RICHEN(603755) Tianfeng Securities·2025-05-19 15:34Investment Rating - The report maintains a "Buy" rating for the company, with an expected revenue growth of 16% for 2025 and a corresponding PE ratio of 31X [3][5][16]. Core Views - The company achieved a revenue of 4.05 billion and a net profit of 640 million in 2024, representing a year-on-year increase of 12.59% and 13.16% respectively. In Q1 2025, the revenue was 1.01 billion with a net profit of 180 million, showing a year-on-year growth of 10.50% and 36.86% [1][3]. - The company has launched over 2000 products, with more than 50% of sales coming from products developed in the last three years. The new product categories include over 800 types of sauce and more than 300 types of powder products [1][2]. - The restaurant and food processing sectors showed steady growth, with revenues of 2.00 billion and 1.40 billion in 2024, reflecting year-on-year increases of 22% and 4% respectively. The brand customization segment saw a significant increase of 15% [2][3]. Financial Performance Summary - In 2024, the gross margin was 38.70%, and the net margin was 15.78%. For Q1 2025, the gross margin improved to 39.21%, and the net margin increased to 17.42% [2][3]. - The company expects revenues of 4.70 billion, 5.40 billion, and 6.20 billion for 2025, 2026, and 2027 respectively, with net profits projected at 850 million, 1.01 billion, and 1.18 billion [3][9]. - The company’s total assets are projected to reach approximately 1.19 billion by 2027, with a debt-to-asset ratio of 22.43% [10][11].