Gelonghui, June 7 丨 Huaxin Securities Research Report points out that the core business position of Epp Co., Ltd. (603020.SH) is stable, and the product structure is continuously optimized. On the rise, edible flavors are gradually creating functional products. This year, along with cost side improvements and product structure optimization, combined with price increases, it is expected to enter a profit release period; tobacco flavors are expected to benefit from the replacement of China Tobacco Huabao products. At the same time, a laboratory will be built in Guangdong this year to expand sales and services for e-cigarette companies, which is expected to contribute revenue next year. Furthermore, industrial chocolate production expanded, creating a second growth curve. It is expected to break through the bottleneck of production capacity, expand market share, and stabilize the leading position in the industry. The 2023-2025 EPS is expected to be 0.40/0.54/0.70 yuan, and the current stock price corresponding to PE is 23/17/13 times, respectively, maintaining the “buy” investment rating.