GUOTAI HAITONG SECURITIES·2026-03-30 08:20Investment Rating - The investment rating for the company is "Accumulate" with a target price of 54.30 CNY [1][5]. Core Insights - The company achieved good performance in 2025, with sales volume increasing against the trend. The continuous expansion of production capacity is expected to enhance market share in the future, maintaining the "Accumulate" rating [2][11]. Financial Summary - Total revenue for 2025 is projected at 1,677 million CNY, representing a year-over-year increase of 18.3%. Net profit attributable to the parent company is expected to reach 330 million CNY, a growth of 26.7% compared to the previous year. The earnings per share (EPS) for 2025 is estimated at 0.99 CNY [4][12]. - The company’s net asset return rate (ROE) is forecasted to be 11.9% in 2025, with a price-to-earnings (P/E) ratio of 39.35 based on the latest diluted share capital [4][12]. Sales Performance - In 2025, the company achieved a sales volume of 125,600 tons, marking a year-over-year increase of 17.3%. Despite a decline in China's concentrated apple juice export volume to 380,000 tons due to international trade tensions, the company managed to grow its market share [11][12]. Capacity Expansion - The company is actively expanding its production capacity, having established a factory in Aksu, Xinjiang, and signed a strategic cooperation framework agreement for further investment in Yan'an, Shaanxi. Additionally, it has successfully acquired assets in Yantai and plans to invest in a juice processing production line in Huludao, Liaoning, which is expected to process 120,000 tons of apples and pears annually [11][12].