Juewei Food (SH:603517) ZHONGTAI SECURITIES·2025-09-02 04:06Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Views - The company is experiencing a decline in its main business, particularly in fresh goods, and is awaiting a bottoming out of its store operations [7] - The company has adjusted its revenue and profit forecasts for 2025-2027 due to ongoing demand pressures and increased costs [7] - The company aims to improve its performance through adjustments in store and franchise operations [7] Summary by Relevant Sections Financial Performance - In H1 2025, the company achieved revenue of 2.82 billion yuan, a year-on-year decrease of 15.57%, and a net profit attributable to shareholders of 175 million yuan, down 40.71% [6] - For Q2 2025, revenue was 1.32 billion yuan, a year-on-year decline of 19.80%, with a net profit of 55 million yuan, down 57.64% [6] - The company's gross margin decreased to 29.92% in H1 2025, down 0.37 percentage points year-on-year [7] Revenue and Profit Forecasts - The company’s revenue projections for 2025-2027 are adjusted to 5.588 billion, 5.821 billion, and 6.160 billion yuan, respectively, reflecting year-on-year growth rates of -11%, 4%, and 6% [7] - The net profit attributable to shareholders is forecasted to be 337 million, 421 million, and 516 million yuan for the same period, with growth rates of 48%, 25%, and 23% [7] Earnings Per Share and Valuation Ratios - Earnings per share (EPS) are projected to be 0.56, 0.69, and 0.85 yuan for 2025, 2026, and 2027, respectively [4] - The price-to-earnings (P/E) ratios are expected to be 29.5, 23.6, and 19.3 for the same years [4]