ORIENTAL YUHONG(SZ:002271) Soochow Securities·2025-07-31 23:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's mid-term performance is under pressure, with a notable decline in revenue and net profit in the first half of 2025. However, the company is accelerating its overseas acquisition strategy to enhance its international presence [1][7] - The company reported a revenue of 13.569 billion yuan in the first half of 2025, a year-on-year decrease of 10.84%, and a net profit of 564 million yuan, down 40.16% year-on-year [7] - The company is optimizing its channel structure, with significant growth in overseas revenue, which increased by 42.16% year-on-year to 576 million yuan [7] - The company is focusing on cost control, with a decrease in various expense ratios, and has shown improvement in operating cash flow [7] Financial Performance Summary - Total revenue forecast for 2023A is 32.823 billion yuan, with a projected decline to 27.228 billion yuan in 2025E, followed by a gradual increase to 30.912 billion yuan by 2027E [1][8] - The net profit attributable to the parent company is expected to drop significantly to 108 million yuan in 2024A, before rebounding to 1.495 billion yuan in 2025E and reaching 2.356 billion yuan by 2027E [1][8] - The latest diluted EPS is projected to be 0.05 yuan in 2024A, increasing to 0.99 yuan by 2027E [1][8] - The company’s P/E ratio is expected to be 265.65 in 2024A, decreasing to 12.20 by 2027E, indicating a potential recovery in profitability [1][8]