RICHEN(SH:603755) Zhongyuan Securities·2025-09-23 09:17Investment Rating - The report maintains an "Accumulate" rating for the company [6] Core Views - The company achieved a revenue of 204 million yuan in the first half of 2025, representing a year-on-year increase of 8.63%, while the net profit attributable to the parent company increased by 27.73% to 35 million yuan [5] - Revenue growth has slowed but remains robust, outperforming the overall social catering revenue growth of 4.3% during the same period [5] - The company has effectively controlled costs, leading to an improvement in profitability, with a net profit margin increase of 1.97 percentage points to 17.3% [5] Summary by Sections Financial Performance - In the first half of 2025, the company recorded a revenue of 204 million yuan, with a year-on-year growth of 8.63%, although this is a decrease of 6.53 percentage points compared to the previous year [5] - The company's gross profit margin slightly increased by 0.11 percentage points due to slower cost growth compared to revenue [5] - The sales expense ratio decreased significantly by 3.12 percentage points to 17.53%, primarily due to a 69.42% reduction in marketing expenses [5] Product and Market Analysis - Sauce products generated 146 million yuan in revenue, a decline of 1.51%, while powder products saw a revenue increase of 20.13% to 45 million yuan [5] - The East China market accounted for 69.1% of total revenue, with a year-on-year growth of 9.66%, while the South China market experienced a remarkable growth of 84.82% [5] Earnings Forecast - The projected earnings per share for 2025, 2026, and 2027 are 0.77 yuan, 0.86 yuan, and 0.96 yuan respectively, with corresponding price-to-earnings ratios of 40.27, 36.07, and 32.55 [6][8]