RICHEN(SH:603755) Zhongyuan Securities·2025-05-30 09:38Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [13]. Core Insights - The company reported a revenue of 405 million yuan for 2024, reflecting a year-on-year increase of 12.59%, and a net profit attributable to the parent company of 55 million yuan, up 5.59% year-on-year [7]. - The revenue growth has been sustained, with year-on-year increases of 6.45%, 14.90%, and 10.50% in Q3 2024, Q4 2024, and Q1 2025 respectively, despite challenges in the restaurant industry [7]. - The company has adopted a product customization strategy to meet client needs, ensuring sustainable revenue growth [7]. - The sauce category achieved significant growth, with revenue of 319 million yuan in 2024, a 19.31% increase year-on-year, while the powder category saw a decline of 5.50% [7]. - The company experienced revenue growth in East, North, and South China markets, while the Northeast and Central China markets saw declines [7][8]. - The gross margin for 2024 was 38.76%, a slight decrease, but the net margin improved to 15.78% due to cost control measures [10]. - The first quarter of 2025 showed significant profit improvement, with a gross margin of 39.21% and a net margin of 17.42% [10]. Financial Projections - The company is projected to achieve earnings per share of 0.81 yuan, 0.98 yuan, and 1.14 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 31.93, 26.38, and 22.80 based on the closing price of 25.96 yuan on May 29 [10].