研报掘金丨国海证券：维持山东赫达“买入”评级，美国基地有序推进

Core Viewpoint - Shandong Heda's net profit for H1 2025 was 113 million yuan, a year-on-year decrease of 8.71%, primarily due to a decline in the gross margin of plant capsules and an increase in management and sales expenses [1] Financial Performance - In Q2 2025, the company achieved a net profit of 68 million yuan, representing a year-on-year decline of 3.35% but a quarter-on-quarter increase of 50.5%, indicating an improvement in operational performance [1] - Revenue projections for 2025, 2026, and 2027 are estimated at 2.1 billion yuan, 2.4 billion yuan, and 2.7 billion yuan respectively, with corresponding net profits of 230 million yuan, 284 million yuan, and 355 million yuan, leading to price-to-earnings ratios of 21, 17, and 14 times [1] Strategic Initiatives - The company plans to build a plant capsule project in the U.S. with a capacity of 20 billion capsules per year, with an investment of no more than 500 million yuan, and the project is progressing as scheduled, with approximately 32% completion as of the H1 2025 report [1] - The company has managed to maintain its sales in North America without impact from tariff policies due to existing inventory support [1] Industry Context - The company is actively addressing tariff risks associated with its plant capsule exports while enhancing the integration of its cellulose ether and plant capsule industry chain [1]