RICHEN(SH:603755) Changjiang Securities·2025-09-09 14:42Investment Rating - The report maintains a "Buy" rating for the company [8] Core Insights - In the first half of 2025, the company achieved total revenue of 204 million yuan, an increase of 8.63%, and a net profit attributable to shareholders of 35.23 million yuan, up 22.64% [2][4] - The company experienced steady growth in the restaurant sector, while the retail sector showed significant expansion [5][7] - The company is focusing on enhancing product development and expanding new channels to capture market share in the restaurant and food processing sectors [7] Revenue Breakdown - Direct sales revenue reached 202 million yuan in the first half of 2025, a year-on-year increase of 10.57%, while restaurant revenue was 96 million yuan, up 6.38% [5] - Brand customization revenue grew significantly by 24.51% to 31 million yuan, while direct supermarket revenue surged by 382.56% to 4 million yuan [5] Profitability Analysis - The company's net profit margin improved by 1.98 percentage points to 17.3% in the first half of 2025, with a gross margin increase of 0.11 percentage points to 38.27% [6] - Cost reductions in raw materials contributed to the improvement in gross margin, with the original business's gross margin increasing by approximately 1.66 percentage points after excluding the impact of new business [6] Future Outlook - The company is expected to achieve net profits of 75 million yuan and 90 million yuan in 2025 and 2026, respectively, corresponding to price-earnings ratios of 36 and 30 times [7]