YouYou Foods(SH:603697) Huaxin Securities·2025-05-11 14:23Investment Rating - The report maintains a "Buy" investment rating for the company [7] Core Views - The company continues to deliver strong performance, with Q1 2025 total revenue reaching 383 million yuan, a year-on-year increase of 39%, and a net profit of 50 million yuan, up 16% year-on-year [4][6] - The company is experiencing a significant contribution from duck feet products and is actively expanding its membership-based channels [6] - The gross profit margin is expected to improve year-on-year despite a slight decline in Q1 2025 due to channel structure impacts [5] Summary by Sections Financial Performance - Q1 2025 total revenue was 383 million yuan, with a year-on-year growth of 39% - Net profit for Q1 2025 was 50 million yuan, reflecting a 16% increase year-on-year - The company’s gross profit margin for Q1 2025 was 27.08%, down 4 percentage points year-on-year, but expected to improve [4][5] Product and Channel Development - Revenue from meat products and vegetable products in Q1 2025 was 354 million yuan and 21 million yuan, respectively, with meat products growing by 45% year-on-year [6] - Online and offline channel revenues were 24 million yuan and 352 million yuan, respectively, with online channels growing by 88% year-on-year [6] - The company is focusing on expanding its product offerings and enhancing its presence in new channels such as Sam's Club and e-commerce platforms [6] Profitability Forecast - The company is expected to maintain strong sales momentum in its key channels, with adjusted EPS forecasts for 2025-2027 at 0.47, 0.56, and 0.65 yuan, respectively [7][10] - The current stock price corresponds to a PE ratio of 25, 21, and 18 times for the years 2025, 2026, and 2027, respectively [7]