公司研究 证 券 研 究 报 告 洽洽食品（002557）2025 年中报点评 强推（维持） 经营持续调整，高股息较优 目标价：28.5 元 事项： 公司发布 2025 年中报。25 年 H1 实现营收 27.52 亿元，同比-5.05%；归母净 利润 0.89 亿元，同比-73.68%；扣非归母净利润 0.43 亿元，同比-84.77%。单 Q2 实现营收 11.81 亿元，同比+9.69%；归母净利润 0.11 亿元，同比-88.17%； 扣非归母净利-0.15 亿元，同比-124.39%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 7,131 | 7,212 | 7,597 | 7,988 | | 同比增速(%) | 4.8% | 1.1% | 5.3% | 5.2% | | 归母净利润(百万) | 849 | 577 | 816 | 937 | | 同比增速(%) | 5.8% | -32.1% | 41.7% | ...

Core Viewpoint - Company is at a critical juncture of short-term profit pressure and long-term structural adjustment, with a significant expected decline in net profit for the first half of 2025 due to rising raw material costs [1] Group 1: Financial Performance - The company forecasts a net profit of 80-97.5 million yuan for the first half of 2025, representing a year-on-year decline of approximately 71-76% [1] - In Q1 2025, revenue decreased by 13.7% year-on-year, indicating a slowdown in the sales of main product categories and ongoing inventory destocking [1] - The company has revised its earnings per share (EPS) forecasts for 2025-2027 to 1.25, 1.42, and 1.67 yuan, down from previous estimates of 2.42 and 2.75 yuan for 2025 and 2026 respectively [2] Group 2: Strategic Initiatives - The company is actively compressing profit release pace while optimizing structure to create space for future growth recovery, ensuring brand maintenance and terminal investment [1] - The company has accelerated product innovation, launching five new products on July 29, including various healthy snack options, which aim to enhance connection with younger consumers and non-traditional consumption occasions [1] - The company has established a systematic raw material assurance mechanism, with nearly one million acres of sunflower planting bases across regions like Xinjiang and Inner Mongolia, utilizing an order agriculture model to enhance quality stability [2] Group 3: Market Outlook - Despite short-term cost pressures, the company's long-term investments in upstream raw materials are expected to gradually build resilience against cost fluctuations, supporting the profitability of core product categories [2] - The company continues to refine its channel strategies and sees potential in overseas markets for medium to long-term growth [2] - The target price for the company is set at 26.25 yuan, based on a 21 times price-to-earnings ratio for 2025, maintaining a "buy" rating [2]