Shanghai Bolex Food Technology (603170) Tianfeng Securities·2025-05-19 23:46Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [6][17]. Core Views - The company is expected to achieve revenue and net profit of 2.651 billion and 233 million yuan in 2024, representing a year-on-year growth of 11.91% and a decline of 22.52% respectively [1]. - The company has a strong product portfolio with nearly 2,600 products sold to B-end customers, and 60% of these products were developed in the last three years [1]. - The company is anticipated to benefit from the recovery of B-end demand and the accelerated launch of new products, leading to sustained growth [4]. Revenue and Profitability - In 2024, the company reported a revenue of 2.651 billion yuan, with a growth rate of 11.91% [5]. - The gross margin and net margin for 2024 were 32.81% and 10.08%, showing a slight decline from the previous year [3]. - The company expects revenues of 2.949 billion, 3.273 billion, and 3.620 billion yuan for 2025, 2026, and 2027 respectively, with a consistent growth rate of approximately 11% [4]. Regional Performance - In 2024, the company reported revenues from various regions, with East China at 2.08 billion yuan (up 11%), South China at 90 million yuan (down 3%), and Northeast at 80 million yuan (up 56%) [2]. - The number of distributors increased by 78 to a total of 465 by the end of Q1 2025, indicating a positive trend in distribution [2]. Financial Metrics - The company's net profit for 2024 is projected to be 233 million yuan, with an expected increase to 272 million yuan in 2025 [5]. - The earnings per share (EPS) for 2024 is estimated at 0.58 yuan, with a projected increase to 0.68 yuan in 2025 [5]. - The price-to-earnings (P/E) ratio is expected to be 23.60 for 2024, decreasing to 20.25 in 2025 [5].