Hengshun Vinegar(600305) 招商证券·2025-04-23 15:06Investment Rating - The report maintains an "Accumulate" rating for the company [2][6] Core Views - The company's revenue in Q4 increased by 41.9% year-on-year, and the net profit attributable to shareholders turned from loss to profit, indicating a recovery in the vinegar main business [5][6] - The new chairman emphasizes the development of the vinegar main business, aiming to enhance growth capabilities and boost internal morale [6] - The company is expected to improve its performance in 2025, driven by ongoing reforms and a focus on core business growth [6] Financial Performance Summary - For the fiscal year 2024, the company achieved total revenue of 2.196 billion yuan, a year-on-year increase of 4.25%, and a net profit of 127 million yuan, up 46.5% year-on-year [5][7] - In Q4, the company reported revenue of 665 million yuan, a 41.9% increase year-on-year, primarily due to a rebound in vinegar sales [5][6] - The gross margin for 2024 was 34.7%, an increase of 1.7 percentage points year-on-year, attributed to cost reductions and efficiency improvements in the supply chain [5][7] Business Segment Analysis - The vinegar segment's revenue for 2024 was 1.266 billion yuan, a decrease of 2.2% year-on-year, with a Q4 revenue increase of 9.4% [5][6] - The overall trend in the seasoning business showed an increase in volume but a decrease in price, primarily due to last year's subdued demand [5][6] - The company plans to focus on enhancing brand influence and expanding product offerings, particularly in the vinegar and health product categories [6] Future Outlook - The company aims to continue its reform efforts and improve internal morale, with expectations for better overall performance in 2025 and beyond [6][7] - EPS estimates for 2025 and 2026 are projected at 0.17 yuan and 0.19 yuan, respectively, indicating a positive growth trajectory [6][7]