Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance exceeded expectations, with a focus on both product and channel development [8] - The company achieved a revenue of 34.83 billion yuan in H1 2025, representing a year-on-year increase of 18.5%, and a net profit of 7.36 billion yuan, also up 18.5% year-on-year [8] - The company is expected to benefit from the ongoing trend of konjac products and continuous improvement in channel efficiency, with significant growth potential in overseas markets [8] Financial Forecasts - Total revenue projections for the company are as follows: - 2023: 4,887 million yuan - 2024: 6,266 million yuan (up 28.22% year-on-year) - 2025: 7,274 million yuan (up 16.08% year-on-year) - 2026: 8,381 million yuan (up 15.22% year-on-year) - 2027: 9,504 million yuan (up 13.40% year-on-year) [1][9] - Net profit projections are as follows: - 2023: 880.35 million yuan - 2024: 1,068.51 million yuan (up 21.37% year-on-year) - 2025: 1,462.77 million yuan (up 36.90% year-on-year) - 2026: 1,719.66 million yuan (up 17.56% year-on-year) - 2027: 1,962.70 million yuan (up 14.13% year-on-year) [1][9] - The expected EPS for the years 2025 to 2027 are 0.60 yuan, 0.71 yuan, and 0.81 yuan respectively [1][9] Market Data - The closing price of the company's stock is 13.30 HKD, with a market capitalization of approximately 29,440.32 million HKD [6] - The company has a price-to-earnings (P/E) ratio of 30.54 for 2023, decreasing to 18.38 for 2025 and further to 13.70 for 2027 [1][9]
卫龙美味（09985）：业绩超预期，产品渠道两手抓