Investment Rating - The report maintains a "Buy" investment rating for the company [1][10]. Core Insights - The company demonstrated strong earnings performance with a total revenue of 3.483 billion yuan in H1 2025, representing a 19% year-on-year increase, and a net profit of 733 million yuan, up 18% year-on-year [5][10]. - The growth in performance is attributed to the company's continuous enhancement of its omnichannel strategy and brand building, along with optimization of its channel structure [5][10]. - The report highlights the company's focus on cost control, which has helped mitigate cost pressures, resulting in a stable net profit margin of 21.05% despite a slight decrease in gross margin [6][10]. Summary by Sections Financial Performance - In H1 2025, the company's gross margin decreased by 3 percentage points to 47.16% due to rising prices of konjac powder affecting the profitability of konjac products [6]. - The sales and management expense ratios decreased by 1 percentage point and 2 percentage points to 15.14% and 5.77%, respectively [6]. Product and Channel Strategy - The revenue from seasoning noodle products declined by 3% to 1.31 billion yuan, while vegetable products saw a 44% increase to 2.109 billion yuan [7]. - The company is focusing on optimizing its product offerings and enhancing channel display quality, with expectations for sales stabilization in the second half of the year [7]. - The offline channel revenue increased by 22% to 3.147 billion yuan, benefiting from the company's omnichannel strategy, while online channel revenue decreased by 4% to 336 million yuan [8]. Earnings Forecast - The report adjusts the earnings per share (EPS) forecasts for 2025-2027 to 0.57, 0.68, and 0.78 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 22, 18, and 16 times [10][12]. - The company is expected to continue benefiting from the high demand in the konjac market, with projections for steady growth in the second half of the year [10].
卫龙美味（09985）：公司事件点评报告：盈利表现亮眼，主业高质量增长