QIANHE(603027) 国泰君安·2024-03-18 16:00Investment Rating - Maintains a "Buy" rating with a target price of 27.57 CNY [2][3] Core Views - The company is expected to lead the expansion of the zero-additive seasoning market due to improvements in product and channel capabilities [2] - The company is transitioning towards becoming a platform-type seasoning enterprise by expanding its product categories, including soy sauce, vinegar, cooking wine, and oyster sauce [2] - The company's performance elasticity is expected to further release in 2024, driven by the maturation of newly recruited distributors and improved efficiency in expense allocation [2] Financial Summary - Revenue is projected to grow from 1,925 million CNY in 2021 to 4,434 million CNY in 2025, with a CAGR of 23.2% [2] - Net profit is expected to increase from 221 million CNY in 2021 to 770 million CNY in 2025, with a CAGR of 36.6% [2] - EPS is forecasted to rise from 0.22 CNY in 2021 to 0.75 CNY in 2025 [2] Profitability and Valuation Metrics - Operating profit margin is expected to improve from 13.1% in 2021 to 20.1% in 2025 [2] - ROE is projected to increase from 10.7% in 2021 to 19.2% in 2025 [2] - EV/EBITDA is expected to decline from 54.52 in 2021 to 18.31 in 2025 [2] Market Performance - The stock price has fluctuated between 13.70 CNY and 26.10 CNY over the past 52 weeks [3] - The company's market capitalization is 17,276 million CNY [3] Product and Channel Development - The company has launched a 7 CNY zero-additive product targeting the mainstream price segment [2] - The number of distributors has significantly increased, leading to a doubling of terminal outlets [2] Industry Position - The company is well-positioned to compete in the seasoning industry, with a focus on zero-additive products and category expansion [2] - The company is expected to continue squeezing competitors in the seasoning industry, ensuring long-term excess returns [2]