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]

本报告导读： 餐饮弱复苏下，行业需求承压的同时竞争也较为激烈，导致公司业绩承压，公司持续在新零售渠道、菜 肴及烘焙类产品发力，期待后续经营改善。 投资要点： 2024 年分渠道看，直营8.09 亿元/+4.34%、经销10.51 亿元/-6.04%，经销预计主要受餐饮需求较弱影 响。2025 年公司将加大冷冻调理菜肴类、烘焙甜品类产品销售，预计将继续为公司贡献显著增量。 风险提示。竞争加剧，市场拓展不顺，材料价格波动等。 竞争激烈，业绩承压。在餐饮弱复苏、竞争激烈的行业背景下，公司经营承压，其中2024 全年公司营 收18.68 亿元同比-1.71%，归母净利润0.84 亿元，同比-37.67%，扣非后归母净利润0.83 亿元，同 比-32.57%。其中2024Q4 公司营收5.04 亿元，同比-11.93%，归母净利润0.02 亿元，同比-94.65%，扣非 归母净利润0.01 亿元，同比-96.42%。2025Q1 营收4.7 亿元，同比+1.5%，归母净利润0.21 亿元，同 比-37.98%，扣非归母净利润0.21 亿元，同比-37.71%。 毛利率下降、销售费用率提升，利润率延续下降。2024Q4 ...

Core Viewpoint - Qianwei Yangchu reported a slight decline in revenue and a significant drop in net profit for 2024, indicating challenges in maintaining profitability amidst rising sales expenses and declining gross margins in key product categories [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 1.868 billion yuan, a year-on-year decrease of 1.71%, and a net profit of 82 million yuan, down 32.57% year-on-year [1]. - For Q1 2025, operating revenue was 470 million yuan, reflecting a 1.5% year-on-year growth, while net profit continued to decline by 37.71% to 20 million yuan [1]. - The overall gross margin for 2024 was 23.38%, a slight decrease of 0.03% year-on-year [2]. Product Segment Performance - The main product categories include staple foods, snacks, baked goods, and frozen prepared dishes. The staple food segment generated 913 million yuan in revenue, down 6.88%, but with a gross margin increase to 26.97% [2]. - The snack segment saw a revenue decline of 13.79% to 438 million yuan, with a gross margin of 19.76%, down 0.39% [2]. - The frozen prepared dishes segment experienced significant growth, with revenue increasing by 273.39% to 141 million yuan and a gross margin of 14.87%, up 1.78% [2]. Sales Channel Analysis - Direct sales channels generated 808 million yuan, a 4.34% increase, but with a gross margin of 20.02%, down 0.99% [2]. - Distribution channels accounted for 1.05 billion yuan in revenue, a decrease of 6.04%, while the gross margin improved to 25.97%, up 0.91% [2][4]. Expense Trends - Sales expenses for 2024 reached 100 million yuan, a 13.33% increase, with a sales expense ratio of 5.40%, up 0.72 percentage points [5]. - In Q1 2025, sales expenses surged by 38.12% to 37 million yuan, resulting in a sales expense ratio of 8.01%, an increase of 2.12 percentage points [5].