Workflow
中炬高新(600872):业绩持续承压,静待后续改善

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6] Core Views - The company has faced continuous pressure on its performance, with a significant decline in revenue and net profit in the first half of 2025, reporting revenue of 2.13 billion and net profit of 257 million, down 18.58% and 26.56% year-on-year respectively [1] - The soy sauce category has shown growth, with the company focusing on product innovation and health-oriented offerings, aligning with national health initiatives [1] - The company is experiencing a rapid increase in the number of distributors, with a net addition of 514 distributors in Q2 2025, bringing the total to 2,799 [2] - Despite a decline in revenue in the southern region, the company is enhancing its market position through targeted distributor management and increased coverage in key areas [2] - The gross margin has improved, reaching 39.39%, while the net margin decreased to 7.38% [2] - The company is expected to face challenges in the short term due to a slowdown in the seasoning industry and weak consumer demand, but long-term growth prospects remain optimistic under new leadership [3] Financial Summary - Revenue projections for 2025-2027 are adjusted to 4.89 billion, 5.29 billion, and 5.72 billion respectively, reflecting a year-on-year change of -11%, +8%, and +8% [3] - The forecasted net profit for the same period is 694 million, 810 million, and 909 million, with year-on-year changes of -22%, +17%, and +12% [3] - The company's financial metrics indicate a PE ratio of 22X for 2025, decreasing to 17X by 2027 [3] - The company’s gross margin is projected to improve to 41.25% by 2025, with a net margin of 14.20% [10]