克明食品（002661）：公司事件点评报告：利润增长亮眼，聚焦大单品培育

Investment Rating - The report maintains a "Buy" investment rating for the company [7] Core Views - The company has shown impressive profit growth, focusing on cultivating major products [5] - In Q1 2025, the company reported total revenue of 1.121 billion yuan, a decrease of 14% year-on-year, while net profit attributable to shareholders increased by 76% to 86 million yuan [4] - The company is optimizing costs, resulting in a gross margin increase of 6 percentage points to 22.88% due to lower raw material costs and product structure optimization [5] - The company is concentrating on high-end products and has seen a stable growth in its instant food segment, with efforts to develop major products like "Wuhan Hot Dry Noodles" [6] Summary by Sections Financial Performance - Q1 2025 gross margin increased to 22.88%, with net profit margin rising by 5 percentage points to 8.04% [5] - EPS forecasts for 2025-2027 are 0.49, 0.56, and 0.66 yuan respectively, with corresponding PE ratios of 21, 19, and 16 times [7] Business Strategy - The company is focusing on major product development, particularly in the soft noodle segment, and is exploring nutritional enhancements [6] - The pig farming business is stabilizing, with improvements in cost and output metrics, aiming for profitability in the coming year [6] Market Position - The company is deepening its existing channels and expanding into new markets, enhancing collaboration with regional brands and snack retailers [6]