宝立食品（603170）：2024年报、2025年一季报点评：B端经营稳健，C端破局增长

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a total revenue of 2.651 billion yuan for 2024, representing a year-on-year increase of 11.91%. However, the net profit attributable to the parent company decreased by 22.52% to 233 million yuan [2][4]. - In Q4 2024, the total revenue was 721 million yuan, up 18.24% year-on-year, while the net profit attributable to the parent company was 59.75 million yuan, a slight decrease of 0.49% [2][4]. - For Q1 2025, the total revenue reached 669 million yuan, reflecting a growth of 7.18%, with a net profit of 58.25 million yuan, down 4.19% [2][4]. Summary by Sections Financial Performance - The company's total revenue for 2024 was 2.651 billion yuan, with a net profit of 233 million yuan and a non-recurring net profit of 215 million yuan [2][4]. - The revenue growth was driven by various product segments, with compound seasonings generating 1.296 billion yuan (up 13.21%), light cooking solutions at 1.130 billion yuan (up 10.41%), and beverage and dessert ingredients at 147 million yuan (up 3.00%) [9]. - The company maintained a gross margin of 32.81% in 2024, with slight variations across product categories [9]. Business Segments - The B-end business showed a solid competitive advantage, with revenue from the top five customers amounting to 791 million yuan, a year-on-year increase of 7.45% [9]. - The C-end business, represented by the brand "Kongke," achieved revenue of 918 million yuan, marking a growth of 5.99% after a brief decline in 2023 [9]. Profitability and Forecast - The company expects net profits for 2025-2027 to be 274 million, 315 million, and 358 million yuan respectively, with corresponding EPS of 0.69, 0.79, and 0.90 yuan [9]. - The current price-to-earnings ratio (PE) is projected to be 20, 17, and 15 times for the years 2025, 2026, and 2027 respectively [9].