Shanghai Ziyan Foods (SH:603057) Guotai Junan Securities·2025-05-16 07:25Investment Rating - The investment rating for the company is "Accumulate" [9][16]. Core Views - Short-term performance is significantly under pressure, but long-term growth potential is promising. The target price has been raised to 27.06, with the current stock price corresponding to a 2025 PE of 38X [3][9]. - The company reported a revenue of 3.36 billion yuan in 2024, a decrease of 5% year-on-year, and a net profit attributable to shareholders of 346 million yuan, an increase of 4% year-on-year [9][10]. - The first quarter of 2025 saw a revenue of 560 million yuan, down 18.86% year-on-year, and a net profit of 15 million yuan, down 71.80% year-on-year [9][10]. Financial Summary - Revenue and profit forecasts have been adjusted downwards due to store scale and cost assumptions. The EPS for 2025/26 has been revised to 0.57 and 0.82 yuan respectively, with a projected EPS of 1.08 yuan for 2027 [9][10]. - The company has a total market capitalization of 8.956 billion yuan and a total equity of 2.027 billion yuan, with a net asset value per share of 4.89 yuan [3][4]. - The gross profit margin for 2024 is expected to be 22.95%, with a net profit margin of 10.33% [9][10].