Investment Rating - The investment rating for the company is maintained at "Outperform" [1]. Core Views - The company reported Q1 2025 revenue of 8.315 billion yuan, a year-on-year increase of 8.1%, and a net profit attributable to shareholders of 2.202 billion yuan, up 14.8% year-on-year, exceeding profit expectations [6]. - The company aims to continue its diversified development strategy, enhancing its capabilities in product categories, channels, and international expansion to support its long-term goals [6]. - The company achieved a gross margin of 40.04% in Q1 2025, an increase of 2.73 percentage points year-on-year, primarily due to a decrease in raw material costs [6]. Financial Data and Profit Forecast - Total revenue forecast for 2025 is 29.367 billion yuan, with a year-on-year growth rate of 9.2% [5]. - The net profit attributable to shareholders is projected to be 6.952 billion yuan in 2025, reflecting a year-on-year growth of 9.6% [5]. - Earnings per share are expected to be 1.25 yuan in 2025, with a projected price-to-earnings ratio of 33 [5]. - The company’s revenue from key product categories such as soy sauce, seasoning sauce, and oyster sauce showed growth rates of 8.2%, 14%, and 6% respectively in Q1 2025 [6].

Investment Rating - The report maintains a "Buy" rating for the company [6][15] Core Views - The company's profit meets expectations, driven by new products and online channel expansion, with category expansion poised for future growth [3][13] - For 2024, the company achieved revenue of 26.9 billion yuan, a year-on-year increase of 9.5%, and a net profit of 6.34 billion yuan, up 12.8% year-on-year [13][15] - The company plans to distribute a cash dividend of 8.60 yuan per 10 shares, resulting in a dividend payout ratio of 75.2% [13] Financial Summary - Revenue and net profit projections for 2025-2027 are 29.68 billion yuan, 33.01 billion yuan, and 36.85 billion yuan respectively, with year-on-year growth rates of 10.3%, 11.2%, and 11.6% [5][15] - The company’s gross margin improved to 47% in 2024, an increase of 2.27 percentage points year-on-year, primarily due to lower raw material prices [14] - The net profit margin for 2024 increased by 0.66 percentage points to 23.63% [14] Product and Channel Performance - In 2024, revenue from soy sauce, seasoning sauce, oyster sauce, and other categories increased by 8.9%, 10%, 8.6%, and 16.8% respectively [13] - Online sales grew significantly by 39.8%, attributed to supply chain reforms and enhanced new retail strategies [13] Distributor Network - The company added 116 new distributors in 2024, bringing the total to 6,707, indicating a recovery and expansion of its distributor network [13][14] Future Outlook - The company is focusing on enhancing its overall supply chain capabilities, aiming for double-digit revenue and profit growth as part of its "Four-Five Plan" [14][15]