Shanghai Bolex Food Technology (SH:603170) Huachuang Securities·2025-04-28 02:21Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 18.2 CNY [1][7]. Core Insights - The company reported a revenue of 2.651 billion CNY for 2024, reflecting a year-on-year growth of 11.91%. However, the net profit attributable to shareholders decreased by 22.52% to 233 million CNY. For Q1 2025, revenue was 669 million CNY, up 7.18% year-on-year, while net profit fell by 4.19% to 58 million CNY [1][3][7]. - The company is expected to continue its steady revenue growth, with a projected revenue increase of 11% in 2025 and 12.4% in 2026. The net profit is anticipated to rebound with a growth of 19.7% in 2025 and 17.3% in 2026 [3][7]. - The company is focusing on expanding its product matrix and enhancing supply chain capabilities, which are expected to drive future growth. The C-end market is showing signs of improvement, while the B-end remains stable [7][8]. Financial Summary - For 2024, the total revenue is projected at 2.651 billion CNY, with a net profit of 233 million CNY. The earnings per share (EPS) is expected to be 0.58 CNY [3][8]. - The company’s gross margin for 2024 is reported at 32.8%, with a slight decrease of 0.3 percentage points year-on-year. The net profit margin is 8.8% for the year [7][8]. - The financial forecasts for 2025 and 2026 indicate an EPS of 0.70 CNY and 0.82 CNY, respectively, with corresponding price-to-earnings (P/E) ratios of 19 and 17 [3][7].