根据业绩预告，2023H1 归母净利润亏损0.1 -0.2 亿元，扣非净利润亏损0.41-0.54 亿元。其中2023Q2 归母净利润亏损0.22-0.32 亿元，扣非净利润亏损0.32-0.45 亿元。业绩符合预期，主要系：1）营收稳健增长，成立增长委员会发展增量业务；2）重点打造以红小派为主战略大单品，打造公司第二增长曲线；3）推进全渠道建设，发展抖快等新电商保持线上红枣类目销量第一，线下新增便利店、零食量贩等渠道；4）线上新媒体宣传力度加大；5）银行存款利率下降，利息收入减少致财务费用增加；6）计提资产减值损失金额同增。On July 14, 2023, I would like you to issue a half-year performance forecast for 2023.
Main points of investment
The performance is in line with expectations, and the increase in expenses puts pressure on profits.
According to the performance forecast, 2023H1 returns a net profit loss of 0.1-20 million yuan, deducting a non-net profit loss of 0.41-54 million yuan. Among them, the net profit loss of 2023Q2 is 0.22-32 million yuan, and the non-net profit loss is 0.32-45 million yuan. The results are in line with expectations, mainly as follows: 1) steady revenue growth, setting up a growth committee to develop incremental business; 2) focusing on creating large strategic items dominated by Hongxiaopai to create the company's second growth curve; 3) promoting all-channel construction, fast development and other new e-commerce to keep online jujube sales first, new offline convenience stores, snack vendors and other channels; 4) online new media publicity efforts 5) the interest rate of bank deposits decreases, and the decrease of interest income leads to the increase of financial expenses; 6) the amount of impairment loss of assets increases as well.
Organizational structure optimization and upgrading, product + channel is expected to accelerate the volume
Organizational structure: set up a growth committee to open up the second growth curve, Red faction. Product end: increase leisure and health food on the basis of high-end gifts, red pie to make process changes, packaging upgrading, omni-channel volume; develop vitamin C jujube, bean flower and bean phenanthrene products, layout snack volume vendors and other new channels. Brand end: adhere to the brand positioning of "high-end jujube miss you", like your main brand to focus on high-end jujube, multi-brand layout "red jujube + healthy locked fresh food" product matrix. Energy production side: at present, it has strong supply chain resources and is expected to achieve cost dilution through omni-channel volume.
Profit forecast
It is estimated that the EPS for 2023-2025 will be 0.11 yuan for 0.07 EPS, and the current share price will be 74 times for 954 PE, respectively, maintaining the "buy" investment rating.
Risk hint
Macroeconomic downside risks, raw material rising risks, less-than-expected growth of new products, etc.
