Tianfeng Securities: Maintaining a "buy" rating on Zhongju High-tech, facing internal reform challenges in the short term, with optimistic long-term development prospects.

The Tianfeng Securities research report pointed out that, in the first half of 25H1, Zhongjuguangxin achieved revenues/net profits attributable to parent company of 2.132/0.257 billion yuan, a year-on-year decrease of -18.58%/-26.56%; in 25Q2, revenues/net profits attributable to parent company were 1.03/0.76 billion yuan, a year-on-year decrease of -9.11%/-31.57%. Performance continues to be under pressure, awaiting subsequent improvement. Due to the slowing growth of the condiment industry's revenue scale, combined with weak consumer demand and intense market competition, it is expected that the company's performance in 2025 may be under pressure. Adjusting earnings forecasts based on the semi-annual report, it is estimated that the revenues for 2025-2027 will be 4.9/5.3/5.7 billion yuan, a year-on-year change of -11%/+8%/+8%; estimated net profits attributable to parent company will be 0.69/0.81/0.91 billion yuan, with a year-on-year change of -22%/+17%/+12%, corresponding to P/E ratios of 22X/19X/17X. In the short term, the company faces internal reform challenges, but the long-term development prospects are optimistic. The company is expected to enter a growth path under the leadership of the new chairman, and the "buy" rating is maintained.