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上海家化(600315):二季度业绩改善,期待改革效果进一步夯实
EBSCN· 2025-08-22 08:38
Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Insights - The company achieved a year-on-year revenue growth of 4.7% and a net profit growth of 11.7% in the first half of 2025, with a significant improvement in Q2 performance [5][6] - Domestic revenue increased by 6.6%, while international revenue decreased by 1.8%, primarily due to reduced sales in the U.S. caused by tariff policies [6] - The company is focusing on four key initiatives to enhance performance, including core brand focus, brand building, online channel focus, and efficiency improvements [9] Financial Performance - In the first half of 2025, the company reported a gross margin increase of 2.2 percentage points to 63.4%, while the expense ratio rose by 1 percentage point to 54.6% [7] - Inventory decreased by 20.6% year-on-year to 580 million, and accounts receivable fell by 25.7% to 820 million, indicating improved turnover [8] - Operating cash flow increased by 39.7% year-on-year to 680 million [8] Earnings Forecast - The company’s earnings forecasts for 2025 to 2027 have been adjusted, with expected EPS of 0.50, 0.82, and 0.98 yuan respectively [10] - The current stock price corresponds to a PE ratio of 46 for 2025 [10] Market Position - The company’s stock has shown a relative performance of 1.12% over the past month, but a decline of 20.65% over the past three months [4]