Shanghai Bolex Food Technology (603170) EBSCN·2025-04-29 04:44Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has shown steady growth in its compound seasoning and light cooking businesses, with a continuous improvement in its product matrix and new channel layout [1] - In 2024, the company achieved revenue and net profit attributable to shareholders of 2.651 billion and 233 million yuan, respectively, representing a year-on-year growth of 11.9% and a decline of 22.5% [5] - The company is expected to maintain a positive outlook due to its ongoing product innovation and channel expansion strategies [9] Summary by Sections Revenue Performance - In 2024, the company reported revenues of 2.651 billion yuan, with a breakdown of 1.3 billion from compound seasoning, 1.13 billion from light cooking, and 150 million from dessert ingredients, all showing year-on-year growth [6] - For Q1 2025, revenues were 669 million yuan, with light cooking showing a significant year-on-year increase of 12.8% [5][6] Profitability - The company's gross margin slightly declined to 32.8% in 2024, primarily due to intense market competition affecting the light cooking segment [7] - The net profit margin for 2024 was 8.8%, down from the previous year, reflecting the challenges faced in maintaining profitability [7] Innovation and Capacity Expansion - The company launched nearly 2,600 products in the B-end market in 2024, with new products accounting for 60% of total sales over the past three years [8] - A new processing base in Guangxi is set to commence operations in the second half of 2024, enhancing upstream supply chain stability [8] Financial Forecast and Valuation - The company is projected to achieve net profits of 276 million, 315 million, and 348 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.69, 0.79, and 0.87 yuan [9][10] - The current stock price corresponds to a PE ratio of 20x for 2025, indicating a favorable valuation outlook [9]