Group 1 - The report highlights that government subsidies stimulated sales in Q2, leading to continued positive revenue growth. The competitive landscape in the small home appliance sector has improved, driving profit recovery, while leading players in the major appliance sector are helping to concentrate market share, suggesting an increase in holdings [2][29]. - The report recommends focusing on two main investment lines: 1) The improvement in the competitive landscape of small home appliances brings profit elasticity, particularly in the vacuum cleaner sector, which has high growth potential and low penetration rates. The kitchen small appliances sector is gradually returning to growth after two years of decline, with a significant increase in sales during the 618 shopping festival [2][29]. - The report indicates that leading brands in the white goods sector are dominating the current price competition, leading to increased industry concentration. The export performance of major appliance manufacturers is expected to gradually recover as uncertainties around tariff policies are clarified [3][31]. Group 2 - The company Salted Fish's differentiated product, the konjac sauce, achieved over 100 million in monthly sales within 16 months, setting a record for the fastest-selling snack product. The konjac snack segment is still in a high-growth phase, supported by a strong supply chain and channel capabilities [7][8]. - The company is expanding its overseas market presence with its own brand "Mowon," developing localized products based on local tastes, which is expected to drive growth in international markets [8][9]. - The report maintains an "increase holdings" rating for the company, projecting EPS of 2.99, 3.73, and 4.63 for 2025-2027, with a target price of 100.00 yuan based on strong performance in konjac products [7][8].

本报告导读： 内外部因素扰动业绩暂承压，期待整合协同效应释放。 投资要点： 投资建议：考虑下游消费趋势的不确定性，我们调整公司2025-2026年盈利预期，并新增2027 年盈利预 期，我们预计公司2025-2027 年EPS 分别为0.48/0.60/0.73 元（2025-2026 年原值为0.54/0.58 元），参考 可比公司2025 年平均27.0XPE，给予公司2025 年行业平均估值，对应目标价13.02 元，维持"增持"评 级。 内外部因素扰动，2025Q1 公司营收暂承压。2025Q1 公司实现营收3.58 亿元，同比-18.18%；实现归母 净利润0.13 亿元，同比-75.01%；实现扣非归母净利润0.11 亿元，同比-74.55%；实现销售费用1257.25 万元，同比+57.49%，主要系按照实际人员计提股权激励至销售费用；实现税金及附加720.29 万元，同 比+173.66%，主要并购纷美包装有限公司发生大额印花税。实现财务费用2079.97 万元，同比 +1392.72%，主要系并购贷款利息支出增加。 整合有序推进，期待协同效应释放。从股东共同利益出发，在促进双方业务协同发展的 ...