延续承压，关注新品表现 仲景食品(300908) 本报告导读： 25H2 延续一定压力，期待新品表现 投资要点： 风险提示。需求疲软、竞争加剧、原材料成本波动等。 | [Table_Finance] 财务摘要(百万元) | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 1,098 | 1,082 | 1,136 | 1,211 | 1,306 | | (+/-)% | 10.4% | -1.4% | 5.0% | 6.6% | 7.8% | | 净利润(归母) | 175 | 192 | 196 | 211 | 228 | | (+/-)% | 1.8% | 9.3% | 2.2% | 7.5% | 8.3% | | 每股净收益(元) | 1.20 | 1.31 | 1.34 | 1.44 | 1.56 | | 净资产收益率(%) | 10.2% | 10.7% | 10.6% | 11.1% | 11.7% | | 市盈率(现价&最新股本摊薄) | 22.83 | 20.88 | ...

Group 1: Market Position and Product Development - The company maintains a leading market position in mushroom sauce, leveraging "Xixia mushroom" resources and focusing on quality upgrades with low oil and fewer additives [3] - The Shanghai scallion oil product has achieved annual sales exceeding 100 million RMB, but faced revenue decline in 2025 due to counterfeit products and increased competition [4][5] - The seasoning and ingredient business has an average annual output of 3,722 tons and generates an average annual revenue of 436 million RMB, holding the largest market share in the country [6] Group 2: New Product Initiatives - The company has launched a series of Western ginseng products, including concentrated liquid and tea, with measurable nutritional content and a focus on health food market expansion [7] - New sauce products like mushroom fresh soy sauce and scallion oil steamed fish sauce have been introduced, currently sold through e-commerce channels [8] Group 3: E-commerce Strategy and Cost Management - The e-commerce sector faces rising traffic costs and declining ROI, prompting the company to adopt a data-driven approach for refined operations [9] - The company emphasizes a cost management principle of "spend wisely" to optimize advertising expenditures [9] Group 4: Production Capacity and Operational Efficiency - The Nanyang factory is positioned to support large-scale production of Shanghai scallion oil and reserve capacity for future new products, ensuring steady operational support [10] Group 5: Shareholder Returns - The company has consistently implemented cash dividends for five years, distributing a total of 446 million RMB, with a planned dividend of 10 RMB per 10 shares for the 2024 fiscal year [11]