有友食品（603697）：成长性延续，利润端超预期

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve revenue of 746-798 million yuan in H1 2025, representing a year-on-year increase of 40.9%-50.8% [7] - The net profit attributable to the parent company is projected to be 105-112 million yuan, a year-on-year increase of 37.9%-47.6% [7] - The company has shown strong growth potential, with new product launches contributing positively to revenue [7] - Profit margins have exceeded expectations due to improved operational efficiency and a decrease in marginal costs [7] - The earnings forecast has been revised upwards, with net profits for 2025-2027 expected to be 231.58 million, 285.29 million, and 328.92 million yuan respectively, reflecting growth rates of 47.19%, 23.19%, and 15.29% [7] Financial Summary - Total revenue for 2023 is projected at 966.21 million yuan, with a year-on-year decrease of 5.68% [1] - For 2024, total revenue is expected to rise to 1,182.33 million yuan, a growth of 22.37% [1] - The company’s net profit for 2023 is estimated at 116.16 million yuan, down 24.38% year-on-year [1] - The earnings per share (EPS) for 2023 is projected at 0.27 yuan, with a P/E ratio of 45.77 [1] - The company’s total assets are expected to be 2,047 million yuan in 2024, with a debt ratio of 15.85% [6]