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中炬高新(600872):公司事件点评报告:经营节奏边际调整,价盘企稳回升

Investment Rating - The report maintains a "Buy" investment rating for Zhongju Gaoxin (600872.SH) [1][9] Core Views - The company reported a revenue of 1.102 billion yuan in Q1 2025, a decrease of 26% year-on-year, with a net profit of 181 million yuan, also down 24% year-on-year [1] - The gross margin improved by 2 percentage points to 38.73% in Q1 2025, primarily due to a decrease in raw material prices [2] - The company successfully reduced inventory levels, with revenue from soy sauce, chicken essence, and cooking oil decreasing by 32%, 29%, and 50% respectively, due to adjustments in supply rhythm [3] - The company is expanding its product matrix in the catering category and has seen a 33% increase in direct sales channel revenue, indicating growth in e-commerce channels [4] Summary by Sections Financial Performance - Q1 2025 revenue was 1.102 billion yuan, down 26% year-on-year, with a net profit of 181 million yuan, also down 24% year-on-year [1] - The gross margin increased to 38.73%, while the net profit margin decreased to 16.46% [2] Inventory and Pricing - The company effectively managed inventory reduction, with significant revenue declines in key product lines due to strategic adjustments [3] - The pricing for main products is stabilizing as inventory levels return to a healthy state [3] Channel Development - Revenue from distribution channels decreased by 31% in Q1 2025, while direct sales channels grew by 33% [4] - The company is focusing on enhancing its catering channel and expanding its e-commerce presence [4] Earnings Forecast - The earnings per share (EPS) estimates for 2025-2027 have been adjusted to 1.17, 1.29, and 1.43 yuan respectively, with corresponding price-to-earnings (PE) ratios of 16, 15, and 14 [5]