Huachuan Securities: Maintains a "strong buy" rating on Yanghe Shares with a target price of 53 yuan.

Huachuang Securities research report pointed out that Yanghe shares have implemented marketing reforms and are starting a new journey. With operations gradually improving, attention is now on the promotion effectiveness of the seventh generation of Ocean Blue. The burden of the company's financial statements has been removed, and current sales are progressing smoothly with inventory levels effectively reduced. The pricing has remained stable, and the actual operational performance has shown improvement. It is expected that with a low base and the strong performance of Ocean Blue in the second half of the year, the financial statements are likely to gradually improve. This year, the company is in a period of adjustment and product promotion, and it is expected that the effects will be more obvious in 2027. Considering the national brand potential and the foundation of the distribution channels, there is some valuation tolerance during the performance adjustment period. The target price for 2027 is set at 53 yuan with a 25x PE ratio, and the "strong recommendation" rating is maintained.