Core Viewpoint - The stock of Yihai International (01579) has seen a nearly 5% increase, reflecting positive market sentiment despite overall industry challenges in the restaurant supply sector [1] Industry Summary - The restaurant supply industry has faced pressure due to weak recovery in recent years, leading to intensified competition driven by market share demands [1] - Price competition has resulted in diminishing marginal benefits, prompting leading companies to advocate for rational competition [1] - The profit margins in the sector showed signs of recovery in Q3 2025, indicating a potential easing of competitive pressures as the industry approaches the peak season in Q4 2025 and January 2026 [1] - The outlook for 2026 hinges on demand-side changes; a lack of significant improvement in demand may prolong the bottoming period, while notable demand recovery could lead to substantial optimization [1] Company Summary - CICC forecasts Yihai International's revenue and net profit for 2025 to increase by 0.7% and 13.9% year-on-year, reaching 6.58 billion and 840 million respectively, with a stronger performance expected in the second half of 2025 [1] - The company is expected to achieve a revenue and net profit growth of 1.2% and 23.5% year-on-year in the second half of 2025, with profits likely exceeding market expectations due to improved efficiency [1] - Since July, the company has been enhancing supply chain efficiency, yielding significant results; adjustments in distributor settlement methods have also contributed to improved gross margins [1] - The expected gross margin increase of approximately 3 percentage points in the second half of 2025 is attributed to a combination of higher factory prices and lower promotional discount intensity [1]
颐海国际午前涨近5% 餐供行业竞争延续趋缓 公司持续推进供应链端效率精进