[Table_Reportdate] 2025年05月07日 公 司 简 评 食 品 饮 料 [Table_invest] 买入（维持） 报告原因：业绩点评 ➢ 风险提示：国内市场需求不及预期、食品安全风险、原材料价格波动风险。 [盈利预测与估值简表 Table_profits] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 主营收入(百万元) | 5,303.93 | 6,803.74 | 8,263.81 | 9,755.62 | | 同比增速(%) | 28.89% | 28.28% | 21.46% | 18.05% | | 归母净利润(百万元) | 639.95 | 846.85 | 1,046.18 | 1,271.18 | | 同比增速(%) | 26.53% | 32.33% | 23.54% | 21.51% | | EPS（元/股） | 2.35 | 3.10 | 3.83 | 4.66 | | 市盈率（P/E） | 37.22 | 28.12 | 22.77 | 18.74 | | 市净率（P/ ...

2025 年 5 月 6 日 公司研究 渠道结构变化影响毛利率，费用端持续优化。毛利率方面，2024 全年/24Q4/25Q1 公司毛利率分别为 30.69%/27.62%/28.47%，25Q1 同比-3.64pcts，环比 +0.85pcts。25Q1 毛利率同比下滑主要系渠道结构变化，低毛利率的零食量贩 等渠道收入占比提高。费用端，2024 全年/24Q4/25Q1 销售费用率分别为 12.50%/11.54%/11.24%，25Q1 同比-1.76pcts，环比-0.30pcts. 2024 全年 /24Q4/25Q1 管理费用率分别为 4.13%/4.47%/3.44%，25Q1 同比-0.79pcts， 环比-1.03pcts。主要系组织架构调整下经营效率提升，带来费率的下降。综合 来看，2024 全年/24Q4/25Q1 公司归母净利率分别为 12.07%/10.18%/11.59%， 25Q1 同比-1.46pcts，环比+1.41pcts。 盈利预测、估值与评级：我们基本维持 2024-2025 年归母净利润预测为 8.55/10.25 亿元，新增 2027 年归母净利润预测为 12.25 ...

投资要点： 魔芋势能向上，海外市场打开收入空间。展望后续，我们认为公司在各个方面皆有强化。组织端，公司 根据六大品类的味型，成立了辣味、甜味、健康三个品类事业部，前后拉通了生产、产品和品牌，利于 产品聚焦。供应链端，公司积极布局上游原料，魔芋拥有从一产开始的完备供应链，且2025 年预计将 在国内和泰国继续进行产线建设。收入端，魔芋品类进行了全渠道、全球布局，国内"大魔王"势能向 上，助力公司定量流通渠道发展；海外市场将以品牌"Mowo"打通主流销售渠道，公司期望3-5 年再造 一个盐津铺子。 两大单品快速放量，品类品牌支撑增长。分品类来看，2024 年公司辣卤零食/烘焙薯类/深海零食/蛋类 零食/果干坚果/蒟蒻果冻布丁分别实现营业收入19.62/11.58/6.75/5.80/4.84/3.01 亿元， 同比 +32.4%/+17.3%/+9.1%/+81.9%/+81.5%/+39.1%，其中辣卤零食中的魔芋制品营收8.4 亿元，同比 +76.1%，魔芋及鹌鹑蛋两大单品实现高速成长。2024 年以来公司启动品类品牌战略，"大魔王"麻酱素 毛肚上市16 个月单月月销破亿；"蛋皇"鹌鹑蛋打通高势能渠道，定义高 ...

Core Insights - The company achieved a revenue of 5.304 billion yuan in FY24, representing a year-on-year increase of 28.89%, and a net profit attributable to shareholders of 640 million yuan, up 26.53% year-on-year [1] - The company is experiencing significant growth in the konjac product category, with a strong overseas expansion strategy [2][3] - The gross margin has faced pressure, but cost control measures have improved [4][5] - The company has initiated a brand strategy focusing on "Big Demon King" and "Egg Emperor," which is showing early signs of success [6] - Revenue forecasts for 2025-2027 have been adjusted upward, indicating positive growth expectations [7] Financial Performance - FY24 revenue breakdown: spicy snacks (1.962 billion yuan, +32.36%), baked potato products (1.158 billion yuan, +17.31%), deep-sea snacks (675 million yuan, +9.10%), egg snacks (580 million yuan, +81.87%), nuts (484 million yuan, +81.50%), konjac jelly pudding (301 million yuan, +39.10%), and other income (144 million yuan, -36.09%) [2] - Q1 2025 revenue reached 1.537 billion yuan, a year-on-year increase of 25.69%, with net profit attributable to shareholders at 178 million yuan, up 11.64% [1] Product and Channel Analysis - The konjac product line, particularly the "Big Demon King" brand, has driven significant growth, with a record-breaking single product sales milestone [2] - Revenue by channel in FY24: direct sales (188 million yuan, -43.72%), distribution and other channels (3.956 billion yuan, +34.01%), and e-commerce (1.159 billion yuan, +39.95%) [2] - The company aims to replicate its success in overseas markets, with over 80% of international sales currently coming from Thailand [3] Cost and Profitability - Gross margins for FY24, Q4 2024, and Q1 2025 were 30.69%, 27.62%, and 28.47%, respectively, reflecting a decline due to the rapid growth of lower-margin channels [4] - The company has improved its cost control, with sales, management, R&D, and financial expense ratios showing a decrease in FY24 compared to the previous year [4] Strategic Initiatives - The company has launched a category brand strategy, focusing on high-potential products like konjac and quail eggs, aiming for a dual-driven growth model of "products + channels" [6] - The strategic transformation has already led to the development of two major hit products, indicating a successful execution of the brand strategy [6] Investment Outlook - Revenue forecasts for 2025 and 2026 have been revised upwards to 6.594 billion yuan and 7.968 billion yuan, respectively, with a new forecast for 2027 at 9.431 billion yuan [7] - EPS estimates for 2025 and 2026 have also been increased to 3.10 yuan and 3.86 yuan, respectively, with a new estimate of 4.52 yuan for 2027 [7]