Investment Rating - The investment rating for the company is upgraded to "Accumulate" [4] Core Views - The company reported a revenue of 1.378 billion yuan for the first three quarters of 2025, a year-on-year increase of 1.00%, while the net profit attributable to shareholders decreased by 34.06% to 54 million yuan [4] - The third quarter of 2025 saw a revenue of 492 million yuan, reflecting a year-on-year increase of 4.27% and a quarter-on-quarter increase of 18.55% [4] - The company is expected to achieve revenue growth rates of 3.48%, 5.38%, and 8.70% for the years 2025, 2026, and 2027 respectively [9] Financial Performance Summary - For the first three quarters of 2025, the gross margin was 22.73%, a decrease of 1.52 percentage points year-on-year, and the net margin was 3.88%, down by 2.05 percentage points year-on-year [9] - The company’s sales expense ratio increased to 6.10%, primarily due to increased costs associated with e-commerce channels and new retail sales personnel [9] - The forecasted total revenue for 2025 is 1.934 billion yuan, with a projected net profit of 86.25 million yuan [7][9] - The company aims to enhance its gross margin by establishing deeper collaborations with major clients such as Hema, Walmart, and Yonghui [9]
千味央厨（001215）：业绩环比改善，看好公司持续改善