Juewei Food (SH:603517) ZHESHANG SECURITIES·2025-09-08 07:13Investment Rating - The report maintains a "Buy" rating for the company [4][9] Core Views - The company is currently facing performance pressure in H1 2025, with a revenue of 2.82 billion yuan, down 15.57% year-on-year, and a net profit of 175 million yuan, down 40.71% year-on-year [9] - The report anticipates revenue for 2025-2027 to be 5.694 billion, 5.945 billion, and 6.304 billion yuan, respectively, with year-on-year changes of -9%, +4%, and +6% [2][3] - The expected net profit for the same period is projected to be 348 million, 473 million, and 528 million yuan, with year-on-year growth rates of 53%, 36%, and 12% [2][3] Financial Summary - The company's gross profit margin for H1 2025 is reported at 29.92%, a decrease of 0.37 percentage points year-on-year [9] - The expense ratios for sales, management, R&D, and financial costs in H1 2025 are 10.02%, 8.61%, 0.88%, and 0.38%, respectively, with year-on-year changes of +1.10 percentage points, +2.00 percentage points, +0.20 percentage points, and -0.03 percentage points [2][9] - The earnings per share (EPS) for 2025-2027 are expected to be 0.56, 0.76, and 0.85 yuan, corresponding to price-to-earnings (P/E) ratios of 29, 21, and 19 times [2][3]