研报掘金丨华鑫证券：维持洋河股份“买入”评级，改革有望逐渐释放积极成效

Core Viewpoint - Yanghe Brewery's net profit attributable to shareholders for H1 2025 is projected to be 4.344 billion yuan, representing a 45% decrease year-on-year, with Q2 net profit at 707 million yuan, down 63% year-on-year [1] Financial Performance - For H1 2025, the company's revenue from domestic and external markets is 7.121 billion yuan and 7.392 billion yuan respectively, reflecting a decrease of 26% and 43% year-on-year [1] - The company has seen a faster pace of inventory destocking in the domestic market compared to the external market, leading to better performance domestically [1] Strategic Adjustments - The company is entering a deep reform phase, actively adjusting its growth strategy by slowing down operations [1] - Recent management changes have been implemented, and the company plans to continue controlling inventory and stabilizing prices to alleviate channel pressures [1] Future Outlook - The company is expected to gradually release positive results from its reforms, supported by brand strength [1] - Earnings per share (EPS) forecasts for 2025-2027 are 2.42 yuan, 2.60 yuan, and 2.89 yuan respectively, with current stock prices corresponding to price-to-earnings (PE) ratios of 31, 28, and 26 times [1]