Investment Rating - The report assigns a "Buy" rating to the company, with a target market value of 10.5 HKD, corresponding to a 17x PE for 2025 [2][4]. Core Insights - The kitchen staple industry, where the company operates, is a large and continuously growing market, with significant potential for increased concentration. The company focuses on rice and corn, both of which are substantial markets with clear growth trends. The market for pre-packaged and premium products is growing faster than the overall industry [1][4]. - The company has a diverse product matrix and a multi-channel distribution network that covers the entire country. Its flagship brands, "October Rice Field" and "Chaihuo Dayuan," have high repurchase rates on platforms like JD.com, and the company has established strong partnerships with offline distributors [1][4]. Summary by Sections Company Overview - October Rice Field was founded in 2005, initially focusing on grain trading. The brand was established in 2011, and the company went public on the Hong Kong Stock Exchange in October 2023 [19][20]. Industry Analysis - The kitchen staple food industry in China is projected to grow from 18 trillion CNY in 2018 to 21.96 trillion CNY by 2027, with a CAGR of 3.3%. The growth is driven by product expansion and the development of various sales channels [31][35]. - The corn and miscellaneous grains categories are expected to be the main growth drivers, with corn growing at a CAGR of 9.4% from 2018 to 2022 [35][37]. Investment Logic - The company has a rich product matrix, with rice as its core product and corn as a growing segment. The company is expanding its product offerings and has seen significant revenue growth in its miscellaneous grains and dried goods categories [56][62]. - The company has established a flexible and diverse sales network, successfully transitioning from online to offline channels, with significant growth in modern supermarkets and direct customer sales [61][62]. Profit Forecast and Valuation - Revenue is projected to grow from 6.99 billion CNY in 2025 to 9.94 billion CNY in 2027, with net profit expected to increase from 603 million CNY to 861 million CNY during the same period. The overall gross margin is anticipated to improve as the company expands its product lines [2][70].
十月稻田（09676）：首次覆盖报告：厨房主食中的新消费