Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [6]. Core Views - The company demonstrated operational resilience in 2024, with total revenue reaching 15.127 billion yuan, a year-on-year increase of 7.7%, and a slight increase in net profit attributable to shareholders of 1.485 billion yuan, up 0.46% year-on-year [1][2]. - The company plans to actively promote new products and embrace large B and new retail channels in 2025, with expectations for positive outcomes in the future [4]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 15.127 billion yuan, with a slight increase in net profit to 1.485 billion yuan. The first quarter of 2025 saw a revenue decline to 3.6 billion yuan, down 4.13% year-on-year, and a net profit decrease to 395 million yuan, down 10% year-on-year [1][3]. - The revenue from frozen prepared foods, frozen dishes, and frozen rice and noodle products in 2024 was 7.84 billion yuan, 4.35 billion yuan, and 2.47 billion yuan respectively, with growth rates of 11.4%, 10.8%, and a decline of 3.1% [2]. Profitability and Cost Management - The gross profit margin for 2024 was 23.3%, slightly up from the previous year, while the first quarter of 2025 saw a decline in gross margin to 23.32%, primarily due to increased promotional efforts amid intensified competition [4]. - The report indicates that the company has managed to control selling expenses, with a selling expense ratio of 6.52% in 2024 and 6.73% in Q1 2025 [4]. Future Projections - The net profit forecasts for 2025 and 2026 have been adjusted downwards to 1.604 billion yuan and 1.769 billion yuan, respectively, reflecting a 13% reduction from previous estimates [4]. - The report anticipates a continued focus on large product strategies and new retail channels, with expectations for improved performance in the coming years [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [6]. Core Views - The company demonstrated operational resilience in 2024, with total revenue reaching 15.127 billion yuan, a year-on-year increase of 7.7%, and a slight increase in net profit attributable to shareholders of 1.485 billion yuan, up 0.46% year-on-year [1]. - The company plans to distribute a cash dividend of 1.015 yuan per share for 2024, with a total dividend payout of 1.04 billion yuan, achieving a dividend rate of 70% [1]. - The company is focusing on its major product strategy and plans to actively launch new products and embrace new retail channels in 2025, anticipating positive results [4]. Summary by Sections Financial Performance - In 2024, revenue from frozen prepared foods, frozen dishes, frozen rice and noodle products, and agricultural products was 7.84 billion, 4.35 billion, 2.47 billion, and 0.45 billion yuan respectively, with year-on-year growth rates of +11.4%, +10.8%, -3.1%, and -11.7% [2]. - For Q1 2025, total revenue was 3.6 billion yuan, a year-on-year decline of 4.13%, with net profit attributable to shareholders at 395 million yuan, down 10.0% year-on-year [1][3]. Profitability and Cost Management - The gross profit margin for 2024 and Q1 2025 was 23.3% and 23.32% respectively, with a notable decline in Q1 2025 due to increased promotional efforts amid intensified competition [4]. - The report indicates that the company has managed to control selling expenses, with selling expense ratios of 6.52% in 2024 and 6.73% in Q1 2025 [4]. Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders has been adjusted downwards for 2025 and 2026 to 1.604 billion and 1.769 billion yuan, respectively, reflecting a 13% reduction from previous estimates [4]. - The current stock price corresponds to a P/E ratio of 14, 13, and 12 for the years 2025, 2026, and 2027 respectively [4].

