Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company focuses on biodegradable and green low-carbon industries, emphasizing innovation, biodegradability, low carbon, intelligence, and globalization in its development strategy [4] - The company has a complete industrial chain and strong product line advantages, enhancing its competitive edge and ability to meet customer demands [2] - The company has established long-term partnerships with leading global food and beverage brands, which enhances its brand image and supports the development of biodegradable products [3] Financial Performance - In the first half of 2025, the company's revenue reached 900 million, a year-on-year increase of 19%, while the net profit attributable to the parent company was 130 million, an increase of 20% [1] - The revenue from biodegradable products was 400 million, a year-on-year increase of 4%, with a gross margin of 29%, down 2 percentage points [1] - The revenue from non-biodegradable products was 400 million, a year-on-year increase of 38%, with a gross margin of 19%, down 1 percentage point [1] Financial Forecasts - The company expects net profits attributable to the parent company for 2025, 2026, and 2027 to be 263.2 million, 320.38 million, and 388.06 million respectively, with corresponding EPS of 1.78, 2.17, and 2.62 [5][4] - The projected revenue for 2025 is 1.9 billion, with a growth rate of 19.23% [5] - The company maintains a PE ratio of 30 for 2025, decreasing to 20 by 2027 [5]
恒鑫生活（301501）：上半年内销收入快速增长