GANYUAN FOODS CO.(SZ:002991) EBSCN·2025-09-02 06:45Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a decline in revenue and net profit for the first half of 2025, with revenue at 945 million yuan, down 9.34% year-on-year, and net profit at 75 million yuan, down 55.20% year-on-year [1] - The company is optimizing inefficient businesses and experiencing good growth in overseas markets, with significant revenue contributions from new product launches and a focus on high-quality channels [2] - Rising costs of raw materials and increased expenses are impacting profitability, with a gross margin of 33.61% for the first half of 2025 [3] - The profit forecast for 2025-2027 has been revised downwards due to ongoing brand investment, with expected net profits of 249 million, 343 million, and 392 million yuan respectively [4] Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 945 million yuan, a decrease of 9.34% year-on-year, and a net profit of 75 million yuan, down 55.20% year-on-year [1] - For Q2 2025, revenue was 441 million yuan, a decline of 3.37% year-on-year, and net profit was 22 million yuan, down 70.96% year-on-year [1] Product and Market Analysis - Revenue by product category in H1 2025: green peas (234 million yuan, -1.56%), sunflower seeds (125 million yuan, -9.51%), broad beans (125 million yuan, +2.11%), mixed nuts and beans (273 million yuan, -19.92%), and other series (175 million yuan, -11.50%) [2] - Revenue by channel: distribution (696 million yuan, -19.84%), e-commerce (153 million yuan, +12.42%), direct sales (83 million yuan, +154.63%) [2] - Revenue by region: East China (285 million yuan, +3.57%), Southwest (122 million yuan, -29.76%), Central China (110 million yuan, -31.49%), North China (73 million yuan, -39.85%), South China (93 million yuan, +27.26%), Northwest (30 million yuan, -34.65%), Northeast (22 million yuan, -35.73%), and overseas (44 million yuan, +162.92%) [2] Cost and Profitability - The gross margin for H1 2025 was 33.61%, with a decrease in Q2 to 32.79% [3] - The increase in sales expense ratio to 18.56% in H1 2025 and 19.97% in Q2 2025 reflects higher brand investment and personnel costs [3] - The net profit margin for H1 2025 was 7.89%, dropping to 4.95% in Q2 2025 [3] Profit Forecast and Valuation - The net profit forecast for 2025-2027 has been adjusted to 249 million, 343 million, and 392 million yuan, with corresponding EPS of 2.67, 3.68, and 4.20 yuan [4] - The current stock price corresponds to P/E ratios of 22, 16, and 14 for 2025-2027 [4]