Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The company reported a revenue of 10.82 billion yuan in Q1 2025, a year-on-year increase of 124%, with a net profit of 215 million yuan compared to 6 million yuan in the same period last year. The snack wholesale business generated 10.69 billion yuan in revenue, and the net profit, excluding stock payment expenses, was 412 million yuan, resulting in a net profit margin of 3.85%, an increase of 1.16 percentage points from 2024 [1][2] - The company is positioned as the purest player in the hard discount sector and is the only listed company in the snack wholesale market. The significant outperformance in net profit margin indicates potential for further growth, especially with the recovery of minority shareholder rights [1][2] - The gross profit margin for the snack wholesale business improved to 11% in Q1 2025, up 1.2 percentage points year-on-year, with a sales expense ratio of 3.3% (down 0.8 percentage points) and a management expense ratio of 2.5% (down 0.5 percentage points). The expansion of store categories is expected to continue driving gross margin improvements [1] Financial Performance - The company achieved a sales cash collection of 11.971 billion yuan in Q1 2025, a 122% increase, with inventory at 1.453 billion yuan (up 110%), resulting in an inventory turnover period of 17 days. The company has established 50 warehousing centers nationwide, ensuring efficient "T+1" delivery [3] - The company holds 3 billion yuan in cash (up 76%) and generated a net operating cash flow of 714 million yuan (up 159%), with a return on equity (ROE) of 17.74% and a debt ratio of 72.74% [3] - The profit forecast for the company has been adjusted upwards for 2025-2027, with expected net profits of 936 million yuan, 1.292 billion yuan, and 1.602 billion yuan, reflecting growth rates of 219%, 38%, and 24% respectively [3]
万辰集团（300972）：净利率超预期，股权激励激发信心