The net profit of 23Q2 deducting non-return increased by 22.88%. 23H1's revenue was 417 million yuan, an increase of 10.3%, the net profit of 75 million yuan, an increase of 6.12%, and a net profit of 73 million yuan, an increase of 18.17%. In a single quarter, 23Q2's revenue was 215 million yuan, an increase of 11.94%, and its net profit was 39 million yuan, an increase of 12.59%. The net profit was 38 million yuan, an increase of 22.88%.
23Q2 gross profit margin, sales expense rate have increased. 23H1's gross profit margin is 26.12%, with an increase of 1.71pct; the sales expense rate / management expense rate / financial expense rate is 4.29%, 4.5% and 1.36%, respectively, and the year-on-year changes are + 0.56pct/+0.44pct/+0.03pct, respectively. The sales expense rate and management expense rate are slightly higher, respectively, due to the expansion of the sales area & the increase in personnel and the increase in personnel; the net profit rate is 17.91%, minus 0.71pct. In a single quarter, 23Q2's gross profit margin was 26.04%, with an increase of 2.03 pct; the sales expense rate, management expense rate and financial expense rate were 4.26%, 3.92%, 1.33%, respectively, and the year-on-year changes were + 0.9 pct, 0.01pct, 0.13pct; and the net profit rate was 18.19%, with the same increase of 0.1pct.
23Q2 beef revenue also increased by 16.36%. The 23Q2 revenue / growth rate of each product is: beef 92 million yuan / 16.36%, poultry 0.35 billion yuan / 16.75%, pig meat 14 million yuan / 6.61%, mutton 5 million yuan / 94.59%, fish 33 million yuan / 27.62%, shrimp 25 million yuan / 6.77%, other kinds 0.08 billion yuan /-50.56%.
The number of 23Q2 stores and wholesale customers continues to increase. The revenue of East China, the core of 23Q2, was 200 million yuan, an increase of 11.31%. The revenue / growth rates of 23Q2 in various channels are as follows: 113 million yuan / 11.61% for franchise stores, 0.26 billion yuan /-26.62% for distribution stores, 8 million yuan for Shangchao, 0.61 million yuan / 22.76% for wholesale, 4 million yuan / 84.97% for direct sales and others. 23Q2 franchise stores increased by 82 to 1773, dealerships increased by 39 to 716, merchant customers increased by 14 to 51, and wholesale customers increased by 59 to 496.
Take various measures to optimize and expand channels. 23H1 in the retail end, the company in the farmers' market franchise stores on the basis of the development of street stores and supermarkets, while opening direct stores; in the wholesale end, with the recovery of the consumer market, increase the development of hotel catering, schools and unit canteens to accelerate channel expansion. At the same time, the company continues to optimize offline store management, classify existing stores, upgrade C and D stores, and help them improve their sales performance.
Profit forecast and valuation. We estimate that the EPS of the company in 23-25 years is 1.17 PE 1.46 yuan, which is comparable to that of the company in 23 years. The PE of the company in 23 years is 27-43 times. Considering that the prefabricated food industry is a period of rapid development and has more room for development, with the gradual recovery of consumption, the company is expected to accelerate its development gradually and give the company a certain valuation premium of 40-45 times PE for 23 years, corresponding to a reasonable value range of 46.80-52.65 yuan. Give a rating of "better than the market".
Risk hint. The influence of price fluctuation of upstream raw materials and the intensification of competition in the industry.