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研報掘金丨華鑫證券:有友食品利潤持續釋放,維持“買入”評級
格隆匯 07-14 14:56
華鑫證券研報指出,有友食品低基數下業績快速增長,利潤持續釋放。2025H1歸母淨利潤1.05-1.12億元(同增38%-48%)其中2025Q2歸母淨利潤0.55-0.62億元(同增66%-89%)。產品方面,泡椒鳳爪大單品銷售穩定,山姆渠道持續導入新品,今年以來已導入“輕享時光”以及“酸湯雙脆”兩款產品,銷售進展順利,根據山姆APP數據,脱骨鴨掌維持月銷20+萬件,“酸湯雙脆”7月月銷10+萬件,公司研發能力託底下,新品持續貢獻增量。渠道方面,傳統渠道主要靠外圍華東、華北空白區域提供增長,山姆、零食量販等高勢能渠道紅利持續釋放,萬辰、很忙覆蓋率持續提升,預計可達成全年翻倍預期。看好公司鞏固鳳爪基本盤,持續打造第二增長曲線,山姆渠道月銷依舊強勁,疊加零食量販、電商渠道增勢仍強,公司2025年渠道紅利持續釋放。當前股價對應PE分別為25/20/17倍,維持“買入”投資評級。
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