智通财经APP获悉，中金发布研报称，该行基本维持周黑鸭(01458)2025年和2026年利润预期。该行保持 目标价3.0港币，当前股价对应25/26年26.8/24.1倍P/E，目标价对应25/26年约32/29倍P/E，现价距目标价 约20.5%的上涨空间，维持跑赢行业评级。2H25公司将优化新兴渠道推广策略，以期持续规模放量，将 总结1H25新兴渠道产品动销及销售数据，在产品和渠道进行匹配优化及迭代，该行预计下半年规模有 望进一步放量。 中金主要观点如下： 鸭副产品成本处于相对低位，该行预估公司毛利率同比有改善。另外，该行预计1H25随着门店质量提 升，盈亏平衡线以下的亏损门店数量持续减少，且1H25公司对新兴渠道费用投放力度可控。1H24/2H24 净利率分别为2.6%/5.5%，若取1H25盈利预告中收入和利润的中间值预估净利率约为8.3%，盈利水平逐 季改善。 公司发布1H25盈利预告：收入12-12.4亿元，利润(不包括未完成统计的分占联营公司溢利与亏损及相关 所得税影响)为0.9-1.13亿元，相同口径下同比增长55.2%-94.8%。业绩预告略超市场预期，该行预计主 要与公司费用控制优于预期 ...

Core Insights - The article highlights the 30-year journey of Zhou Hei Ya, emphasizing its transformation from a workshop-style operation to a standardized brand-driven model in the marinated food industry [1][4] - Zhou Hei Ya's founder, Zhou Fuyou, is credited with leading the company through economic fluctuations and consumer preference changes, driving innovation and adapting business models to meet market demands [1][5] Company Achievements - Zhou Hei Ya has established itself as a national culinary symbol, with its brand becoming widely recognized and respected in the industry [1][5] - The company has implemented a standardized model across various dimensions, including procurement, production, logistics, and consumer engagement, which has significantly contributed to the industry's upgrade [6][12] Industry Leadership - Zhou Hei Ya has been awarded the title of "China's Consumer Quality Trusted Marinated Food Leader" by a third-party authority, reflecting its excellence in product quality and brand building [7] - The company has pioneered several industry standards, including the introduction of modified atmosphere packaging in 2012, which has transformed the market from bulk and vacuum packaging to a more standardized approach [6][12] Product Innovation - Zhou Hei Ya focuses on catering to younger consumers by launching diverse products and refreshing its brand image, ensuring it remains relevant in a competitive market [8][10] - The company has developed a dual-driven product strategy of "classic + innovation," enhancing its product matrix with unique flavors and offerings that resonate with consumer preferences [10][12] Channel Expansion - Zhou Hei Ya has strategically expanded its offline and online channels, establishing over 3,000 stores and leveraging e-commerce platforms like Douyin to enhance brand recognition and market penetration [11][13] - The company is set to embark on an international expansion journey, starting with Southeast Asia in 2024, aiming to become a global leader in the marinated food sector [11][14] Future Vision - Zhou Hei Ya aims to become a global representative of Chinese marinated food, with a focus on continuous innovation in product development and supply chain management [14] - The company is committed to building a strong team and establishing a strategic ecosystem with international partners, positioning itself as a pioneer in global marinated food culture [14]

Core Viewpoint - CICC maintains profit expectations for Zhou Hei Ya (01458) for 2025 and 2026, raising the target price by 20% to HKD 3.0, indicating a potential upside of approximately 13.2% from the current price [1] Group 1: Store Quality and Structure - In 2025, the company will focus on enhancing store quality and optimizing store structure, emphasizing "people, goods, and environment" [2] - The company will enhance membership operations and attract traffic through online channels and in-store competitions among staff [2] - There are no specific targets for the number of stores in 2025, with a focus on improving store quality instead [2] - The store structure adjustment is expected to be completed by 2024, with a net reduction of 504 and 252 stores in commercial and community areas, respectively, while increasing transportation hub stores by 36 [2] - Same-store operations showed a year-on-year increase in Q1 2025 and April-May, indicating steady improvement in overall store performance [2] Group 2: Emerging Channels - The company is making steady progress in emerging channels, with products entering Sam's Club, Pang Donglai, and Yonghui stores [3] - In March 2024, the company's marinated products entered the Sam's Club channel, ranking in the Top 6 of the seasoning and sauce category by sales data [3] - The company has also entered Pang Donglai and some Yonghui stores, accelerating expansion into leading regional supermarkets [3] - Zhou Hei Ya has recently entered the MIX supermarket in Malaysia, laying a solid foundation for future expansion into Southeast Asia and other markets [3]