Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company achieved a year-on-year revenue growth of 11.32% in H1 2025, with total revenue reaching 390 million yuan and a net profit of 30.46 million yuan, reflecting a decline of 12.07% year-on-year [7] - The company’s gross profit margin was 20.9%, down by 1.5 percentage points year-on-year, with a net profit margin of 6.9%, down by 3.2 percentage points year-on-year [7] - The company’s overseas revenue grew by 19% year-on-year, while the domestic market saw a decline in certain product categories, prompting the launch of a new brand to target niche markets [5][7] Financial Performance Summary - In H1 2025, the company’s main grain product revenue increased by 40% to 59.46 million yuan, with a gross margin improvement of 5 percentage points [7] - The company’s revenue from meat jerky products was 220 million yuan, accounting for 57.75% of total revenue, with a gross margin of 23.4% [7] - The company’s revenue from canned products increased by 61.13% to 34.17 million yuan, while revenue from meat powder products decreased by 9.72% to 48.495 million yuan [7] - The company’s projected net profits for 2025-2027 are estimated at 81 million, 98 million, and 120 million yuan respectively, with corresponding P/E ratios of 29.7, 24.6, and 20.0 [8]
路斯股份（832419）：境外收入同比增长19%，国内推出新品牌精准覆盖细分市场