CHACHA FOOD CO.,LTD(002557) 光大证券·2025-05-07 09:12Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company experienced short-term pressure on performance, with expectations for improvement on the cost side [1] - The sales decline in Q1 2025 was significantly impacted by the timing of the Spring Festival, leading to increased promotional efforts [2] - Rising raw material prices have put pressure on profit margins, with a notable decrease in gross margin in Q1 2025 [3] - Profit forecasts for 2025-2026 have been revised downwards due to anticipated recovery in terminal sales and cost pressures [4] Summary by Sections Financial Performance - In 2024, the company achieved revenue of 7.131 billion yuan, a year-on-year increase of 4.79%, and a net profit of 849 million yuan, up 5.82% year-on-year [1] - Q1 2025 saw a revenue drop to 1.571 billion yuan, down 13.76% year-on-year, with net profit falling to 77 million yuan, a decrease of 67.88% [1][2] Product Segments - Revenue from sunflower seeds, nuts, and other products in 2024 was 4.382 billion yuan, 1.924 billion yuan, and 773 million yuan respectively, with growth rates of 2.60%, 9.74%, and 8.04% [2] - The company plans to enhance the sales of everyday products in response to competitive pressures in the nut category [2] Cost and Profitability - The gross margin for 2024 was 28.78%, with Q1 2025 dropping to 19.47%, reflecting a year-on-year decline of 10.97 percentage points [3] - The company aims to reduce costs further, with a sales expense ratio of 10.60% in Q1 2025, down 1.75 percentage points year-on-year [3] Profit Forecasts and Valuation - The net profit forecasts for 2025 and 2026 have been adjusted to 703 million yuan and 872 million yuan, representing decreases of 34.7% and 28.9% respectively [4] - The expected EPS for 2025-2027 is projected at 1.39, 1.72, and 1.94 yuan, with corresponding P/E ratios of 17, 14, and 12 [4]