有友食品(603697)：会员店渠道持续拓品 再次验证强大产品创新能力

Group 1 - The company has launched a new product, "Sour Soup Double Crisp" (muscle crisp bone and palm treasure), in the membership store channel, marking the third product launch in this channel within a year, indicating a strong product expansion capability [1] - The new product is made from chicken breast cartilage and chicken knee cartilage, rich in high protein, and utilizes a 16-hour cold marinating process with 270+ days of lactic acid bacteria fermented red sour soup [1] - The company has a strong track record of product innovation, having developed various products such as chicken feet muscle, muscle bone sticks, and customized products for membership stores, showcasing its deep R&D experience in marinating processes [1] Group 2 - The company is recognized as a leader in the marinated pepper chicken feet segment and is actively expanding into new categories, with rapid growth in membership stores and snack wholesale channels [2] - Revenue projections for the company are estimated at 1.675 billion, 2.021 billion, and 2.426 billion yuan for 2025-2027, representing year-on-year growth of 41.66%, 20.67%, and 20.02% respectively [2] - The expected net profit attributable to the parent company for 2025-2027 is projected to be 219 million, 261 million, and 317 million yuan, with year-on-year growth of 39.36%, 19.24%, and 21.32% respectively, maintaining a "recommended" rating [2]