恒顺醋业（600305）：收入如期高增，盈利能力仍待改善

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company achieved a total operating revenue of 626 million yuan in Q1 2025, representing a year-on-year increase of 35.97%. The net profit attributable to the parent company was 56.52 million yuan, up 2.36% year-on-year, while the net profit after deducting non-recurring gains and losses was 48.17 million yuan, an increase of 6.08% year-on-year [2][4]. Revenue Analysis - Revenue growth was driven by a recovery in the income side, with the vinegar series generating 365 million yuan (up 19.1% year-on-year), the wine series 84 million yuan (up 9.07%), the sauce series 44 million yuan (up 35.35%), and other products 124 million yuan (up 431.49%) [5]. - By channel, revenue from direct sales was 27 million yuan (up 64.44%), foreign trade 7 million yuan (down 3.21%), distribution 584 million yuan (up 40.22%), online sales 69 million yuan (up 8.88%), and offline sales 548 million yuan (up 45.73%) [5]. - By region, revenue from the northern region was 53 million yuan (up 36.27%), eastern region 157 million yuan (up 43.76%), northern Jiangsu 90 million yuan (up 90.95%), southern Jiangsu 169 million yuan (up 33.34%), southwestern region 73 million yuan (down 2.34%), and central region 75 million yuan (up 76.42%) [5]. Profitability Analysis - The company's net profit margin decreased by 2.96 percentage points year-on-year to 9.03%, and the gross profit margin fell by 5.88 percentage points to 35.5%. The expense ratio decreased by 2.92 percentage points to 24.87% [6]. - The decline in gross profit margin is attributed to an increase in cost-effective products and heightened promotional efforts. The decrease in the expense ratio is mainly due to improved management efficiency, but it was insufficient to fully offset the impact of the declining gross profit margin on profitability [6]. Future Outlook - The company is deepening state-owned enterprise reforms, with the implementation of an employee stock ownership plan and a market-oriented compensation performance system, effectively stimulating employee enthusiasm, especially in the marketing team [7]. - New production capacity from projects such as the 100,000-ton yellow wine and sauce construction project and the intelligent production project for 100,000 tons of seasoning has been put into operation, providing a solid foundation for future growth [7]. - The company is expected to focus on its three core products: vinegar, wine, and sauce, by launching high-cost performance new products, expanding B-end channels in catering, and developing community stores in new retail formats to drive sales growth. The projected EPS for 2025 and 2026 is 0.13 and 0.16 yuan, respectively, corresponding to PE ratios of 62 and 49 times [7].