Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [3][8]. Core Views - The company is experiencing pressure on profitability but is expected to see improvements in the future. The revenue for 2025 is projected to grow modestly, with a forecast of 1,917 million yuan, reflecting a 3% year-over-year increase [3][5]. - The company has made structural adjustments to its distribution channels, focusing on service-oriented strategies to empower distributors and enhance customer service [5]. - The report highlights that the company's strategic clarity and long-term growth potential are promising, supported by its ability to innovate products for large clients and improve supply chain efficiency [5]. Financial Summary - The company reported total revenue of 1,901 million yuan in 2023, with a year-over-year growth rate of 28%. However, a decline of 2% is expected in 2024, followed by modest growth in subsequent years [3][5]. - The net profit attributable to the parent company is forecasted to decrease from 134 million yuan in 2023 to 79 million yuan in 2025, reflecting a significant year-over-year decline of 38% [3][5]. - The earnings per share (EPS) is projected to be 0.81 yuan in 2025, with a corresponding price-to-earnings (P/E) ratio of 48.9 [3][5]. Revenue and Profitability Trends - The company achieved total revenue of 1.378 billion yuan in the first three quarters of 2025, marking a 1% increase year-over-year, while the net profit decreased by 34% to 54 million yuan [5]. - The gross margin for Q3 2025 was reported at 21.18%, a slight decline of 1.26 percentage points year-over-year, attributed to pricing policies and promotional strategies [5]. - The report anticipates that as the company enters the peak season for dining in Q4, performance is expected to improve further [5].
千味央厨（001215）：变革效果初显，推新拓渠稳步推进