SYG(SZ:300740) Jianghai Securities·2025-09-15 09:45Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a revenue of 2.5 billion yuan for the first half of 2025, representing a year-on-year growth of 9.02%. The net profit attributable to the parent company was 123 million yuan, up 16.54% year-on-year [5] - The company continues to focus on high-end self-owned brands, with significant growth in its product lines, particularly in skincare [11] - The gross margin improved to 64.61%, an increase of 3.13 percentage points, while the net margin slightly increased to 4.94%, up 0.17 percentage points [11] Financial Performance - For the first half of 2025, the company achieved a revenue of 2.5 billion yuan, with a net profit of 123 million yuan, and a non-recurring net profit of 121 million yuan [5] - The second quarter of 2025 saw a revenue of 1.414 billion yuan, a year-on-year increase of 12.16%, and a net profit of 81 million yuan, up 23.76% year-on-year [5] - The company expects revenues of 4.69 billion yuan, 5.22 billion yuan, and 5.85 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 10.67%, 11.32%, and 12.06% [11] Brand and Product Development - The company’s self-owned brands generated 1.039 billion yuan in revenue, accounting for 41.55% of total revenue, with a gross margin of 76.83% [11] - The product categories of water emulsion cream and masks achieved revenues of 1.997 billion yuan and 423 million yuan, respectively, with year-on-year growth rates of 11.70% and 17.96% [11] - The company plans to open 50 SPA stores nationwide by 2027 to enhance its offline presence [11] Valuation and Investment Recommendations - The current market capitalization corresponds to a price-to-earnings ratio (P/E) of 31.3, 26.5, and 22.8 for the years 2025, 2026, and 2027 respectively [11] - The company is expected to see a significant increase in net profit, with projections of 275 million yuan, 325 million yuan, and 377 million yuan for 2025, 2026, and 2027, reflecting growth rates of 149.9%, 18.3%, and 16.0% [11]