宝立食品（603170）：业绩点评：主业增长稳健，轻烹业务毛利率下滑

Investment Rating - The report maintains an "Accumulate" rating for the company, predicting a relative increase of 5% to 15% compared to the CSI 300 index over the next six months [13]. Core Insights - The company reported a revenue of 2.651 billion yuan for 2024, an increase of 11.91% year-on-year, while the net profit attributable to the parent company decreased by 2.09% to 215 million yuan [7]. - The company's main businesses, light cooking and complex seasoning, both achieved double-digit growth, with light cooking revenue reaching 1.130 billion yuan, up 10.41% year-on-year, and complex seasoning revenue at 1.296 billion yuan, up 13.21% year-on-year [7]. - The overall gross margin decreased to 32.81%, primarily due to rising costs in the light cooking segment, which saw a cost increase of 19.75% year-on-year [8]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 669 million yuan, a year-on-year increase of 7.18%, while the net profit attributable to the parent company increased by 9.89% to 58 million yuan [7]. - The gross margin for light cooking was 45.68%, down 4.23 percentage points year-on-year, while complex seasoning's gross margin rose to 24.02%, up 2.85 percentage points [7][8]. Market Performance - The core market in East China saw a revenue growth of 11.47%, with other regions like Central China and Northeast China experiencing growth rates of 20.78% and 17.36%, respectively [7]. - The contribution of light cooking to total revenue reached 42.62%, an increase of 27.75 percentage points since 2020 [7]. Cost and Efficiency - The company's inventory turnover days decreased by 1.37 days in 2024 compared to 2023, indicating improved efficiency [8]. - The financial expenses increased due to short-term borrowings and lease liabilities, impacting the overall profit margins [8]. Future Projections - The company forecasts earnings per share of 0.68 yuan, 0.78 yuan, and 0.91 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 20.57, 17.94, and 15.40 [10].