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研報掘金丨中郵證券:有友食品業績有望保持高增,維持“買入”評級

中郵證券研報指出,會員渠道放量驅動增長,有友食品業績有望保持高增。公司積極推動渠道結構優化與產品創新升級,會員制與零食量販渠道成爲增長新引擎,傳統線下渠道穩健調整,線上電商強化品宣與新品孵化功能,產品研發響應效率顯著提升。會員制商超合作持續深化,5月在山姆渠道上新第三款定製單品酸湯雙脆,主要原料選取優質雞胸軟骨和雞膝骨,主打高蛋白營養產品,新品重回肉類賽道,其受衆羣體、消費場景更爲廣泛,預計將帶來更好月銷水平。電商渠道一季度保持快速增長,電商團隊架構去年已到位,加大在興趣電商方面品牌投入,打法上部分產品做線上首發後再導入線下,以承接部分品牌推廣職能。一季度因渠道結構變化影響利潤率同比有所下滑,二季度來看淨利率及扣非淨利率同環比均有所提升。看好公司在新渠道新市場發展勢能,25年再會員店與線上渠道持續深耕,期待新品進一步放量。考慮到山姆渠道上新超預期,上調2025-2027年收入預測,維持“買入”評級。

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