RICHEN(SH:603755) Changjiang Securities·2025-11-13 12:44Investment Rating - The investment rating for 日辰股份 is "Buy" and is maintained [8] Core Views - The report highlights that the revenue growth is driven by consolidation, with a total revenue of 344 million yuan for the first three quarters of 2025, representing a year-on-year increase of 15.69%. The net profit attributable to the parent company reached 64.32 million yuan, up 18.16% year-on-year [2][4] - The company has seen significant revenue acceleration in Q3 2025, with total revenue of 140 million yuan, a year-on-year increase of 27.75%, and a net profit of 29.08 million yuan, up 13.15% year-on-year [2][4] - The report emphasizes that new product launches have led to marginal improvements, particularly in the baking category, which has significantly boosted revenue [5] - The company has improved profitability through cost reduction, with a net profit margin increase of 0.39 percentage points to 18.7% for the first three quarters of 2025 [6] - The report anticipates strong growth momentum driven by new product categories and the recovery of the catering market, with projected EPS of 0.82 and 1.03 yuan for 2025 and 2026, respectively [7] Summary by Sections Revenue and Profitability - Total revenue for Q1-Q3 2025 was 344 million yuan, with a year-on-year growth of 15.69%. The net profit attributable to the parent company was 64.32 million yuan, reflecting an 18.16% increase year-on-year [2][4] - In Q3 2025, total revenue reached 140 million yuan, marking a 27.75% year-on-year increase, while net profit was 29.08 million yuan, up 13.15% year-on-year [2][4] Product and Channel Performance - Revenue breakdown by product shows that sauce-based condiments generated 237 million yuan (up 0.64% year-on-year), while powdered condiments reached 75 million yuan (up 25.99% year-on-year) [5] - The report indicates that the catering and food processing channels have seen significant growth, with revenues of 170 million yuan and 116 million yuan, respectively, for Q1-Q3 2025 [5] Cost Management - The net profit margin for Q1-Q3 2025 improved to 18.7%, while the gross margin decreased slightly to 37.95%. The report notes a reduction in selling expenses, contributing to improved profitability [6] Future Outlook - The company is expected to benefit from the digital factory in 嘉兴, enhancing its flexible manufacturing capabilities. The report predicts that the catering market will gradually recover, providing additional growth opportunities [7]