YouYou Foods(SH:603697) Changjiang Securities·2025-11-11 23:30Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Insights - The company reported a total revenue of 1.245 billion yuan for Q1-Q3 2025, representing a year-on-year increase of 40.39%. The net profit attributable to shareholders was 174 million yuan, up 43.34%, while the net profit excluding non-recurring items reached 154 million yuan, increasing by 46.99% [2][5] - In Q3 2025, the total revenue was 474 million yuan, reflecting a year-on-year growth of 32.7%. The net profit attributable to shareholders was approximately 65.33 million yuan, up 44.79%, and the net profit excluding non-recurring items was about 60.90 million yuan, increasing by 39.31% [2][5] Summary by Sections Revenue Growth - The company's main business revenue for the first three quarters of 2025 reached 1.236 billion yuan, a year-on-year increase of 40.28%, primarily driven by meat products. Poultry products contributed 1.077 billion yuan, accounting for 87.17% of total revenue, which is an increase of 4.03 percentage points year-on-year. The proportion of livestock and vegetable products has slightly decreased [11] - The sales structure has significantly improved, with revenue from the Southeast region reaching 719 million yuan, accounting for 58.19% of total revenue, and a year-on-year growth of 113.72%. The Southwest region's revenue share decreased from 49.39% to 34.15% [11] Channel Structure - The channel structure continues to shift towards offline sales, with offline channel revenue for Q1-Q3 2025 at 1.162 billion yuan, making up 94.02% of total revenue. Online channel revenue increased to 73.86 million yuan, with a year-on-year growth of 67.89%, but still accounts for less than 6% of total revenue [11] Profitability and Cost Control - The company's net profit margin for Q1-Q3 2025 increased by 0.29 percentage points to 13.96%. However, the gross profit margin decreased by 2.73 percentage points to 27.33%. The expense ratio decreased by 3.3 percentage points to 11.6% [11] - In Q3 2025, the net profit margin improved by 1.15 percentage points to 13.78%, while the gross profit margin decreased by 1.95 percentage points to 26.95%. The expense ratio also decreased by 1.71 percentage points to 11.2% [11] Earnings Forecast - The company is expected to achieve net profits attributable to shareholders of 218 million yuan, 256 million yuan, and 287 million yuan for 2025, 2026, and 2027, respectively. The corresponding earnings per share (EPS) are projected to be 0.51 yuan, 0.60 yuan, and 0.67 yuan, with price-to-earnings (PE) ratios of 26, 22, and 20 times, respectively [11]