开润股份（300577）：25H1主业利润靓丽增长，逆势展现成长势头

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company demonstrated strong growth in operating net profit, with a 23% increase in H1 2025, despite a decline in net profit due to one-time investment income from the fair value reassessment of Shanghai Jiale [1][4] - The company's revenue reached 2.427 billion yuan in H1 2025, a year-on-year increase of 32.5%, while the net profit attributable to the parent company was 187 million yuan, down 24.8% year-on-year [1] - The company is expected to achieve double-digit growth in OEM revenue, driven by its production capacity advantages in Indonesia and an expanding client base [4] Summary by Sections OEM Manufacturing - In H1 2025, OEM manufacturing revenue was 2.098 billion yuan, up 37.2% year-on-year, with bag manufacturing revenue at 1.419 billion yuan (up 13.0%) and apparel manufacturing revenue at 679 million yuan (up 148.3%) [2] - The gross margin for OEM manufacturing was 24.67%, an increase of 0.96 percentage points year-on-year, with apparel gross margin significantly improving due to enhanced management and integration [2] Brand Operations - Brand operations revenue was 306 million yuan in H1 2025, an increase of 8.9% year-on-year, with distribution revenue at 251 million yuan (up 28.3%) and online revenue at 55 million yuan (down 35.4%) [3] - The gross margin for brand operations was 24.14%, a decrease of 1.10 percentage points year-on-year, but is expected to recover as new products are launched and channels are optimized [3] Financial Forecast and Investment Recommendations - The company is projected to achieve revenues of 5.164 billion yuan, 5.916 billion yuan, and 6.776 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 21.8%, 14.6%, and 14.5% [4] - The net profit attributable to the parent company is expected to be 372.4 million yuan, 459.2 million yuan, and 558.8 million yuan for the same years, with growth rates of -2.3%, 23.3%, and 21.7% respectively [4]