributions of 39.74% and 27.98% [8] Financial Performance Summary - The company's gross profit margin for the main business was 41.39%, a slight decrease of 0.04 percentage points year-on-year, primarily due to a decline in the gross margin of seasoning products [9] - The forecasted earnings per share for 2025, 2026, and 2027 are 1.28 yuan, 1.43 yuan, and 1.55 yuan, respectively, with corresponding price-to-earnings ratios of 25.28, 22.65, and 20.86 based on the closing price of 32.33 yuan on April 17 [9][10]