丨证券研究报告丨 公司研究丨点评报告丨千禾味业（603027.SH） [Table_Title] 千禾味业2025年半年报点评：舆情影响致收入、 利润承压 报告要点 [Table_Summary] 千禾味业 2025 年 H1 营业总收入 13.18 亿元（同比-17.07%）；归母净利润 1.73 亿元（同比- 30.81%），扣非净利润 1.71 亿元（同比-30.45%）。单看 2025Q2，公司营业总收入 4.87 亿元 （同比-29.86%）；归母净利润 1275.14 万元（同比-86.66%），扣非净利润 1259.29 万元（同 比-86.69%）。 分析师及联系人 [Table_Author] 董思远 徐爽 陈硕旸 SAC：S0490517070016 SAC：S0490520030001 SAC：S0490524020002 SFC：BQK487 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 千禾味业（603027.SH） cjzqdt11111 [Table_Title 千禾味业 2025 2] 年半年报点评：舆情影响致收 入、利润承压 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 22.50 [1]. Core Views - The company's performance in H1 2025 shows a revenue of RMB 2.13 billion and a net profit attributable to the parent company of RMB 260 million, reflecting a year-on-year decline of 18.6% and 26.6% respectively. The second quarter also saw a revenue of RMB 1.03 billion, down 9.1% year-on-year [5][6]. - The company is focusing on channel optimization and product innovation, particularly enhancing the coverage of its main brand in non-core markets and increasing the proportion of low-salt new products. This is expected to improve operations in the second half of the year [5][8]. Financial Performance Summary - For the fiscal year 2024, the projected revenue is RMB 5.519 billion, with a year-on-year growth of 7.39%. However, for 2025, a decline of 5.62% is expected, followed by a recovery in 2026 and 2027 with growth rates of 10.30% and 9.34% respectively [4]. - The net profit attributable to the parent company is forecasted to be RMB 893.07 million in 2024, decreasing to RMB 702.96 million in 2025, but expected to rebound to RMB 880.86 million in 2026 and RMB 1 billion in 2027 [4]. - The earnings per share (EPS) is projected to be RMB 1.15 in 2024, dropping to RMB 0.90 in 2025, and then recovering to RMB 1.13 and RMB 1.32 in 2026 and 2027 respectively [4]. Market and Competitive Position - The company is currently undergoing a channel reform, which is in a transitional phase. The focus remains on optimizing channels and adjusting pricing strategies to restore growth [7][8]. - The gross margin for H1 2025 was 39.0%, an increase of 2.4 percentage points year-on-year, primarily due to lower raw material costs. However, increased sales and management expenses have pressured short-term profitability [7][8].