恒顺醋业(600305)：Q2收入承压 结构优化促利润率提升

Core Viewpoint - The company reported a solid performance in H1 2025, with revenue and net profit showing year-on-year growth, although Q2 faced challenges due to weak consumer demand. The company remains committed to strengthening its core business and improving profitability through ongoing reforms [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 1.13 billion, net profit of 110 million, and net profit excluding non-recurring items of 100 million, representing year-on-year increases of 12.0%, 18.1%, and 22.8% respectively [1]. - Q2 2025 saw revenue of 500 million, net profit of 50 million, and net profit excluding non-recurring items of 50 million, with year-on-year changes of -8.2%, +40.6%, and +43.9% respectively [1]. - The revenue performance in Q2 was primarily affected by subdued consumer demand, while new product categories like复调 outperformed traditional categories [1][2]. Product and Channel Analysis - In H1 2025, revenue from various product categories was as follows: vinegar 740 million, liquor 150 million, sauce 80 million, and other products 150 million, with year-on-year changes of +8.0%, -5.4%, -3.5%, and +176.6% respectively [2]. - For Q2 2025, revenue from vinegar, liquor, and sauce was 370 million, 60 million, and 40 million, showing year-on-year declines of -1.0%, -18.9%, and -29.0% respectively [2]. - Online and offline channel revenues in H1 2025 were 80 million and 420 million, with year-on-year changes of +18.7% and -12.1% [2]. Profitability and Cost Structure - The company's gross margin in H1 2025 was 38.4%, an increase of 1.9 percentage points year-on-year, with Q2 gross margin reaching 42.1%, up 9.6 percentage points year-on-year [3]. - In H1 2025, the sales and management expense ratios were 18.1% and 4.2%, reflecting year-on-year changes of +1.5 and -1.0 percentage points respectively [3]. - The net profit margin for H1 2025 was 9.8%, an increase of 0.5 percentage points year-on-year, while Q2 net profit margin was 10.8%, up 3.8 percentage points year-on-year [3]. Future Outlook and Valuation - The company is optimistic about the long-term impact of management reforms and maintains its earnings forecasts for 2025-2027, projecting EPS of 0.18, 0.20, and 0.21 respectively [4]. - The target price for 2025 is set at 10.44, based on a PE ratio of 58x, reflecting an increase from the previous target of 9.36 [4].