RICHEN(SH:603755) Tianfeng Securities·2025-09-12 04:15Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [3][14]. Core Views - The company achieved a revenue of 204 million yuan and a net profit of 35 million yuan in the first half of 2025, representing year-on-year growth of 8.63% and 22.64% respectively [1]. - The second quarter of 2025 saw revenues of 102 million yuan and a net profit of 18 million yuan, with year-on-year increases of 6.85% and 11.04% [1]. - The company plans to distribute a cash dividend of 19.44 million yuan, accounting for 55.17% of the net profit attributable to shareholders [1]. - The introduction of new products, particularly in the baking segment, has contributed to revenue growth, with the baking category generating 10.49 million yuan in Q2 2025 [1]. - Direct sales through supermarkets have shown significant growth, with a year-on-year increase of 898% in Q2 2025 [1]. Financial Performance Summary - The gross margin for Q2 2025 was 37.35%, a decrease of 0.71 percentage points year-on-year, while the net margin improved by 0.65 percentage points to 17.19% [2]. - The company has reduced its sales, management, and financial expense ratios, with sales expense ratio decreasing by 2.24 percentage points to 4.72% [2]. - Revenue projections for 2025-2027 are estimated at 471.31 million yuan, 545.60 million yuan, and 619.04 million yuan, reflecting growth rates of 16%, 15.76%, and 13.46% respectively [2][7]. - The net profit attributable to shareholders is projected to be 80.61 million yuan, 92.84 million yuan, and 106.80 million yuan for the same period, with growth rates of 26.24%, 15.17%, and 15.03% respectively [2][7]. Valuation Metrics - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 34X, 29.69X, and 25.81X respectively [2][7]. - The company’s total market capitalization is approximately 2.76 billion yuan [4].