SCSF(SH:600779) Tianfeng Securities·2025-09-29 13:14Investment Rating - The investment rating for the company is "Accumulate" with a downward adjustment [6] Core Views - The company is currently under pressure during the industry adjustment period, awaiting demand recovery [1] - The company's revenue and net profit for H1 2025 are reported at 1.498 billion and 105 million yuan, respectively, reflecting a year-on-year decline of 12.84% and 56.52% [1] - The company has adjusted its profit forecast for 2025-2027, expecting revenues of 4.64 billion, 4.95 billion, and 5.24 billion yuan, and net profits of 960 million, 1.05 billion, and 1.14 billion yuan, respectively [4] Financial Performance - In Q2 2025, the company's revenue from the liquor business was 492 million yuan, a year-on-year decrease of 33.76%, while the sales volume increased by 8.56% to 1,726.01 thousand liters [2] - The gross margin and net margin for Q2 2025 decreased by 7.13 and 22.90 percentage points to 74.42% and -15.75%, respectively [4] - The company’s domestic and international revenues for Q2 2025 were 470 million and 22 million yuan, showing a year-on-year decline of 35.18% and an increase of 24.66%, respectively [3] Market Dynamics - The high-end liquor segment accounted for 92.26% of revenue in Q2 2025, although this represents a year-on-year decrease of 4.68 percentage points [2] - The company has seen a significant increase in new channel sales, which rose by 70.82% year-on-year to 181 million yuan, with new channels now accounting for 36.88% of total sales [3] - The average dealer scale decreased by 37.51% year-on-year to 9.2766 million yuan per dealer [3]