摘要 卫龙美味预计年货节期间增长超 30%，全年辣条业务或企稳微增，魔芋 新品有望持续超预期，驱动因素包括麻酱、牛肝菌和冲击角等新口味。 公司通过渠道精细化管理，增加便利店门店展示陈列和产品 SKU 数量， 提升单点卖力，同时魔芋精粉规模效应带来成本红利，略微提升净利率。 卫龙美味深耕线下渠道，零食量贩等新兴渠道占比提升，预计 2026 年 占比可达 30%以上。辣味零食和魔芋产业均具较高景气度，魔芋零食市 场规模有望超过辣条市场。 年轻消费群体对健康性零食需求增加，魔芋产品复购率高于辣条 1.2 倍。 麻酱口味创新引爆市场，占比接近香辣口味并保持 20%以上增速，为公 司带来新增量。 预计 2026 年魔芋产品增量较大，牛肝菌和冲击角口味预计贡献 4-5 亿 元销售额，若铺货顺利可能超预期，预计魔芋产品贡献 30%以上增速。 辣条产品 2025 年因 SKU 调整略有下滑，预计 2026 年实现微增。公司 在甜辣口味市场仍具龙头地位，新品铺设和陈列优化有助于动销增长。 卫龙美味 20260120 卫龙美味作为辣味零食的龙头企业，当前估值约为 16 倍，对应 2026 年的利 润预测为 17.2 亿元。若给予 ...

Core Viewpoint - The report from Dongxing Securities highlights that Huace Navigation, a leader in high-precision navigation applications, is poised to benefit from the "15th Five-Year Plan" and the Beidou system's advantages, with self-developed chips and new product innovations solidifying its lead in both domestic and international markets [1] Revenue Growth Projections - The company is expected to achieve revenue growth rates of 22.6%, 20.2%, and 18.4% for the years 2025, 2026, and 2027 respectively [1] - Corresponding net profits attributable to the parent company are projected to be 742 million yuan, 933 million yuan, and 1.158 billion yuan for the same years [1] Market Position and Product Reception - The successful expansion into overseas markets and positive market response to new RTK measurement products and LiDAR products reinforce the company's competitive position [1] - The industry in which Huace Navigation operates is characterized by long-term growth potential, supported by the company's effective scientific management mechanisms [1] Valuation and Target Price - Based on the valuation of the CSI 500 index and the communication equipment industry index, the company is assigned a price-to-earnings ratio (PE) of 30X-35X for 2026 [1] - This corresponds to a target price range of 35.7 to 41.7 yuan, indicating a potential upside of 16% to 36% from the current market capitalization [1] Investment Recommendation - The report initiates coverage with a "Buy" rating for the company, reflecting confidence in its growth trajectory and market positioning [1]

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][6] Core Views - The company's Q2 revenue and profit decreased by 10.4% and 36.3% year-on-year, respectively, due to weak demand, intensified competition, and product adjustments, leading to a challenging operational performance [6] - For H2, the company aims to innovate new products in dried fish and bean products, accelerate the offline promotion of its egg brand "Seven Doctors," and enhance the promotion of anchovy products across multiple channels, with expectations for improved revenue and profit margins [6] - The forecast for net profit attributable to the parent company for 2025-2027 is adjusted to 260 million, 300 million, and 350 million, respectively, with corresponding EPS of 0.57, 0.67, and 0.78 yuan, maintaining a 20x PE for 2026 [6] Financial Performance - In H1 2025, the company achieved revenue of 1.124 billion yuan, a slight decrease of 0.5% year-on-year, and a net profit of 112 million yuan, down 21.86% year-on-year [6][7] - The Q2 revenue breakdown shows that fish products, poultry products, bean products, and vegetable products generated revenues of 757 million, 196 million, 115 million, and 34 million yuan, respectively, with year-on-year changes of +7.61%, -24.00%, +3.61%, and -10.69% [6] - The company's gross margin for Q2 was 28.93%, down 1.83 percentage points year-on-year, primarily due to rising raw material prices and low capacity utilization [6] Market Position and Shareholder Information - The total market capitalization of the company is 6 billion yuan, with a circulating market value of 4 billion yuan [2] - The major shareholder, Zhou Jinsong, holds a 38.22% stake in the company [2]