丨证券研究报告丨 公司研究丨点评报告丨紫燕食品（603057.SH） [Table_Title] 紫燕食品 2025 年半报点评：主业环比好转，关 注海外供应链布局 报告要点 %% %% [Table_Summary] 公司 2025H1 营业总收入 14.73 亿元（同比-11.46%，下文皆为同比）；归母净利润 1.05 亿元 （-47.2%），扣非净利润 8262.17 万元（-49.28%）。2025Q2 营业总收入 9.09 亿元（-6.16%）； 归母净利润 8935.89 万元（-37.99%），扣非净利润 7761.89 万元（-37.49%）。 分析师及联系人 [Table_Author] 董思远 范晨昊 SAC：S0490517070016 SAC：S0490519100003 SFC：BQK487 请阅读最后评级说明和重要声明 %% %% research.95579.com 1 紫燕食品（603057.SH） cjzqdt11111 公司 2025H1 营业总收入 14.73 亿元（同比-11.46%，下文皆为同比）；归母净利润 1.05 亿元 （-47.2%），扣非净利润 8262. ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company's total revenue for 2024 is projected at 3.363 billion yuan, a year-on-year decrease of 5.28%. The net profit attributable to shareholders is expected to be 346 million yuan, an increase of 4.5%, while the net profit excluding non-recurring items is estimated at 281 million yuan, up 1.28% [2][4]. - In Q4 2024, the total revenue is expected to be 676 million yuan, down 7.88%, with a net profit of -2.489 million yuan, indicating a reduction in losses, and a net profit excluding non-recurring items of -20.282 million yuan, showing an increase in losses [2][4]. - For Q1 2025, the total revenue is projected at 564 million yuan, a decline of 18.86%, with a net profit of 15.218 million yuan, down 71.8%, and a net profit excluding non-recurring items of 5.003 million yuan, down 87.09% [2][4]. Summary by Sections Financial Performance - The company’s revenue and profit are under pressure, with a significant decline in Q1 2025 compared to the previous year. The revenue for 2025 is expected to continue facing challenges due to store closures and external factors affecting consumer behavior [10]. - The company plans to establish a processing base in Nepal to mitigate cost fluctuations, investing up to 500 million yuan in its subsidiary [10]. - The company aims to maintain a high dividend policy, proposing a cash dividend of 5.2 yuan per 10 shares, with a total cash dividend of 340 million yuan for 2024, resulting in a payout ratio of 98.04% [10]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2025, 2026, and 2027 is 271 million yuan, 312 million yuan, and 364 million yuan respectively, with corresponding EPS of 0.65 yuan, 0.75 yuan, and 0.88 yuan. The price-to-earnings ratio is projected to be 35, 30, and 26 times respectively [10].