展望2025年，康师傅希望2025年营收将稳定成长，且净利润率将持续改善。该公司目标是透过组合升级、2024年定价行动的成果和营运效率的提高，在2025年重回之前的净利润高峰（公司于2020年约40亿人民币以上）；管理阶层强调，长期推动利润率扩大是首要任务，目标是将净利润率提高一倍。Goldman Sachs released a research report stating that TINGYI (00322) has a "neutral" rating, with a Target Price of 10.6 HKD. The firm cited TINGYI's management indicating that last year's sales may have been impacted by price increases (instant noodle prices were raised starting in October last year), but estimated that last year's net income growth target (10% to 15%) has upside potential.
The firm expects TINGYI's revenue performance in the fourth quarter to exceed that of the third quarter last year, with positive growth in sales volume of Carbonated Drinks/instant noodles compared to the same period last year; as the price of flour declined both quarterly and year-on-year in the fourth quarter, raw material costs had a positive impact on profit margins, offsetting the impact of rising palm oil prices.
Goldman Sachs noted that TINGYI's market share for instant noodles is still declining in the fourth quarter (although the decline is less than in the previous quarter), while the growth in beverage sales mainly comes from the 500 ml regular packaging, offsetting the impact of price increases on the decline in sales of 1-liter large packaging beverages.
Looking ahead to 2025, TINGYI hopes that revenue will grow steadily, and that net income margins will continue to improve. The company's goal is to return to previous net income peaks (around 4 billion RMB in 2020) through product upgrades, the results of pricing actions in 2024, and improved operational efficiency; management emphasized that the primary goal is to expand profit margins in the long term, aiming to double the net income margins.
