Investment Rating - The investment rating for the company is "Outperform the Market" [5][9][23] Core Views - The company reported a total revenue of 3.48 billion yuan for the first half of 2025, representing a year-on-year increase of 18.5%, with a net profit attributable to shareholders of 740 million yuan, also up 18.5% year-on-year [1][7] - The growth in revenue is primarily driven by the vegetable products segment, which saw a year-on-year increase of 44.3%, while the noodle products segment experienced a decline of 3.2% due to competitive pressures and SKU adjustments [1][9] - The company has effectively managed cost pressures through supply chain improvements, resulting in a gross margin of 47.2%, despite a year-on-year decrease of 2.6 percentage points [2][8] Revenue and Profitability - The company expects to achieve total revenues of 7.53 billion yuan, 9.06 billion yuan, and 10.78 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 20.1%, 20.4%, and 18.9% [3][9] - The net profit attributable to shareholders is projected to be 1.47 billion yuan, 1.80 billion yuan, and 2.18 billion yuan for the same years, reflecting year-on-year growth rates of 38.0%, 22.2%, and 20.9% [3][9] - The earnings per share (EPS) are expected to be 0.61 yuan, 0.74 yuan, and 0.90 yuan for 2025, 2026, and 2027, respectively [3][9] Financial Metrics - The company has maintained a net profit margin of 21.1% for the first half of 2025, which is significantly better than previous guidance [2][8] - The price-to-earnings (PE) ratios for the years 2025, 2026, and 2027 are projected to be 20, 17, and 14 times, respectively [3][9] - The company has a dividend payout ratio of approximately 60%, with an interim dividend of 0.18 yuan per share announced [1][7]
卫龙美味（09985）：蔬菜制品延续高增速，费率下降有效对冲成本压力