有友食品(603697)：成长亮眼 利润提速

Core Viewpoint - Youyou Foods achieved significant revenue growth in H1 2025, with a revenue of 770 million yuan, representing a year-on-year increase of 45.6%, and a net profit of 110 million yuan, up 42.5% year-on-year, indicating strong performance across new channels [1][2]. Group 1: Financial Performance - In H1 2025, Youyou Foods reported a revenue of 770 million yuan, a year-on-year increase of 45.6%, and a net profit of 110 million yuan, up 42.5% year-on-year [1][2]. - In Q2 2025, revenue reached 390 million yuan, reflecting a year-on-year growth of 52.4%, with net profit increasing by 77.0% to 60 million yuan [1][2]. - The company plans to distribute a mid-term dividend of 98.369 million yuan, achieving a dividend payout ratio of 90.7% [1]. Group 2: Channel Expansion and Growth Drivers - The rapid expansion of new channels, including membership stores and e-commerce, has significantly supported revenue growth [2]. - In Q2 2025, offline channel revenue grew by 49.1% to 360 million yuan, with strong sales of products like the Sam's Club duck feet [2]. - Online channel revenue surged by 153.3% to 24.375 million yuan, indicating successful e-commerce operations, although online sales accounted for only 6.3% of total revenue, suggesting further growth potential [2]. Group 3: Profitability and Cost Structure - The gross margin for H1 2025 decreased by 3.3 percentage points to 27.6%, while the net profit margin remained relatively stable at 14.1% [3]. - In Q2 2025, the gross margin was 28.0%, with a net profit margin of 15.0%, reflecting effective cost control despite changes in channel structure [3]. - The company managed to maintain stable sales and management expense ratios, with sales expenses decreasing by 4.1 percentage points to 8.0% in Q2 2025 [3]. Group 4: Future Outlook and Investment Potential - Youyou Foods is in the early stages of channel expansion, with significant growth potential in new channels like Sam's Club and e-commerce [4]. - The company is expected to achieve revenue growth of 38.5%, 26.8%, and 16.7% from 2025 to 2027, reaching 1.64 billion, 2.08 billion, and 2.42 billion yuan, respectively [4]. - Net profit is projected to grow by 44.6%, 24.8%, and 20.3% during the same period, reaching 230 million, 280 million, and 340 million yuan, respectively [4].