研報掘金丨華鑫證券:蓮花控股第二曲線逐漸跑出規模,維持“買入”評級
華鑫證券研報指出,成本紅利持續釋放,蓮花控股盈利能力優化。預計實現2025H1歸母淨利潤1.60-1.70億元(同增59%-69%),其中2025Q2歸母淨利潤0.59-0.69億元(同增14%-34%)。主業來看,味精成本保持下行趨勢,商超家庭裝增長貢獻主要動力。新品中,鬆茸鮮、特級釀造醬油、複合調味料等產品2025H1收入同比增長均超過100%,公司新推出紅豆薏米水、桂圓紅棗水等產品佈局健康水賽道,後續臨近飲料旺季,預計結合數字化營銷與渠道滲透優勢,水業有望貢獻新增長點。算力業務來看,2025Q2延續一季度增速,其中AI應用領域發展加速,公司後續有望通過輕資產運營實現利潤優化。公司持續進行內部營銷改革,品牌認知度優化,隨着經銷渠道下沉與特通渠道增量開拓,味精市佔率穩步提升,且成本低位下盈利能力持續釋放,算力業務通過輕資產運營,在承接訂單的基礎上,構造算法解決方案能力護城河,第二曲線逐漸跑出規模。維持“買入”投資評級。
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