Investment Rating - The report maintains an "Accumulate" rating for the company [2][4] Core Views - The company achieved a revenue of 6.54 billion HKD in 2024, representing a year-on-year growth of 6.4%, while the net profit attributable to shareholders was 739 million HKD, down 13.3% year-on-year [4][7] - The growth in revenue from third-party channels was robust at 10.4%, indicating a positive trend in this segment, while the company is encouraged to focus on other B-end and overseas market opportunities for incremental growth [4][7] - The report adjusts the earnings per share (EPS) forecasts for 2025-2027 to 0.83, 0.94, and 1.03 HKD respectively, with corresponding price-to-earnings (PE) ratios of 14.7X, 13.0X, and 11.9X [4][6] Summary by Sections Financial Performance - In 2024, the company's third-party revenue reached 45.7 billion HKD, accounting for 69.8% of total revenue, with significant contributions from hot pot seasoning and instant food segments [7] - The hot pot seasoning segment generated 23.3 billion HKD, with a growth rate of 6.4%, while the compound seasoning segment saw a revenue increase of 21.7% to 7.2 billion HKD [7] - The company’s gross margin for 2024 was 31.3%, a slight decrease of 0.3 percentage points year-on-year, primarily due to pricing adjustments by related parties [7] Market Expansion - The company is actively expanding its coverage in the B-end market and overseas, particularly in Southeast Asia and the Middle East, with plans to enhance its market share in these regions [7] - The establishment of a supply center in Thailand is expected to boost the company's capacity to serve overseas markets, potentially increasing the revenue share from international operations [7] Future Outlook - The report projects a revenue growth rate of 11.0% for 2025, followed by 10.5% and 9.5% in 2026 and 2027 respectively, indicating a positive growth trajectory [6][8] - The net profit is expected to recover to 860 million HKD in 2025, with a projected growth rate of 16.3% [6][8]
第三方实现稳健增长，关注其他B端及海外市场增量