YKA(SZ:300999) Western Securities·2025-08-14 07:15Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company reported a significant year-on-year increase in performance for the first half of 2025, with revenue and net profit reaching 115.68 billion and 1.76 billion yuan, respectively, representing growth of 5.67% and 60.07% [1][5] - The growth in sales volume and the decline in costs were the main drivers behind the strong performance [2] - The company has maintained a solid market position with steady product sales growth, leading to an upward revision of profit forecasts for 2025-2027 [3] Summary by Sections Financial Performance - In H1 2025, the kitchen food and feed raw materials and oil technology business generated revenues of 71.55 billion and 43.18 billion yuan, respectively, with year-on-year growth of 2.69% and 10.81% [2] - Sales volumes for kitchen food and feed raw materials were 11.87 million and 14.68 million tons, reflecting increases of 4.37% and 21.02% year-on-year [2] - The average selling prices for kitchen food and feed raw materials decreased by 1.61% and 8.43% year-on-year due to lower raw material prices [2] Profitability - The gross margin improved significantly, with H1 2025 and Q2 2025 gross margins at 6.53% and 6.24%, respectively, up by 1.63 percentage points and 1.59 percentage points year-on-year [3] - The company’s expense ratios remained stable, with a slight decrease in selling and administrative expense ratios due to revenue growth diluting expenses [3] Future Projections - The profit forecast for 2025-2027 has been slightly adjusted upwards, with expected net profits of 3.31 billion, 3.54 billion, and 4.22 billion yuan, representing year-on-year growth of 32.2%, 6.9%, and 19.2%, respectively [3][4] - The corresponding price-to-earnings ratios for these years are projected to be 52, 48, and 41 times [3][4]