Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Views - The company reported a Q2 revenue increase of 5.17% year-on-year, but a significant profit decline of 46.79% due to rising costs. The growth in the supermarket channel was notable, with a year-on-year increase of 198%. The B-end performance was weak due to seasonal factors and soft demand, while the C-end franchise stores showed slight improvements [1][6]. - Looking ahead to H2, the company expects to continue engaging with key new clients in the supermarket sector, and cost pressures may gradually ease through price adjustments, leading to anticipated improvements in gross margin and profitability [1][6]. Financial Data Summary - For the fiscal year 2023, total revenue is projected at 799 million, with a decline to 672 million in 2024, followed by a recovery to 729 million in 2025 [2][14]. - The company’s net profit for 2025 is forecasted at 0.90 billion, 1.14 billion, and 1.34 billion for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.65, 0.82, and 0.97 [1][7]. - The company’s total market capitalization is approximately 3.6 billion, with a current share price of 26.4 yuan [3][6]. Performance Metrics - The company’s gross margin for Q2 was reported at 18.77%, down 5.93 percentage points year-on-year, primarily due to rising raw material prices. The net profit margin for Q2 was 7.34%, reflecting a decrease of 7.17 percentage points year-on-year [1][6]. - The report indicates that the company has 1,701 franchise stores as of the end of H1 2025, a net decrease of 43 stores from the end of 2024, while the wholesale channel saw a year-on-year increase of 4.8% [1][6].

近期国内玉米淀粉行业加工利润亏损压力加重。原料玉米上货量低位运行，主要深加工企业上调收购价格刺激玉米上货量，原料成本压力不断加重，导致行业亏损压力增加。虽然部分企业陆续上 卓创资讯认为，首先，8月由于原料玉米价格高位运行，叠加新粮上市初期粮源供给不稳定，成本端支撑的提振作用明显，对玉米淀粉现货市场价格形成有效支撑，主要企业挺价惜售心理强烈。 责任编辑：李铁民 卓创资讯玉米淀粉分析师张晓朋 进入7月下旬之后，随着中储粮进口玉米拍卖影响的减弱及高温多雨等因素的影响下，玉米贸易商心态逐步好转，对于低价售粮抵触心理强烈，玉米贸易商出货积极性减弱。玉米上货量逐步下降 向下游转嫁成本能力不足，玉米淀粉行业亏损压力增加。 【导语】近期国内玉米淀粉现货市场价格整体偏强运行，市场成交重心缓慢上移。由于原料玉米上货量低位运行，主要深加工企业上调收购价格刺激玉米上货量，原料成本支撑力度逐步增强，主 近期国内玉米淀粉现货市场价格整体偏强运行，市场成交重心缓慢上移。由于原料玉米上货量低位运行，主要深加工企业上调收购价格刺激玉米上货量，原料成本支撑力度逐步增强，主要企业陆 原料玉米上货量低位运行，原料玉米成本压力高企。 ...