宝立食品（603170）：空刻持续创新拓展，首次中期分红回馈股东

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][11] Core Views - The company achieved a total revenue of 1.38 billion yuan in the first half of 2025, representing a year-on-year growth of 8.39%, and a net profit of 112 million yuan, up 12.14% year-on-year [6][2] - In Q2 2025, the company reported a revenue of 711 million yuan, with a year-on-year increase of 9.54%, and a net profit of 59 million yuan, reflecting a growth of 22.31% year-on-year [6][2] - The company is focusing on product innovation in the C-end market and actively expanding into emerging sales channels, with notable revenue growth in compound seasonings and light cooking solutions [7][2] Financial Performance Summary - The gross margin for Q2 2025 was 24.7%, an increase of 2.6 percentage points year-on-year, primarily due to changes in product structure [2][7] - The company plans to distribute a cash dividend of 56 million yuan for the first half of 2025, with a dividend payout ratio of approximately 48% [2][7] - The company has made significant progress in its supply chain layout, with the Shandong Baoxin food seasoning base officially starting production in the first half of 2025, enhancing capacity in the semi-solid seasoning sector [9][11] Revenue and Profit Forecast - The revenue forecast for 2025-2027 has been slightly adjusted to 2.90 billion, 3.25 billion, and 3.58 billion yuan respectively, with year-on-year growth rates of 9.5%, 11.9%, and 10.1% [3][11] - The net profit forecast for the same period is 270 million, 310 million, and 340 million yuan, with year-on-year growth rates of 14.8%, 15.2%, and 10.8% [3][11] - The earnings per share (EPS) are projected to be 0.67, 0.77, and 0.85 yuan for 2025, 2026, and 2027 respectively [3][11]