证券研究报告：食品饮料|公司点评报告 个股表现 -30% -26% -22% -18% -14% -10% -6% -2% 2% 6% 2024-05 2024-07 2024-09 2024-12 2025-02 2025-04 安井食品 食品饮料 资料来源：聚源，中邮证券研究所 发布时间：2025-05-06 股票投资评级 买入|维持 公司基本情况 | 最新收盘价（元） | 76.30 | | --- | --- | | 总股本/流通股本（亿股）2.93 / 2.93 | | | 总市值/流通市值（亿元）224 / 224 | | | 52 周内最高/最低价 | 102.97 / 68.93 | | 资产负债率(%) | 23.6% | | 市盈率 | 15.02 | | 第一大股东 | 福建国力民生科技发展 | | 有限公司 | | 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:杨逸文 SAC 登记编号:S1340522120002 Email:yangyiwen@cnpsec.com 安井食品(603345) 稳守龙 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% within the next six months [9][15]. Core Insights - The company has demonstrated resilience in maintaining its leading position despite high base effects, with a slight increase in revenue and net profit for 2024 [5]. - The company is focusing on a big product strategy, with significant contributions from key products like frozen fish and meat products, while facing challenges in certain segments due to competition and market dynamics [6]. - The management is prioritizing new product development and strategic partnerships with major retailers to enhance profitability and scale [6][8]. Financial Performance Summary - For 2024, the company reported revenues of 15.127 billion yuan, a year-on-year increase of 7.7%, with net profit slightly up by 0.46% [5][11]. - The first quarter of 2025 showed a decline in revenue and net profit, indicating a need for strategic adjustments [5]. - The gross profit margin for 2024 was 23.3%, with a net profit margin of 9.82%, reflecting stable profitability despite rising costs [7][11]. Revenue and Profit Forecast - Revenue projections for 2025 and 2026 have been adjusted to 16.192 billion yuan and 17.560 billion yuan, respectively, with expected growth rates of 7.04% and 8.45% [9][11]. - The forecast for net profit in 2025 is set at 1.622 billion yuan, representing a growth of 9.25% compared to the previous year [9][11]. - Earnings per share (EPS) are projected to increase to 5.53 yuan in 2025, with a corresponding price-to-earnings (P/E) ratio of 13.79 [9][11].

Investment Rating - The report maintains a "Strong Buy" rating for the company [1][8]. Core Views - The company shows strong performance with a projected revenue growth of 33% and a net profit growth of 32% for 2024, continuing into Q1 2025 with revenue growth of 28% and net profit growth of 22% [1][2]. - The dual-brand strategy, featuring the main brand Marubi and the PL brand Lianhuo, is driving growth, with significant contributions from key products like the Marubi Eye Cream and the Golden Needle series [1][3]. - The company is expected to achieve net profits of 445 million, 549 million, and 643 million yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 30%, 23%, and 17% [1][8]. Financial Performance - In 2024, the company achieved a total revenue of 2.97 billion yuan, a year-on-year increase of 33.44%, and a net profit of 342 million yuan, up 31.69% [2][9]. - The main brand Marubi generated revenue of 2.06 billion yuan in 2024, growing by 31.69%, while the PL brand Lianhuo achieved 905 million yuan, a growth of 40.72% [3][9]. - The company's gross margin improved to 73.70% in 2024, up by 3.01 percentage points, attributed to product structure optimization and cost control [7][12]. Product and Channel Analysis - The company’s product categories showed strong performance, with eye care products generating 689 million yuan in revenue, a 60.78% increase, and skincare products reaching 1.13 billion yuan, up 21.60% [3][9]. - Online sales channels contributed significantly, with revenue of 2.54 billion yuan in 2024, reflecting a growth of 35.77%, while offline channels saw a 20.79% increase to 427 million yuan [3][9]. Future Outlook - The company is expected to continue its growth trajectory with a stable cash flow and a focus on product innovation, which is anticipated to contribute to incremental growth [8][9]. - The projected earnings per share (EPS) for 2025 is 1.11 yuan, with a price-to-earnings (PE) ratio of 39.3 [9][12].

