China Securities Co., Ltd.: Shi Yue Daotian (09676) has been rated as "buy", with an increase in the third quarter exceeding expectations.

China Securities Co., Ltd. issued a research report stating that SHIYUE DAOTIAN (09676) has a "buy" rating, with estimated revenues of 6.994/8.369/9.836 billion yuan for the years 2025/2026/2027, and net profits of 0.631/0.796/0.974 billion yuan respectively. The company's revenue for the third quarter is expected to be between 1.74-1.82 billion yuan, with a year-on-year increase of 25.7%-31.5%, and operating profit between 0.135-0.15 billion yuan, with a year-on-year increase of 71.5%-90.5%. The bank believes that the company's products and channels both have room for development, and is currently entering a new growth period. With a decrease in reliance on rice income and a continuous increase in offline channel sales, the overall value of the company is expected to be reassessed soon. The report states that SHIYUE DAOTIAN is a leading and rapidly growing family food company in China, with well-known brands such as SHIYUE DAOTIAN and "Chai Huo Dyn", leading in sales of rice and corn. The company started with its rice business and online channels, gradually expanding to other categories and offline channels. It successfully created a hit corn product on Douyin in 24 years, opening up new product categories, expanding beyond relying solely on rice, and adapting to consumer trends by entering the snack food market and launching more instant products such as fruit corn kernels and instant corn segments. It plans to deepen its corn category across all channels in the upcoming 25 years. At the same time, the company continues to expand in offline channels such as Sam's Club and "P'angdngli", showing strong growth momentum. The company's brand strength, premium pricing, and outstanding channel marketing capabilities differentiate it from traditional companies like Shenzhen Agricultural Power Group, and its value is expected to be gradually recognized by the market.