Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to face short-term profit pressure in 2024, but stable growth is anticipated in 2025 [1][5] - The revenue for 2024 is projected at 2.39 billion yuan, with a slight decline of 2.6% year-on-year, while the net profit is expected to be 800 million yuan, down 3.3% year-on-year [4][9] - The company has made adjustments to its profit forecasts for 2025-2027, predicting net profits of 890 million, 960 million, and 1.04 billion yuan respectively, reflecting growth rates of 11.6%, 7.8%, and 7.6% [4][9] Summary by Sections Financial Performance - The company's revenue and net profit for Q4 2024 are expected to be 420 million yuan and 130 million yuan respectively, showing declines of 14.8% and 23.1% year-on-year [4][5] - The gross margin for 2024 is projected to be 50.99%, a slight increase of 0.27 percentage points year-on-year [6] Market Strategy - The company has introduced a new 60g product priced at 2 yuan to enhance its product range, which has shown positive results [5] - In Q3 2024, the company implemented sales policy support and a "targeted explosion" project to boost terminal sales [5] Future Outlook - For 2025, the company aims for an 8% revenue growth and a gross margin of 51.78%, an increase of 0.79 percentage points year-on-year [7] - The company anticipates a slight decrease in procurement prices for green vegetables, which may stabilize costs [7] Valuation Metrics - The current stock price corresponds to a price-to-earnings ratio of 17.4 for 2025, 16.1 for 2026, and 15.0 for 2027 [4][9] - The projected earnings per share for 2025 is 0.77 yuan, increasing to 0.90 yuan by 2027 [9][11]

Investment Rating - Investment Rating: Buy (Maintain) [1] Core Views - The company is expected to face short-term profit pressure in 2024, but stable growth is anticipated in 2025 [4][5] - The revenue for 2024 is projected at 2.39 billion yuan, with a net profit of 800 million yuan, reflecting a year-on-year decline of 2.6% and 3.3% respectively [4][6] - The company has adjusted its profit forecasts for 2025-2026, now expecting net profits of 890 million yuan and 960 million yuan, representing year-on-year growth of 11.6% and 7.8% respectively [4][6] Financial Summary - 2024 Revenue: 2.39 billion yuan, Net Profit: 800 million yuan [4][9] - 2025 Estimated Revenue: 2.59 billion yuan, Net Profit: 892 million yuan [9] - 2024 Gross Margin: 51.0%, expected to increase to 51.8% in 2025 [9][10] - 2024 Operating Expenses: Sales, management, and R&D expenses increased by 0.20, 0.35, and 0.20 percentage points respectively [6][9] Market Outlook - The company plans to achieve an 8% revenue growth in 2025, with a gross margin of 51.78% [7] - The company has implemented several reforms to support sales, including launching a new product line and enhancing marketing strategies [5][6]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][17] Core Views - The company achieved a total revenue of 3.476 billion yuan in 2024, representing a year-on-year growth of 10.41%, with a net profit attributable to shareholders of 625 million yuan, up 36.77% year-on-year [1][9] - The online channel maintained a high growth rate, with online revenue reaching 600 million yuan, a year-on-year increase of 51.7%, driven by the continued expansion of the "Shicui" product line [2][9] - The company's gross profit margin improved by 2.0 percentage points to 39.8% in 2024, attributed to scale effects, business structure optimization, and declining raw material prices [3][12] - The integration of the brand "Jia Dian Zi Wei" is expected to enhance the company's capabilities in the consumer market [3][15] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 34.76 billion yuan, a 10.41% increase year-on-year, and a net profit of 6.25 billion yuan, up 36.77% year-on-year [1][9] - The fourth quarter of 2024 saw revenue of 11.12 billion yuan, a 21.57% increase year-on-year, and a net profit of 1.92 billion yuan, up 41.03% year-on-year [1][9] Channel Performance - Offline and online channel revenues for 2024 were 2.87 billion yuan and 600 million yuan, respectively, with year-on-year growth of 4.4% and 51.7% [2][9] - The "Shicui" product line generated approximately 280 million yuan in revenue in 2024, achieving about 90% of its performance commitment [2][9] Operational Efficiency - The company's selling and administrative expense ratios decreased to 13.0% and 5.3%, respectively, indicating improved operational management efficiency [3][12] - The non-GAAP net profit margin increased by 3.5 percentage points to 16.3% in 2024, reflecting enhanced profitability from acquisitions and improved efficiency across channels [3][12] Future Outlook - The company has slightly raised its profit forecast, expecting revenues of 38.5 billion yuan and 42.2 billion yuan for 2025 and 2026, respectively, with year-on-year growth rates of 10.8% and 9.5% [4][15] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.66 yuan, 0.73 yuan, and 0.78 yuan, respectively [4][5]

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company emphasizes shareholder returns and anticipates cost benefits in the future. The revenue for 2024 is projected at 2.387 billion yuan, a decrease of 2.56% year-on-year, with a net profit of 799 million yuan, down 3.29% year-on-year. The company aims for a revenue target of 2.578 billion yuan in 2025, representing an 8% increase [1][4]. Financial Performance - In 2024, the company achieved revenues of 2.044 billion yuan from pickled vegetables, with a year-on-year decline of 1.5%. The revenue from other products like radishes and pickled vegetables showed significant fluctuations, with radishes increasing by 277.2% while pickled vegetables dropped by 79.5% [2]. - The gross margin for 2024 was 51.0%, an increase of 0.27 percentage points, primarily due to a 31% decrease in the purchase price of raw materials [3]. - The company reported a net profit margin of 33.5%, down 0.25 percentage points from the previous year, attributed to rising expense ratios [3]. Future Outlook - The company plans to optimize its main products and expects accelerated growth due to a low base in 2024. The successful launch of optimized packaging and materials for its main pickled vegetable products is anticipated to drive revenue growth [4]. - The company forecasts net profits for 2025-2027 to grow by 9.5%, 9.0%, and 11.4%, reaching 880 million, 950 million, and 1.06 billion yuan respectively [4]. Shareholder Returns - In 2024, the company distributed approximately 485 million yuan in cash dividends, with a payout ratio of 60.63%, marking a significant increase compared to previous years. The dividend yield stands at 2.97% [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to solidify its foundation in 2024 and prepare for steady growth in 2025, despite facing short-term challenges due to weak demand and reform impacts [5][6] - The company's revenue for 2024 is projected to be 2.408 billion yuan, a slight decrease of 1.7% year-on-year, while the net profit is expected to be 824 million yuan, down 0.3% year-on-year [4][9] - The company has implemented a pricing strategy with a new 60g product at a 2 yuan price point, which has shown positive results [5] - The company is focusing on expanding its product offerings and exploring acquisition opportunities in the pickled vegetable and compound seasoning markets [7] Financial Summary - Revenue and net profit for 2024 are forecasted at 2.408 billion yuan and 824 million yuan respectively, with a projected increase in net profit to 905 million yuan in 2025 [9] - The earnings per share (EPS) for 2024 is estimated at 0.71 yuan, with an increase to 0.78 yuan in 2025 and 0.85 yuan in 2026 [9] - The price-to-earnings (P/E) ratio is projected to be 18.8 for 2024, decreasing to 17.1 in 2025 and 15.8 in 2026 [9]