NHD(SZ:002264) Soochow Securities·2025-08-29 11:33Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown positive momentum in non-standard products and is actively expanding its multi-platform strategy [7] - The second quarter of 2025 saw a revenue increase of 9.6%, outperforming the industry despite challenging market conditions [7] - The company is focusing on optimizing costs and enhancing profitability through non-standard product offerings and improved operational efficiency [7] Financial Forecasts - Total revenue is projected to grow from 3,676 million RMB in 2024 to 4,731 million RMB in 2027, with a compound annual growth rate (CAGR) of approximately 13.03% [1][11] - Net profit attributable to shareholders is expected to increase from 260.17 million RMB in 2024 to 498.24 million RMB in 2027, reflecting a CAGR of 25.75% [1][11] - The earnings per share (EPS) is forecasted to rise from 0.36 RMB in 2024 to 0.69 RMB in 2027 [1][11] Sales and Profitability - The company achieved a gross margin of 23.0% in Q2 2025, with a net profit margin of 7.2% [7] - The sales net profit margin improved by approximately 1.0 percentage points year-on-year, driven by better management of costs and product mix [7] - The company is implementing a large product strategy and expanding its e-commerce partnerships to enhance sales performance [7] Market Position and Strategy - The company is actively exploring new channels, business models, and product innovations to capture market growth [7] - Strategic partnerships with leading e-commerce platforms and expansion into Southeast Asian markets are part of the company's growth strategy [7] - The focus on AI and data-driven operations is expected to enhance efficiency and automate core business processes [7]