RYC(SZ:003010) Shenwan Hongyuan Securities·2025-08-20 09:45Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Insights - The company has shown strong revenue growth driven by its own brand explosion, with a revenue of 1.319 billion yuan in H1 2025, representing a year-on-year increase of 67.55% [8] - The net profit attributable to the parent company for H1 2025 reached 72 million yuan, up 85.60% year-on-year, indicating that profit growth outpaced revenue growth [8] - The company is focusing on global expansion and has initiated a share buyback plan of 100-200 million yuan to enhance investor confidence [8] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 3.014 billion yuan, with a year-on-year growth rate of 70.7% [7] - The net profit attributable to the parent company is projected to be 180 million yuan in 2025, reflecting a growth rate of 70.6% [7] - The gross margin is expected to be 49.4% in 2025, with a return on equity (ROE) of 14.3% [7] Performance Highlights - The company's self-owned brands generated revenue of 603 million yuan in H1 2025, a staggering increase of 242.42% year-on-year, accounting for 45.75% of total revenue [8] - The company reported a cash dividend of 3 yuan per 10 shares, with a total cash dividend of 65.6 million yuan, representing a payout ratio of 91% [8] - The sales expense ratio was 45.40%, while the management expense ratio was 3.46% and the R&D expense ratio was 1.25% in H1 2025 [8][11]