Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company achieved a revenue growth of 30% year-on-year for Q1-Q3 2025, actively expanding into tea beverage ingredients and konjac food applications [5][7] - The konjac powder business showed a significant increase in both volume and price, contributing to the overall revenue growth [7] - The company is focusing on high-value markets, including health-oriented and functional food segments, leveraging its technological advancements and strong supply chain [7] Financial Performance Summary - For 2025, the company is projected to generate revenue of 777 million yuan, with a year-on-year growth rate of 26.01% [6] - The net profit attributable to shareholders is expected to be 91 million yuan in 2025, reflecting a growth rate of 4.76% [6] - The earnings per share (EPS) is forecasted to be 0.88 yuan in 2025, with a price-to-earnings (P/E) ratio of 43.59 [6][8] Business Development Insights - The company has expanded its tea beverage ingredient production capacity to approximately 60,000 tons, with plans to increase it to 80,000 tons based on market feedback [7] - The konjac food business has seen a revenue increase of 57.96% year-on-year in the first half of 2025, driven by strong sales of konjac crystal products [7] - The company is also promoting 15,000 tons of konjac ingredients in the domestic market, targeting various food service channels [7]
一致魔芋（920273）：2025Q1-Q3营收同比+30%，积极开拓茶饮小料、魔芋食材等领域应用