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天佑德酒(002646):Q2营收正增长 盈利同比改善

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but showed signs of recovery in Q2 with a slight increase in revenue compared to the previous quarter [1][2]. Financial Performance - For H1 2025, the company achieved revenue of 674 million yuan, a year-on-year decrease of 11.24%, and a net profit attributable to shareholders of 51 million yuan, down 35.37% [1]. - In Q2 2025, the company recorded revenue of 242 million yuan, a year-on-year increase of 3.86%, with a net profit of -17 million yuan, an improvement from -29 million yuan in the same period last year [1][2]. Product and Sales Analysis - In H1 2025, revenue from different product lines was as follows: barley liquor 570 million yuan (down 10.79%), other barley wines 776,800 yuan (down 71.77%), and grape wine 5 million yuan (down 6.89%) [2]. - The overall sales volume of barley liquor decreased by 16.85% to 7,300 tons, while the price per ton increased by 6.75% to 92,100 yuan [2]. - Revenue from distribution channels was 512 million yuan (down 9.52%) and from direct sales was 64 million yuan (down 21.43%) [2]. Profitability Metrics - In Q2 2025, the company's gross margin was 54.96%, an increase of 3.58 percentage points year-on-year, while the net margin was -7.02%, improving by 5.31 percentage points [3]. - The reduction in management expenses contributed to the improvement in net margin, with sales expense ratio at 33.88% and management expense ratio at 14.88% [3]. Strategic Outlook - The company maintains a long-term strategy, focusing on the local market in Qinghai and expanding its product offerings to adapt to market changes [4]. - There is optimism about capturing future industry opportunities and increasing market share both locally and in surrounding areas [4]. Investment Recommendation - The investment rating is upgraded to "Buy-A" with a target price of 11.13 yuan over the next six months, anticipating revenue growth rates of 4.7%, 6.5%, and 7.1% from 2025 to 2027, and net profit growth rates of 22.9%, 9.5%, and 10.4% respectively [5].