Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported lower-than-expected performance for the first half of 2025, with total revenue of 6.95 billion yuan, a year-on-year decline of 4.84%, and a net profit attributable to shareholders of 2.23 billion yuan, down 9.46% year-on-year [6] - The report indicates a downward revision of profit forecasts for 2025-2027 due to continued pressure from external demand, with expected net profits of 3.05 billion yuan, 3.23 billion yuan, and 3.54 billion yuan for the respective years, reflecting year-on-year changes of -10.6%, 5.9%, and 9.4% [6] - Despite the challenges, the company maintains strong brand potential, particularly with its Guo Yuan series, and its valuation remains reasonable compared to peers, justifying the "Buy" rating [6] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: 2024: 11.546 billion yuan, 2025H1: 6.951 billion yuan, 2025E: 10.716 billion yuan, 2026E: 11.276 billion yuan, 2027E: 12.214 billion yuan [5] - The expected net profit for 2025 is 3.052 billion yuan, with a projected earnings per share of 2.45 yuan [5] - The gross profit margin is expected to remain stable, with projections of 74.9% for 2025 and 75.2% for 2027 [5] Revenue Breakdown - In Q2 2025, the company reported a total revenue of 1.85 billion yuan, a significant decline of 29.7% year-on-year, with net profit dropping by 37.1% to 585 million yuan [6] - The revenue from white liquor in Q2 2025 was 1.802 billion yuan, down 30.9% year-on-year, with the A+ product category experiencing a 32.1% decline [6] - The company’s performance varied by region, with domestic revenue declining by 32.2% and accounting for 89.4% of total revenue, while external revenue decreased by 17.8% [6] Profitability Metrics - The net profit margin for Q2 2025 was 31.6%, down 3.69 percentage points year-on-year, primarily due to increased expenses and declining revenue [6] - The gross margin for Q2 2025 was reported at 72.8%, a slight decrease of 0.21 percentage points year-on-year [6] - The sales expense ratio increased to 19%, up 6.8 percentage points year-on-year, reflecting higher costs amid declining demand [6]
今世缘(603369):报表释放压力,业绩低于预期