洽洽食品：25Q1业绩承压，静待后续改善-20250520

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][17] Core Views - The company is expected to see revenue and net profit growth in 2024, with revenue projected at 7.131 billion yuan (+4.79% YoY) and net profit at 849.48 million yuan (+5.82% YoY) [1] - The company is focusing on expanding its product lines, particularly in the sunflower seed and nut categories, with notable growth in sales from high-end products and new product launches [1][4] - The company is actively exploring new sales channels, including e-commerce and overseas markets, while traditional channels are experiencing slight pressure [2][4] Financial Performance Summary - In 2024, the company reported revenue of 7.131 billion yuan, with a growth rate of +4.79% compared to the previous year [5] - The gross profit margin for 2024 was 28.78%, an increase of 2.02 percentage points YoY, while the net profit margin was 11.92%, up by 0.12 percentage points YoY [3] - The company’s net profit for Q1 2025 is projected to decline significantly to 770 million yuan, a decrease of 67.88% YoY [1] Product and Channel Development - The company is enhancing its product offerings, particularly in the nut category, and is expanding its sales channels to include county-level distributors and new retail formats [4][2] - The company has seen a significant increase in direct sales, with a growth rate of 38% and an increase in the number of terminal outlets to over 490,000 [2][4] Profitability and Cost Management - The company is facing pressure on profit margins due to rising raw material costs, with a gross margin of 19.47% in Q1 2025, down by 10.97 percentage points YoY [3] - The selling expense ratio increased to 10.60%, reflecting higher marketing investments [3]