Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 30.45 CNY based on a 15% premium over a comparable company's 25x PE for 2025 [2][9][5]. Core Insights - The company is experiencing short-term profit pressure due to slow revenue recovery and ongoing investments in C-end promotions, leading to revised EPS estimates of 1.05, 1.20, and 1.41 CNY for 2025-2027, down from previous estimates of 2.15 and 2.56 CNY for 2025 and 2026 respectively [2][9]. - The company is actively expanding its C-end business through e-commerce platforms and customized products for key accounts, focusing on convenient meal options for families [8]. - The company is expected to participate in the competitive landscape of JD.com's instant retail, which may enhance its market presence and consumer engagement [8]. Financial Summary - The company's projected revenue for 2025 is 1,962 million CNY, reflecting a 5.0% year-on-year growth, following a decline of 1.7% in 2024 [4]. - Operating profit is expected to recover to 149 million CNY in 2025, with a growth rate of 22.3% compared to a significant drop of 24.5% in 2024 [4]. - The net profit attributable to the parent company is forecasted to be 102 million CNY in 2025, showing a recovery from a 37.7% decline in 2024 [4]. - The company’s gross margin is projected to improve from 23.7% in 2024 to 24.5% in 2025, indicating a positive trend in profitability [4].
千味央厨（001215）：加大线上推广，有望参与京东餐饮即时零售