洽洽食品（002557）：公司动态报告：成本回落与旺季催化，关注底部修复机会

Investment Rating - The report maintains a "Recommended" rating for Qiaqia Food [2][6]. Core Insights - The report highlights a recovery in costs and anticipates a seasonal boost due to the upcoming Spring Festival, suggesting potential for bottom-line recovery [1][6]. - The company is expected to see a revenue decline of 3.6% in 2025, followed by growth of 7.0% in 2026 and 5.8% in 2027, with projected revenues of 68.76 billion, 73.53 billion, and 77.77 billion yuan respectively [2][6]. - Net profit is forecasted to drop significantly by 54.6% in 2025, but rebound with growth rates of 69.9% and 17.5% in the following years [2][6]. Financial Forecast Summary - Revenue Forecast: - 2024: 7,131 million yuan - 2025: 6,876 million yuan - 2026: 7,353 million yuan - 2027: 7,777 million yuan [2][7] - Net Profit Forecast: - 2024: 849 million yuan - 2025: 385 million yuan - 2026: 655 million yuan - 2027: 769 million yuan [2][7] - Gross Margin: - 2024: 28.78% - 2025: 22.10% - 2026: 26.46% - 2027: 26.83% [2][7] - Earnings Per Share (EPS): - 2024: 1.68 yuan - 2025: 0.76 yuan - 2026: 1.29 yuan - 2027: 1.52 yuan [2][7] - Price-to-Earnings (PE) Ratio: - 2024: 13.10 - 2025: 28.88 - 2026: 17.00 - 2027: 14.46 [2][7] - Price-to-Book (PB) Ratio: - 2024: 1.94 - 2025: 1.92 - 2026: 1.86 - 2027: 1.79 [2][7]