Investment Rating - The investment rating for the company is "Buy" with a market price of HKD 13.76 and a sector rating of "Outperform" [2]. Core Views - The report highlights that the company achieved a revenue of HKD 6.54 billion in 2024, representing a year-on-year growth of 6.4%, while the net profit attributable to shareholders was HKD 740 million, down 13.3% year-on-year. The growth in third-party revenue was robust at 10.4%, suggesting potential in other B-end and overseas markets [4][7]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of HKD 6,540 million, with a growth rate of 6.4%. The net profit attributable to shareholders was HKD 739 million, reflecting a decline of 13.3% [6][7]. - The earnings per share (EPS) for 2025 is projected to be HKD 0.83, with corresponding price-to-earnings (PE) ratios of 14.7X, 13.0X, and 11.9X for 2025, 2026, and 2027 respectively [4][6]. Revenue Breakdown - The third-party revenue for 2024 was HKD 4.57 billion, accounting for 69.8% of total revenue, with a growth rate of 10.4%. Key products such as hot pot seasoning and compound seasonings showed significant growth [7]. - The company’s hot pot seasoning revenue reached HKD 2.33 billion, with a year-on-year growth of 6.4%. The revenue from compound seasonings was HKD 720 million, growing by 21.7% [7]. Market Expansion - The company is actively expanding its coverage in B-end and overseas markets, with a focus on Southeast Asia and the Middle East. The establishment of a supply center in Thailand is expected to enhance its market presence [7]. - The report emphasizes the potential for growth in the B-end market, driven by the company's brand strength and product quality [7]. Profitability Metrics - The gross margin for 2024 was reported at 31.3%, a slight decrease of 0.3 percentage points year-on-year. The net profit margin fell to 11.3%, down 2.6 percentage points from the previous year [7].
颐海国际（01579）：第三方实现稳健增长，关注其他B端及海外市场增量