CHACHA FOOD CO.,LTD(SZ:002557) Guohai Securities·2025-10-28 09:05Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's profitability is under pressure due to high raw material costs, but there is a trend of marginal improvement [6] - The company has shown a notable performance in new sales channels, particularly in membership and bulk stores, contributing to revenue growth despite overall revenue decline [6] - The company is a leading player in the leisure snack industry in China, with significant market share in the seed industry and growth potential in the nut segment [6] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 45.01 billion yuan, a year-on-year decrease of 5.38%, and a net profit attributable to shareholders of 1.68 billion yuan, down 73.17% year-on-year [4] - In Q3 2025, the company reported revenue of 17.49 billion yuan, a decline of 5.91% year-on-year, and a net profit of 0.79 billion yuan, down 72.58% year-on-year [4] - The gross profit margin for Q3 2025 was 24.52%, a decrease of 8.59 percentage points year-on-year, primarily due to high prices of sunflower seeds and nuts [6] Revenue and Profit Forecast - The revenue projections for 2025-2027 are 68.50 billion yuan, 73.43 billion yuan, and 77.75 billion yuan, with year-on-year growth rates of -4%, +7%, and +6% respectively [6] - The net profit forecasts for the same period are 3.20 billion yuan, 6.98 billion yuan, and 8.17 billion yuan, with year-on-year growth rates of -62%, +118%, and +17% respectively [6] - The earnings per share (EPS) estimates are 0.63 yuan, 1.38 yuan, and 1.61 yuan for 2025, 2026, and 2027 respectively [6]