若羽臣（003010）：25H1业绩表现亮眼，自有品牌增势强劲

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company has shown impressive performance in H1 2025, with total revenue reaching 1.319 billion yuan, a year-on-year increase of 67.55%, and a net profit attributable to shareholders of 72 million yuan, up 85.6% year-on-year [7] - The self-owned brand business has experienced strong growth, contributing significantly to the company's revenue, with a 242.42% year-on-year increase, solidifying its leading position in the industry [7] - The company is expected to achieve revenues of 2.683 billion yuan in 2025, with a year-on-year growth rate of 51.94%, and a net profit of 170 million yuan, reflecting a growth rate of 61.38% [6][7] Summary by Sections Market Performance - Closing price as of August 20, 2025, is 59.43 yuan, with a market capitalization of 12,995.57 million yuan and a circulating market value of 9,409.18 million yuan [3] Financial Forecast and Valuation - Revenue projections for 2023 to 2027 are as follows: 1.366 billion yuan (2023), 1.766 billion yuan (2024), 2.683 billion yuan (2025E), 3.458 billion yuan (2026E), and 4.119 billion yuan (2027E) [6] - The expected net profit for the same period is: 54 million yuan (2023), 106 million yuan (2024), 170 million yuan (2025E), 224 million yuan (2026E), and 295 million yuan (2027E) [6] - The company’s P/E ratios are projected to be 239.37 (2023), 123.02 (2024), 76.23 (2025E), 57.91 (2026E), and 44.10 (2027E) [6] Business Performance - The self-owned brand business generated 603 million yuan in revenue in H1 2025, accounting for 45.75% of total revenue, with significant contributions from brands like Zhanjia and Feicui [7] - The overall gross margin improved to 56.9%, with a year-on-year increase of 11.4 percentage points, driven by the higher proportion of high-margin self-owned brand business [7] - The company’s brand management business also saw revenue growth of 52.53% in H1 2025, reaching 335 million yuan [7]