【券商聚焦】国信证券维持卫龙美味(09985)“优于大市”评级指内部降本增效成果显著

金吾财讯

Aug 18, 2025

金吾财讯 | 国信证券研报指，卫龙美味(09985)公布2025年半年度业绩：1H25实现营业总收入34.8亿元，同比+18.5%；实现归母净利润7.4亿元，同比+18.5%。公司同时宣布拟派发中期股息每股0.18元，分红比率约60%。虽毛利率承压，1H25公司费用控制效果突出，销售费用/管理费用率分别同比-1.0/-2.5pt，主要系内部实施降本增效举措（包括人员优化等）以及规模效益放大，完全对冲了成本端压力。1H25净利率21.1%，大幅好于前期公司指引，且环比2H24扣非净利率提升明显。因上半年魔芋产品推新进度加快且多渠道渗透进展顺利，且内部降本增效成果显著、净利率表现好于公司前期指引及该机构此前的预期，故上调2025-2026年盈利预测、新增2027年盈利预测：预计2025-2027年公司实现营业总收入75.3/90.6/107.8亿元（2025-2026年前预测值71.0/81.7亿元），同比+20.1%/+20.4%/+18.9%；实现归母净利润14.7/18.0/21.8亿元（2025-2026年前预测值13.2/15.2亿元），同比+38.0%/+22.2%/+20.9%；EPS分别为0.61/0.74/0.90元；当前股价对应PE分别为20/17/14倍。卫龙美味利用品类品牌模式构筑了一定高度的壁垒、经营久期较多数零食公司更长，且当下魔芋品类红利确定，维持“优于大市”评级。

