Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][16] Core Views - The company achieved a total revenue of 8.315 billion yuan in Q1 2025, representing a year-on-year growth of 8.08%, and a net profit attributable to the parent company of 2.202 billion yuan, up 14.77% year-on-year [1][8] - The company maintains a strong growth trajectory in its soy sauce segment, with revenue from soy sauce, oyster sauce, seasoning sauce, and others reaching 4.42 billion, 1.36 billion, 0.91 billion, and 1.29 billion yuan respectively, with year-on-year growth rates of 8%, 6%, 14%, and 21% [1][8] - The company has effectively adjusted its offline channels, with offline and online revenues of 7.56 billion and 0.42 billion yuan respectively, showing year-on-year growth of 9% and 43% [1][8] - The gross profit margin for Q1 2025 was 40.0%, an increase of 2.7 percentage points year-on-year, indicating a significant cost advantage from raw materials [2][9] - The company’s net profit margin (excluding non-recurring items) reached 25.8%, the highest quarterly level since Q1 2022, reflecting effective cost control despite increased competition in the seasoning industry [2][9] Financial Forecasts - The company is expected to achieve total revenues of 29.675 billion, 32.440 billion, and 35.152 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 10.3%, 9.3%, and 8.4% [3][14] - The net profit attributable to the parent company is projected to be 7.141 billion, 7.790 billion, and 8.462 billion yuan for the same years, with year-on-year growth rates of 12.6%, 9.1%, and 8.6% [3][14] - The earnings per share (EPS) are forecasted to be 1.28, 1.40, and 1.52 yuan for 2025, 2026, and 2027 respectively [3][14] - The current stock price corresponds to price-to-earnings (PE) ratios of 33.1, 30.3, and 27.9 for the next three years [3][14]