五芳斋（603237）：2024年报点评：业绩符合预期，关注新渠道拓展

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company's 2024 total revenue is 2.251 billion yuan, a year-on-year decrease of 14.57%, with a net profit attributable to shareholders of 142 million yuan, down 14.24% [4][5]. - The fourth quarter of 2024 saw total revenue of 203 million yuan, a decline of 7.61%, while the net profit attributable to shareholders was -68.29 million yuan, an increase of 9.64% [4][5]. - The company has shown improvement in gross margin and non-recurring profit margin, with a gross margin of 39.05%, up 2.66 percentage points [4][5]. Summary by Sections Financial Performance - In 2024, the revenue from the rice dumpling series was 1.579 billion yuan, down 18.64%, while the mooncake series revenue increased by 3.46% to 236 million yuan [4][5]. - The company’s net profit margin improved to 6.31%, and the gross margin increased to 39.05% due to refined operations and cost control [4][5]. Sales Channels - The company has enhanced its channel capabilities, with a focus on high-quality development and partnerships with membership-based systems like Hema and Costco [4][5]. - The total number of stores reached 476, with a mix of direct, joint venture, and franchise models [4][5]. Dividend and Share Buyback - The company announced a cash dividend of 5 yuan per 10 shares and a share buyback totaling 47.95 million yuan, reflecting confidence in sustainable development [4][5]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 170 million, 184 million, and 200 million yuan, respectively, with corresponding EPS of 0.86, 0.93, and 1.01 yuan [4][5].