研报掘金丨华鑫证券：维持若羽臣“买入”评级，业绩有望保持高速增长

Core Viewpoint - The report from Huaxin Securities indicates that RuYuchen is expected to see a significant improvement in profitability, with a projected gross margin increase of 11 percentage points to 56.92% in H1 2025, driven by changes in brand management and cost support strategies [1] Financial Performance - Gross margin is projected to increase by 11 percentage points to 56.92% in H1 2025 [1] - Sales and management expense ratios are expected to change, with sales expenses increasing by 11 percentage points to 45.40% and management expenses decreasing by 1 percentage point to 3.46% [1] - Net profit margin is anticipated to rise by 1 percentage point to 5.48% in H1 2025 [1] Business Strategy - The company has successfully incubated two proprietary brands in recent years, focusing on differentiated high-end fragrance home cleaning products and oral anti-aging products [1] - The brand "ZhanJia" targets the high-end fragrance market, while "FeiCui" focuses on high-potential categories like ruby oil [1] - Continued brand development and market expansion are expected to drive rapid growth in the company's performance [1] Investment Rating - The investment rating is maintained at "Buy" based on the anticipated improvements in profitability and growth prospects [1]