Investment Rating - The report assigns a "Buy" rating for the company [11]. Core Views - The company focuses on core product areas in the C-end market while actively expanding its B-end customer base, indicating strong growth potential [7][10]. - The company has successfully implemented vacuum packaging technology for industrial clients, which has helped reduce logistics costs for clients on platforms like Temu [7]. - The company is pursuing both operational and brand expansion overseas, with significant growth in external sales, particularly through channels like Amazon [8][10]. Financial Performance - In H1 2025, the company achieved revenue of 577 million yuan, a year-on-year increase of 6.21%, while net profit attributable to the parent company was 40 million yuan, a decrease of 21.86% [6]. - The company's gross margin for H1 2025 was 56.24%, down 2.93 percentage points year-on-year, with a net profit margin of 7.01%, down 2.52 percentage points year-on-year [10]. - The company forecasts revenue growth from 1.124 billion yuan in 2025 to 1.678 billion yuan in 2027, with net profit expected to rise from 96 million yuan to 143 million yuan in the same period [9][11]. Business Strategy - The company is enhancing its B-end business capabilities and expanding into new industrial markets, with a focus on advanced functional materials [7][10]. - The company has seen a 235% year-on-year growth in its domestic B-end business and a 26% increase in its business with IKEA [7]. - The company is actively developing markets in Europe, South America, and Southeast Asia to sustain growth in its overseas business [8].
太力科技（301595）：C端聚焦核心产品领域，看好B端高增长潜力