LEHUI International(SH:603076) Hua Yuan Zheng Quan·2025-09-19 11:03Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook based on its industry-leading position in equipment business and strong momentum in fresh beer operations [5][66]. Core Views - The company is a leading manufacturer in the beer equipment sector, known for its "turnkey" capabilities, which provide comprehensive solutions from design to installation, enhancing customer loyalty [7][10]. - The fresh beer segment is expected to drive significant growth, with a focus on differentiated products and a successful transition to a franchise model for its small bar operations [10][46]. - Revenue and profit forecasts indicate substantial growth, with projected net profits increasing significantly from 2025 to 2027, reflecting a strong recovery and expansion in both beer manufacturing and equipment sectors [6][64]. Summary by Sections Market Performance - As of September 18, 2025, the company's closing price is 25.31 RMB, with a total market capitalization of approximately 3,054.95 million RMB and a debt-to-asset ratio of 60.61% [3]. Financial Forecasts and Valuation - Revenue projections for 2025-2027 are estimated at 17.01 billion RMB, 18.87 billion RMB, and 20.12 billion RMB, with year-on-year growth rates of 14.12%, 10.97%, and 6.62% respectively [6][64]. - The expected net profits for the same period are 0.79 billion RMB, 0.98 billion RMB, and 1.23 billion RMB, with growth rates of 273.29%, 23.98%, and 26.45% respectively [6][64]. Business Overview - The company has established a robust presence in the beer equipment market, leveraging its technical expertise and extensive project experience to secure a strong order backlog [10][24]. - The company’s dual business model, combining equipment manufacturing and craft beer production, positions it well for future growth, particularly in the high-end beer segment [10][14]. Growth Drivers - The fresh beer segment is anticipated to grow significantly, supported by the successful launch of new products and the expansion of sales channels, including strategic partnerships with major retailers [10][49]. - The company has successfully developed a new type of draft beer machine, which is expected to enhance sales in the immediate consumption market [56][60]. Competitive Position - The company is recognized for its strong brand reputation and customer loyalty, having established long-term relationships with major players in the beer industry [10][34]. - The report highlights the company's unique "turnkey" service model as a competitive advantage, allowing it to meet the complex needs of beer manufacturers efficiently [31][32].