洽洽食品（002557）：高势能渠道有望带来新增长

Investment Rating - The report maintains an "Accumulate" rating for the company, predicting a relative increase of 5% to 15% compared to the CSI 300 index over the next six months [12]. Core Views - The company reported a revenue of 2.752 billion yuan for the first half of 2025, a year-on-year decrease of 5.05%, and a net profit attributable to shareholders of 89 million yuan, down 73.68% year-on-year [5]. - Revenue from the core product categories, sunflower seeds and nuts, decreased year-on-year, attributed to the aging of traditional sales channels rather than a decline in demand [7]. - The company is strengthening partnerships with emerging high-potential channels, which are expected to drive growth in core product categories [7]. - The increase in costs for core raw materials has negatively impacted profit margins, with the overall gross margin declining by 8.1 percentage points to 20.31% [7]. - E-commerce sales grew significantly, with revenue reaching 451 million yuan, a year-on-year increase of 24.79%, and the e-commerce channel's revenue share rising from 12.47% to 16.38% [7]. - The report forecasts earnings per share of 0.83 yuan, 1.29 yuan, and 1.61 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 26.94, 17.4, and 13.94 [8]. Summary by Sections Financial Performance - The company achieved a revenue of 2.752 billion yuan in H1 2025, down 5.05% year-on-year, with core categories sunflower seeds and nuts generating revenues of 1.772 billion yuan and 614 million yuan, respectively, both showing declines [5][7]. - The gross margin for sunflower seeds fell by 7.67 percentage points to 20.93%, while nuts saw a decline of 13.95 percentage points to 14.77% [7]. - The overall gross margin decreased to 20.31%, reflecting significant profit margin pressure due to rising costs [7]. Market Position and Strategy - The company is focusing on enhancing its collaboration with new high-potential sales channels to counteract the decline in traditional channels [7]. - E-commerce is emerging as a strong growth area, contributing to revenue diversification and reducing reliance on single sales channels [7]. Future Projections - The report projects a gradual recovery in earnings, with expected EPS growth in the coming years, indicating a potential rebound in profitability [8].