SMAC(SH:600073) Great Wall Securities·2025-09-03 11:12Investment Rating - The investment rating for the company is "Accumulate" [5] Core Viewpoints - The company's beef and lamb business showed strong performance, contributing significantly to revenue growth, while the pork segment faced challenges due to declining prices and market competition [2][3] - The company is focusing on high-quality protein meat integration and aims for long-term growth through supply chain collaboration and product upgrades [3][4] Financial Performance Summary - In 2025H1, the company achieved revenue of 12.07 billion yuan, a year-on-year increase of 4.03%, with net profit attributable to shareholders at 176 million yuan, a decrease of 30.52% year-on-year [2][3] - The revenue breakdown for 2025H1 shows the beef and lamb business generated 7.39 billion yuan (up 11.31% year-on-year), while the pork segment saw declines in revenue across various categories [2] - The company's gross margin and net margin for 2025H1 were 11.91% and 1.46%, respectively, with operating expenses showing mixed trends [3] Future Projections - The company is projected to achieve revenues of 23.22 billion yuan, 25.73 billion yuan, and 28.01 billion yuan for the years 2025, 2026, and 2027, respectively, with expected growth rates of 5.6%, 10.8%, and 8.9% [4][9] - The net profit attributable to shareholders is expected to grow significantly from 366 million yuan in 2025 to 503 million yuan in 2027, reflecting a compound annual growth rate [9]