证券研究报告 | 2025年10月31日 宝立食品（603170.SH） 优于大市 第三季度收入同比增长 15%，坚持 BC 双轮驱动 公司 2025 年前三季度实现营业总收入 21.33 亿元，同比增长 10.50%；实现 归母净利润 1.92 亿元，同比增长 10.59%；实现扣非归母净利润 1.81 亿元， 同比增长 14.27%；2025 年第三季度实现营业总收入 7.53 亿元，同比增长 14.60%；实现归母净利润 0.75 亿元，同比增长 15.71%；实现扣非归母净利 润 0.70 亿元，同比增长 17.83%。 复调、轻烹环比加速，直销渠道增长态势较好。分产品看，2025Q3 复合调味 品/轻烹解决方案/饮品甜点配料收入分别同比+9.7%/+25.0%/3.7%，复调、 轻烹均延续二季度高增长态势，预计源于（1）2024 年第三季度基数不高， 且双节前备货驱动增长，亦有大客户上新节点影响；（2）空刻新品免煮系 列冲泡意面、冻品烤肠以及沙拉汁等导入效果较好；（3）大客户集群订单 增长态势较好，2025Q3 直销/非直销渠道收入分别同比+17.7%/+5.2%。 产品结构变化，带动盈利能力改善。 ...

Investment Rating - The investment rating for the company is "Recommended" (maintained) [1][7] Core Views - The company has achieved a revenue of 1.38 billion yuan in the first half of 2025, representing a year-on-year growth of 8.39%, and a net profit of 117 million yuan, up 7.53% year-on-year [3] - The company is experiencing resilience in its main operations, with continuous product innovation in the C-end market, including new flavors and product lines [6][7] - The company is actively diversifying its channel network, with significant growth in direct sales and emerging sales channels [6][7] Financial Performance Summary - Revenue projections for 2025-2027 are 2.61 billion yuan, 2.94 billion yuan, and 3.33 billion yuan respectively, with corresponding EPS of 0.65 yuan, 0.73 yuan, and 0.83 yuan [5][7] - The gross margin for the first half of 2025 is 33.67%, an increase of 1.60 percentage points year-on-year, while the net margin remains stable at 9.63% [6] - The company is positioned as a leader in the Western-style compound and light cooking solutions industry, with potential for growth in a high-demand market [7] Financial Ratios and Valuation - The projected P/E ratios for 2025-2027 are 20.9, 18.5, and 16.3 respectively, indicating a favorable valuation trend [9] - The company maintains a healthy balance sheet with a debt-to-asset ratio of 23.6% and a current ratio projected to improve to 4.0 by 2027 [8][9]