2023H1 营收7.01 亿元（同增14%），归母净利润-0.18 亿元（2022H1 为0.02 亿元）。上半年毛利率23.89%（同减1pct）；净利率-2.89%（同减3pct）；销售费用率22.08%（同增1pct）；管理费用率8.1%（同减1pct）；营业税金及附加占比1.16%（同减0.1pct）；经营活动现金流净额1.81 亿元（同增501%）。其中2023Q2 营收2.86 亿元（同增17%），归母净利润-0.31 亿元（2022Q2 为-0.06 亿元）。毛利率19.8%（同增2pct），净利率-11.03%（同减8pct），销售费用率25.42%（同增4pct），管理费用率10.16%（同减2pct），营业税金及附加占比 1.3%（同减0.05pct）。On August 30, 2023, I would like you to release the half-yearly report of 2023.
Main points of investment
Performance is in line with expectations, profits are under short-term pressure
The revenue of 2023H1 is 701 million yuan (up 14%), and the net profit of returning mother is-18 million yuan (2022H1 is 2 million yuan). In the first half of the year, gross profit margin is 23.89% (same as minus 1pct); net profit rate is-2.89% (same as minus 3pct); rate of sales expenses is 22.08% (same as increase of 1pct); rate of management expenses is 8.1% (same as minus 1pct); proportion of business tax and additional is 1.16% (same as minus 0.1pct); net cash flow of operating activities is 181 million yuan (same as increase of 501%). Among them, the revenue of 2023Q2 is 286 million yuan (up 17%), and the net profit of returning to the mother is-31 million yuan (2022Q2 is-6 million yuan). Gross profit margin 19.8% (same as increase 2pct), net profit rate-11.03% (same as minus 8pct), sales expense rate 25.42% (same as increase 4pct), management expense rate 10.16% (same as minus 2pct), operating tax and additional ratio 1.3% (same as minus 0.05pct).
Focus on red jujube + healthy lock fresh food, optimize and upgrade through all channels
In terms of products, the revenue of 2023H1 jujube / nut / other / other business revenue is RMB 5.32, 0.34 and 0.66 million, compared with the same period last year, which is + 39%, 52% and 45%, respectively.
From a sub-channel point of view, the revenue of 2023H1 direct sales / distribution model is 371 million yuan, with a 14% increase of 11%. The company focuses on developing quality channels such as Shang Chao (Tianhong, Aeon, Dennis), convenience stores (whole family, 7-11, Rosen), snacks (snacks are busy, snacks Youming, Dai Yonghong) and other high-quality channels. From a regional point of view, the 2023H1 revenue of B2C/ / Huazhong / other regions is RMB 2.05Universe 2.56 million, compared with the same period last year, + 40%, + 40%, 13%, 31%, 19%. As of the end of 2023H1, the company has a total of 428 stores and a net decrease of 118. the company optimizes dealer management to reduce cost and increase efficiency, and eliminate dealers who do not meet the requirements. The company focuses on red jujube + healthy locked fresh food, adheres to the "1x N" brand strategy, carries out marketing activities through offline high-quality channels and online new media platforms, and increases the exposure of large single magenta pie. In the first half of the year, the cumulative exposure of online topics "miss you jujube" exceeded 34 million.
Profit forecast
We are optimistic about the company's products and channels two-wheel drive, power new retail and snack franchise channels. According to the China report, we slightly adjust the EPS to 0.01max 0.08max in 2023-2025 (the previous value is 0.01max 0.07max 0.11 respectively), and the current share price corresponds to 679max 100max 61 times, maintaining the "buy" investment rating.
Risk hint
Macroeconomic downside risks, raw material rising risks, and new product growth falling short of expectations