Ge Long Hui A P P·2025-09-02 09:36Core Viewpoint - Pacific Securities report indicates that Haitian Flavor Industry achieved a net profit attributable to shareholders of 3.914 billion yuan in H1 2025, representing a year-on-year increase of 13.35% [1] - In Q2, the net profit attributable to shareholders was 1.712 billion yuan, showing a year-on-year growth of 11.57% [1] - The company continues to outperform the industry despite weak downstream restaurant demand, with a sustained double-digit growth in its main seasoning business [1] Company Performance - The company has successfully adjusted its distribution channels, transitioning from optimization and reduction of distributors to a steady expansion [1] - The sales team has been expanded, leading to a noticeable increase in market share [1] - The profitability level of the company continues to improve, indicating strong operational efficiency [1] Industry Outlook - Despite the overall industry facing challenges due to sluggish restaurant demand, the company is expected to continue leading industry growth [1] - The target price for 2026 is set at 49.7 yuan based on a 35 times price-to-earnings ratio [1] - The company maintains a "buy" rating, reflecting confidence in its future performance [1]