Core Viewpoint - Guolian Aquatic Development Co., Ltd. reported a revenue of 3.409 billion yuan for 2024 and 813 million yuan for Q1 2025, with a net profit of 6.0284 million yuan, reflecting a year-on-year growth of 71.62% [1] Group 1: Financial Performance - In 2024, the company achieved a total revenue of 3.409 billion yuan [1] - For Q1 2025, the company reported a revenue of 813 million yuan and a net profit of 6.0284 million yuan, marking a 71.62% increase year-on-year [1] Group 2: Industry Challenges - The aquatic industry faced challenges due to a weak global economic recovery, intense competition in the downstream consumer market, and declining prices in the South American white shrimp market [1] - Despite these challenges, the company is committed to a long-term strategy focusing on food safety as a core aspect of its development [1] Group 3: Strategic Initiatives - The company is implementing a "big product strategy" with a focus on three major products that account for over 30%, 20%, and 10% of sales, respectively [1] - Guolian Aquatic is enhancing its dual circulation strategy and promoting all-channel marketing to support rural revitalization and empower farmers [1] Group 4: Food Safety and Quality Management - The company emphasizes food safety, holding various international certifications and implementing a comprehensive traceability system across the entire supply chain [2] - All products undergo low-temperature cold chain transportation and storage, ensuring health and safety from source to table [2] Group 5: Future Outlook - For 2025, the company plans to focus on core products, deepen channel networks, strengthen brand value, and enhance research and development capabilities [2]

Core Viewpoint - The company, Proya (珀莱雅), has demonstrated resilience in the beauty industry with significant revenue and profit growth, contrasting with the declining performance of other A-share beauty companies [2][14]. Financial Performance - In 2024, Proya's revenue reached 10.778 billion yuan, a year-on-year increase of 21.04%, with net profit attributable to shareholders at 1.552 billion yuan, up 30.00% [2][4]. - For Q1 2025, revenue continued to grow by 8.13% to 2.359 billion yuan, and net profit increased by 28.87% to 390 million yuan [2]. - The main brand, Proya, contributed 8.581 billion yuan to the total revenue, accounting for nearly 80% of the total [5]. Brand Performance - The main brand's revenue growth slowed to 19.55% in 2024, compared to previous years' growth rates of 28.25%, 37.46%, and 36.36% [6]. - The brand has launched new product lines, including the "净源系列" for oily skin and the "光学系列" for whitening, to expand its market presence [6][7]. - The 彩棠 brand, which targets the Chinese market, generated 1.191 billion yuan in revenue, growing 19.04% year-on-year, and is becoming a second growth driver for the company [10]. Sales Channels - Online sales accounted for 95.06% of total revenue, contributing 10.234 billion yuan, although the growth rate has slowed to 23.68% compared to previous years [11][12]. - Offline sales decreased by 13.63% to 532 million yuan, with the revenue share dropping from 9.02% in 2022 to 4.94% in 2024 [14]. - The company has increased its marketing expenses significantly, with sales expenses reaching 5.161 billion yuan, representing 47.88% of total revenue [13]. Industry Context - Other A-share beauty companies, such as Shanghai Jahwa and Huaxi Biological, reported declines in revenue and profits, highlighting the challenging environment for the beauty industry [14][15].

Core Viewpoint - The company reported strong financial performance for 2024 and Q1 2025, with revenue exceeding 10 billion yuan and significant profit growth, indicating robust market positioning and operational efficiency [1][3]. Financial Performance - In 2024, the company achieved revenue of 10.778 billion yuan, a year-on-year increase of 21.0%, and a net profit attributable to shareholders of 1.552 billion yuan, up 30.0% year-on-year [1]. - For Q1 2025, revenue reached 2.359 billion yuan, reflecting an 8.1% year-on-year growth, with a net profit of 390 million yuan, a 28.9% increase year-on-year [1]. - The company maintained over 20% profit growth in both Q4 2024 and Q1 2025, benefiting from improved gross margins and cost control [1]. Product Strategy - The company has been reinforcing its "big product strategy" since 2024, focusing on upgrading core product lines and launching new products targeting specific consumer needs, such as whitening and oil control [2]. - The upgrades to existing product lines and the introduction of new series are expected to drive continued double-digit growth on the foundation of over 10 billion yuan in revenue [2]. Profit Forecast and Investment Recommendation - Revenue projections for 2025-2027 are estimated at 12.584 billion yuan, 14.440 billion yuan, and 16.302 billion yuan, with corresponding growth rates of 16.75%, 14.75%, and 12.89% [3]. - Net profit forecasts for the same period are 1.821 billion yuan, 2.121 billion yuan, and 2.440 billion yuan, with growth rates of 17.33%, 16.47%, and 15.06% [3]. - Earnings per share (EPS) are projected to be 4.60 yuan, 5.35 yuan, and 6.16 yuan, maintaining a "buy" rating [3].

