Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company, Zhou Hei Ya, is recognized as a leader in the domestic leisure cooked food industry, particularly in marinated duck products. The founder has returned to management, initiating a series of strategic reforms aimed at improving store efficiency and expanding distribution channels, which are expected to yield positive results [8][13]. - The company has experienced fluctuations in revenue and profit but is now positioned for a new growth cycle due to recent management changes and strategic adjustments [28][49]. Summary by Sections 1. Company Overview - Zhou Hei Ya has grown to become a leading player in the leisure cooked food sector, with a total of 3,031 retail stores by 2024. The company reported revenue of 2.451 billion yuan in 2024, with a compound annual growth rate (CAGR) of 6.57% from 2013 to 2024 [8][13]. - The market for leisure marinated products is relatively concentrated, with Zhou Hei Ya maintaining a strong market share [13]. 2. Business Strategy and Reforms - The company has shifted its focus from rapid expansion to enhancing store quality, resulting in a net closure of 785 stores in 2024, while simultaneously achieving a 12% increase in average store revenue [50]. - Zhou Hei Ya is actively restructuring its distribution channels, including partnerships with high-end membership stores and supermarkets, which are expected to drive significant revenue growth in the coming years [8][50]. 3. Financial Projections - The report forecasts net profits for 2025, 2026, and 2027 to be 151.67 million yuan, 188.10 million yuan, and 219.17 million yuan, respectively, with year-on-year growth rates of 54.44%, 24.02%, and 16.52% [1][8]. - The company's price-to-earnings (P/E) ratios for 2025 and 2026 are projected to be 31.23x and 25.18x, indicating a favorable valuation compared to peers [8][1]. 4. Market Position and Competitive Landscape - Zhou Hei Ya's product matrix is diverse, with a strong emphasis on classic flavors and new product development aimed at younger consumers. The company has also entered cross-industry collaborations to enhance brand visibility [50][43]. - The leisure marinated food market is expected to continue expanding, with a projected market size of 350 billion yuan by 2025, reflecting a CAGR of 6.19% from 2018 to 2024 [45].
周黑鸭（01458）：鼎新革故，重整向前