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

1
2
3
4
5
6
7
8
9
10

{"basename":"","ssrTDKData":{"titleTemplate":"%s - Tiger Brokers","title":"Tiger Brokers | Global Stocks, Options & Futures Trading App","description":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","keywords":"tiger brokers,tiger trade,tiger brokers singapore,broker online,stock trading in singapore,share trading singapore,brokerage firm singapore,trading app,stock broker singapore,stock trading platforms,trading account","social":{"ogDescription":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www.itiger.com/news/2560389977"},"companyName":"Tiger Brokers"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"isCrawlerRequest":true,"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2560389977\",edition:\"fundamental\",auth_exemption:1,,,undefined,":{"share":"https://ttm.financial/m/news/2560389977?lang=en_US&edition=fundamental","thumbnail":"https://static.szfiu.com/news/20250109/NjBmYTFlMmI3YzYzNjVkMWZlODgyMTcwNTE1Njk3NDY=.jpg","is_english":false,"pubTime":"2025-08-18 15:45","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2560389977","market":"sh","top_or_hot":-1,"title":"【券商聚焦】国信证券维持卫龙美味(09985)“优于大市”评级 指内部降本增效成果显著","media":"金吾财讯","content":"<html><body><p>金吾财讯 | <a href=\"https://laohu8.com/S/002736\">国信证券</a>研报指，<a href=\"https://laohu8.com/S/09985\">卫龙美味</a>(09985)公布2025年半年度业绩：1H25实现营业总收入34.8亿元，同比+18.5%；实现归母净利润7.4亿元，同比+18.5%。公司同时宣布拟派发中期股息每股0.18元，分红比率约60%。虽毛利率承压，1H25公司费用控制效果突出，销售费用/管理费用率分别同比-1.0/-2.5pt，主要系内部实施降本增效举措（包括人员优化等）以及规模效益放大，完全对冲了成本端压力。1H25净利率21.1%，大幅好于前期公司指引，且环比2H24扣非净利率提升明显。因上半年魔芋产品推新进度加快且多渠道渗透进展顺利，且内部降本增效成果显著、净利率表现好于公司前期指引及该机构此前的预期，故上调2025-2026年盈利预测、新增2027年盈利预测：预计2025-2027年公司实现营业总收入75.3/90.6/107.8亿元（2025-2026年前预测值71.0/81.7亿元），同比+20.1%/+20.4%/+18.9%；实现归母净利润14.7/18.0/21.8亿元（2025-2026年前预测值13.2/15.2亿元），同比+38.0%/+22.2%/+20.9%；EPS分别为0.61/0.74/0.90元；当前股价对应PE分别为20/17/14倍。卫龙美味利用品类品牌模式构筑了一定高度的壁垒、经营久期较多数零食公司更长，且当下魔芋品类红利确定，维持“优于大市”评级。</p></body></html>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>【券商聚焦】国信证券维持卫龙美味(09985)“优于大市”评级 指内部降本增效成果显著</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n【券商聚焦】国信证券维持卫龙美味(09985)“优于大市”评级 指内部降本增效成果显著\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1086022552\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/19a93586c3b023ec6ebfed568990555c);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">金吾财讯 </p>\n<p class=\"h-time\">2025-08-18 15:45</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>金吾财讯 | <a href=\"https://laohu8.com/S/002736\">国信证券</a>研报指，<a href=\"https://laohu8.com/S/09985\">卫龙美味</a>(09985)公布2025年半年度业绩：1H25实现营业总收入34.8亿元，同比+18.5%；实现归母净利润7.4亿元，同比+18.5%。公司同时宣布拟派发中期股息每股0.18元，分红比率约60%。虽毛利率承压，1H25公司费用控制效果突出，销售费用/管理费用率分别同比-1.0/-2.5pt，主要系内部实施降本增效举措（包括人员优化等）以及规模效益放大，完全对冲了成本端压力。1H25净利率21.1%，大幅好于前期公司指引，且环比2H24扣非净利率提升明显。因上半年魔芋产品推新进度加快且多渠道渗透进展顺利，且内部降本增效成果显著、净利率表现好于公司前期指引及该机构此前的预期，故上调2025-2026年盈利预测、新增2027年盈利预测：预计2025-2027年公司实现营业总收入75.3/90.6/107.8亿元（2025-2026年前预测值71.0/81.7亿元），同比+20.1%/+20.4%/+18.9%；实现归母净利润14.7/18.0/21.8亿元（2025-2026年前预测值13.2/15.2亿元），同比+38.0%/+22.2%/+20.9%；EPS分别为0.61/0.74/0.90元；当前股价对应PE分别为20/17/14倍。卫龙美味利用品类品牌模式构筑了一定高度的壁垒、经营久期较多数零食公司更长，且当下魔芋品类红利确定，维持“优于大市”评级。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"002736","symbol_name":"国信证券","start_time":0,"source_url":"1964282","article_id":"2560389977","we_media_id":"1086022552","thumbnails":["https://static.szfiu.com/news/20250109/NjBmYTFlMmI3YzYzNjVkMWZlODgyMTcwNTE1Njk3NDY=.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2560389977","pubTimestamp":1755503117,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"金吾财讯","introduction":"「金吾财讯」以精准用户需求为切入点，打造一站式港美股投资细分领域品牌。依托战略合作伙伴凤凰网财经，将港美股内容传播到全球华人圈。","home_visible":1,"id":"1086022552","head_image":"https://static.tigerbbs.com/19a93586c3b023ec6ebfed568990555c"},"summary":"金吾财讯 | 国信证券研报指，卫龙美味 公布2025年半年度业绩：1H25实现营业总收入34.8亿元，同比+18.5%；实现归母净利润7.4亿元，同比+18.5%。公司同时宣布拟派发中期股息每股0.18元，分红比率约60%。1H25净利率21.1%，大幅好于前期公司指引，且环比2H24扣非净利率提升明显。卫龙美味利用品类品牌模式构筑了一定高度的壁垒、经营久期较多数零食公司更长，且当下魔芋品类红利确定，维持“优于大市”评级。","collect":0,"end_time":0,"defaultTopTitle":"","property":["rate"],"viewcount":null,"language":"zh","relate_stocks":{"002736":"国信证券","09985":"卫龙美味"},"translate_title":"[Brokerage Focus] Guosen Securities maintains Weilong Delicious (09985) 's \"better than the market\" rating, referring to significant results in internal cost reduction and efficiency improvement","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"09985":1,"002736":1},"content_text":"金吾财讯 | 国信证券研报指，卫龙美味(09985)公布2025年半年度业绩：1H25实现营业总收入34.8亿元，同比+18.5%；实现归母净利润7.4亿元，同比+18.5%。公司同时宣布拟派发中期股息每股0.18元，分红比率约60%。虽毛利率承压，1H25公司费用控制效果突出，销售费用/管理费用率分别同比-1.0/-2.5pt，主要系内部实施降本增效举措（包括人员优化等）以及规模效益放大，完全对冲了成本端压力。1H25净利率21.1%，大幅好于前期公司指引，且环比2H24扣非净利率提升明显。因上半年魔芋产品推新进度加快且多渠道渗透进展顺利，且内部降本增效成果显著、净利率表现好于公司前期指引及该机构此前的预期，故上调2025-2026年盈利预测、新增2027年盈利预测：预计2025-2027年公司实现营业总收入75.3/90.6/107.8亿元（2025-2026年前预测值71.0/81.7亿元），同比+20.1%/+20.4%/+18.9%；实现归母净利润14.7/18.0/21.8亿元（2025-2026年前预测值13.2/15.2亿元），同比+38.0%/+22.2%/+20.9%；EPS分别为0.61/0.74/0.90元；当前股价对应PE分别为20/17/14倍。卫龙美味利用品类品牌模式构筑了一定高度的壁垒、经营久期较多数零食公司更长，且当下魔芋品类红利确定，维持“优于大市”评级。","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"}}}