Zhongjing Food(SZ:300908) Huaxin Securities·2025-05-09 00:23Investment Rating - The report maintains a "Buy" investment rating for the company [7] Core Views - The company demonstrates steady revenue growth and adheres to a major product strategy, focusing on key items like mushroom sauce and Shanghai scallion oil to expand its customer base [6][5] - The company is also exploring new growth avenues by developing health-oriented products, such as the medicinal food product "Zhongjing Yuanqi Ginseng," which is being promoted through e-commerce and chain pharmacies [6] Summary by Sections Financial Performance - In Q1 2025, the company reported total revenue of 277 million yuan, a year-on-year increase of 1%, and a net profit attributable to shareholders of 48 million yuan, a decrease of 5% [4] - The gross margin improved by 1 percentage point to 45.91% due to a decline in raw material costs, while the net profit margin decreased by 1 percentage point to 17.49% due to increased sales and management expenses [5] Profit Forecast - The company is expected to maintain steady growth, with projected earnings per share (EPS) of 1.30, 1.43, and 1.59 yuan for 2025, 2026, and 2027 respectively, corresponding to price-to-earnings (PE) ratios of 23, 21, and 19 [7] - Revenue forecasts for 2025-2027 are 1,183 million, 1,283 million, and 1,395 million yuan, with growth rates of 7.7%, 8.5%, and 8.7% respectively [10]