Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown resilience in its direct sales channels and is focusing on new product development and channel expansion [7][8] - The company experienced a decline in revenue and net profit in FY24, but there are signs of recovery in Q1 FY25 with a slight revenue increase [2][3] - The company is actively investing in R&D and expanding its product lines, particularly in baked goods and frozen prepared dishes, to meet customer demand [7][12] Financial Performance Summary - In FY24, the company achieved revenue of 1.868 billion, a year-on-year decrease of 1.71%, and a net profit of 84 million, down 37.67% [2][10] - The revenue for Q4 FY24 was 504 million, reflecting an 11.93% decline year-on-year, while Q1 FY25 saw revenue of 470 million, a 1.5% increase year-on-year [2] - The gross margin for FY24 was 23.66%, showing a slight decline compared to previous periods, primarily due to price adjustments in staple and snack products [4][6] Expense and Profitability Analysis - The company faced increased selling and administrative expenses, with the selling expense ratio rising significantly in Q1 FY25 due to heightened online promotion efforts [5] - The net profit margin for FY24 was 4.48%, which has been under pressure due to declining gross margins and increased expenses [6] Future Outlook - The company plans to explore C-end business opportunities and diversify sales channels, including e-commerce and traditional retail [12] - There is an expectation of improved performance as the restaurant market recovers and the company's expansion efforts take effect [8] - Revenue forecasts for FY25 and FY26 have been adjusted to 2.030 billion and 2.231 billion, respectively, with EPS estimates revised to 0.97 and 1.07 [9][10]

2025 年 5 月 22 日 晨会速递 分析师点评 市场数据 总量研究 【宏观】财政数据的三大亮点——2025 年 4 月财政数据点评 4 月份财政收支均改善，且呈现以下亮点：其一，财政支出进一步提速，基建相关分 项财政支出整体改善；其二，相较于一季度，4 月份财政收入边际改善，其中，非税 收入同比增速放缓，税收收入好转；其三，土地市场出现改善，叠加新增专项债发行 的支撑，政府性基金收入和支出均明显改善。风险提示：政策落地不及预期，重大项 目开工不及预期。 【债券】煤炭行业信用风险回溯及展望——煤炭行业债券专题研究报告 2024 年，煤炭企业营业收入回落，经营性净现金流有所下降，投资性现金流净流出 规模仍然较大。筹资性现金流仍然保持净流出态势，杠杆水平较高，债务规模增长， 但整体偿债能力仍然较强。 预计 2025 年煤炭企业盈利仍然受到制约，但总体看盈利 仍有支撑；经营性净现金流仍然相对宽裕；投资性现金流净流出持相对刚性；筹资性 净现金流保持净流出，整体信用风险仍然相对可控。 【债券】政策行托管量环比续减，其余机构增持债券——2025 年 4 月份债券托管量 数据点评 本月债券托管总量环比少增，各类型债券托 ...