Investment Rating - The report maintains a "Buy" rating for the company [5][3] Core Insights - The company achieved a revenue of 10.778 billion yuan in 2024, representing a year-on-year growth of 21.04%, with a net profit of 1.552 billion yuan, up 30.00% [1][3] - The company continues to experience robust growth, driven by its main brand and sub-brands, with a significant increase in online sales [2][12] - The company is focusing on a big product strategy and expanding its sub-brand matrix, indicating strong long-term growth potential [3][15] Financial Performance Summary - In 2024, the company reported a total revenue of 10.778 billion yuan, with a year-on-year growth of 21.04% [4][11] - The net profit attributable to the parent company for 2024 was 1.552 billion yuan, reflecting a growth of 30.00% [4][11] - The company’s gross margin improved to 71.39% in 2024, an increase of 1.46 percentage points from the previous year [14] - The company’s operating cash flow for 2024 was 1.107 billion yuan, a decrease of 24.63% year-on-year due to increased payments for goods and promotional expenses [14] Revenue Breakdown - Online sales accounted for 95.06% of total revenue in 2024, with online revenue reaching 10.234 billion yuan, up 23.68% [2][12] - The main brand, Proya, generated 8.581 billion yuan in revenue, representing 79.69% of total revenue, with a growth of 19.55% [2][12] - The skincare category contributed 90.19 billion yuan, accounting for 83.78% of total revenue, with a growth of 19.31% [2][12] Future Projections - The company expects revenues of 12.469 billion yuan, 14.257 billion yuan, and 16.093 billion yuan for 2025, 2026, and 2027 respectively [3][4] - Projected net profits for the same years are 1.840 billion yuan, 2.150 billion yuan, and 2.441 billion yuan [3][4] - The report anticipates a decrease in the price-to-earnings ratio from 20 times in 2025 to 15 times in 2027, indicating improving valuation [3][4]

Investment Rating - The investment rating for the company is "Add" [4] Core Views - The company has maintained impressive growth in net profit, achieving a revenue of 10.778 billion yuan in 2024, a year-on-year increase of 21.04%, and a net profit of 1.552 billion yuan, up 30.00% year-on-year [1][12] - The main brand, Proya, has launched new product lines targeting oily skin and whitening, while multiple sub-brands have also seen growth [2] - Online sales channels have continued to grow rapidly, with online revenue reaching 10.234 billion yuan in 2024, a year-on-year increase of 23.68%, accounting for 95.06% of total revenue [10] Summary by Sections Financial Performance - In 2024, the company reported a net profit of 1.552 billion yuan, with a net profit margin of 14.71%, an increase of 0.89 percentage points year-on-year [11] - The company’s gross margin improved to 71.39%, up 1.46 percentage points year-on-year, driven by lower freight rates and higher average transaction values [11] - The company expects net profits of 1.853 billion yuan, 2.171 billion yuan, and 2.516 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 18, 15, and 13 times [12] Product Development - Proya has focused on upgrading its core products, introducing unique ingredients such as "XVII type recombinant collagen" in its new product lines [2] - The new product lines include the "净源系列" for oily skin and the "光学系列" for whitening, contributing to the brand's revenue growth [2] Market Position - Proya's main brand generated 8.581 billion yuan in revenue in 2024, accounting for 79.69% of total revenue, with strong performance on platforms like Tmall [2] - The sub-brand 彩棠 achieved revenue of 1.191 billion yuan, while OR and 悦芙媞 also reported significant growth in their respective markets [2] Sales Channels - Online sales accounted for a significant portion of revenue, with direct and distribution channels contributing 8.122 billion yuan and 2.112 billion yuan respectively [10] - The company is optimizing its offline store structure, although offline revenue decreased by 13.63% to 532 million yuan in 2024 [10]