发布时间：2025-05-06 股票投资评级 买入|首次覆盖 个股表现 -30% -16% -2% 12% 26% 40% 54% 68% 82% 96% 110% 2024-05 2024-07 2024-09 2024-12 2025-02 2025-04 有友食品 食品饮料 证券研究报告：食品饮料 | 公司点评报告 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 11.62 | | --- | --- | | 总股本/流通股本（亿股）4.28 / 4.28 | | | 总市值/流通市值（亿元）50 / 50 | | | 52 周内最高/最低价 | 13.75 / 5.43 | | 资产负债率(%) | 13.3% | | 市盈率 | 31.41 | | 第一大股东 | 鹿有忠 | 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:杨逸文 SAC 登记编号:S1340522120002 Email:yangyiwen@cnpsec.com 有友食品(603697) 渠道红利释放，新品势能强劲 ⚫ 事件 ...

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company has shown strong revenue growth with a 39.2% year-on-year increase in Q1 2025, reaching 380 million yuan, and a net profit of 50 million yuan, up 16.3% year-on-year [4] - The company maintains its profit forecast for 2025-2027, expecting net profits of 200 million, 240 million, and 280 million yuan, representing year-on-year growth of 25.0%, 20.5%, and 16.0% respectively [4] - The company demonstrates strong competitiveness in product innovation and channel expansion, particularly in the Sam's Club, snack wholesale, and online channels, which are expected to provide significant growth opportunities in 2025 [4] Financial Performance Summary - Q1 2025 revenue from meat products was 350 million yuan, a 44.6% increase year-on-year, with poultry products contributing 320 million yuan, up 47.2% [5] - The company’s gross margin decreased by 4.35 percentage points to 27.08% due to lower margins from newly developed channels [7] - The company’s total revenue is projected to reach 1.545 billion yuan in 2025, with a year-on-year growth of 30.6% [8] Channel Performance - Offline channel revenue in Q1 2025 was 350 million yuan, up 35.9% year-on-year, benefiting from the expansion into membership-based supermarkets and snack wholesale channels [6] - Online channel revenue reached 20 million yuan, a significant increase of 88.0% year-on-year, indicating substantial growth potential in this area [6] Profitability Metrics - The company’s net profit margin for Q1 2025 was 13.14%, down 2.60 percentage points year-on-year, influenced by the timing of financial income recognition [7] - The projected earnings per share (EPS) for 2025 is 0.46 yuan, with corresponding price-to-earnings (P/E) ratios of 29.4, 24.4, and 21.0 for 2025, 2026, and 2027 respectively [8]