Group 1 - The core viewpoint of the report is that the company maintains its net profit forecasts for 2025 and 2026 at 1.41 billion and 1.71 billion HKD respectively, with a current stock price corresponding to 25.1 and 20.4 times the P/E ratio for those years [1] - The company announced a placement plan to issue 80 million shares at a price of 14.72 HKD per share, which represents approximately 3.40% of the total shares outstanding as of the announcement date [2] - The total proceeds from the placement are expected to be around 1.1776 billion HKD, with net proceeds estimated at approximately 1.167 billion HKD after deducting commissions and estimated expenses [2] Group 2 - The company plans to use about 50% of the proceeds to expand and upgrade its production facilities and supply chain, 20% to further develop its sales and distribution network, 20% for brand building, and 10% for other general corporate purposes [2] - The company is expected to maintain a rapid revenue growth trend through multi-channel expansion and product diversification, including new packaging and flavors [3] - Although the company may face some pressure on gross margin due to rising prices of konjac powder and channel structure impacts, overall net profit margin is expected to remain stable due to efficiency improvements and revenue growth [3]
中金：维持卫龙美味(09985)“跑赢行业”评级 目标价17.5港元