东兴证券晨报-20250425

Core Insights - The report highlights the strong growth of the company, Salted Fish (002847.SZ), driven by its leading position in the konjac product segment, with a revenue increase of 28.89% year-on-year in 2024, reaching 5.304 billion yuan [2][18] - The company has focused on six core product categories, with significant growth in the spicy snacks and quail egg segments, indicating a successful brand strategy and market positioning [3][19] - The report anticipates continued high growth in the konjac and quail egg segments, with projected net profits for 2025-2027 expected to grow by 33%, 25%, and 16% respectively [7][22] Financial Performance - In 2024, the company achieved a net profit of 640 million yuan, a year-on-year increase of 26.53%, and a revenue of 15.37 billion yuan in Q1 2025, reflecting a 25.69% increase [2][18] - The gross margin for 2024 was 30.68%, slightly down from the previous year, attributed to a higher proportion of lower-margin products [5][21] - The company’s net profit margin decreased to 12.08% in 2024, indicating pressure on profitability despite revenue growth [5][21] Product and Market Strategy - The company has successfully launched new products, such as the sesame-flavored beef tripe, which saw a sales increase of 76.1% in 2024, becoming a top-selling item [3][19] - The overseas sales strategy has begun to show results, with international revenue increasing significantly, particularly in Southeast Asia [4][20] - The report emphasizes the importance of efficient distribution channels, with significant growth in e-commerce and community group buying channels [4][20] Future Outlook - The company is expected to benefit from a low base effect from the previous year and the explosive growth of the konjac product segment, with potential for doubling sales in the current year [3][19] - The report suggests that as the brand and product categories mature, there is potential for long-term improvement in profit margins [5][21] - The overall market environment is seen as favorable for the company, with a strong focus on expanding its product offerings and market reach [7][22]