2024H1 总营收8.16 亿元（同增16%），主要系大单品业务持续高增所致，归母净利润亏损0.36 亿元，2023 年同期亏损0.18 亿元，主要系宏观环境等因素影响，公司理财收益同比减少所致，扣非归母净利润亏损0.36 亿元，2023 年同期亏损0.52 亿元，同比减亏，主要系公司主营业务持续改善。其中2024Q2 总营收3.23 亿元（同增13%），归母净利润亏损0.49 亿元，2023 年同期亏损0.31 亿元,扣非归母净利润亏损0.51 亿元，2023 年同期亏损0.42 亿元。2024Q2 毛利率同减2pct 至17.62%，预计主要系产品结构变化所致，销售/管理费用率分别同减1pct/0.3pct 至24.10%/9.91%,净利率为-15.27%。On August 9, 2024, I really want you to publish your 2024 semi-annual report.
Key points of investment
Revenue continues to grow, and live streaming promotion costs reduce profits
The total revenue of 2024H1 was 0.816 billion yuan (up 16% from the same period), mainly due to the continued high increase in the large single product business, with a net profit loss of 0.036 billion yuan, a loss of 0.018 billion yuan in the same period in 2023, mainly due to macroeconomic factors and other factors, a year-on-year decrease in the company's wealth management income, 0.036 billion yuan after deducting non-mother net profit loss of 0.036 billion yuan, and loss of 0.052 billion yuan for the same period in 2023. The year-on-year loss was mainly due to the continuous improvement of the company's main business. Among them, total revenue for 2024Q2 was 0.323 billion yuan (up 13% from the same period), net profit loss due to mother was 0.049 billion yuan, loss for the same period in 2023 was 0.031 billion yuan, after deducting non-return net profit loss of 0.051 billion yuan, and loss of 0.042 billion yuan for the same period in 2023. 2024Q2 gross margin decreased by 2 pct to 17.62%, mainly due to changes in product structure. The sales/management expenses ratio decreased by 1 pct/0.3 pct to 24.10%/9.91%, respectively, and the net margin was -15.27%.
Red Xiaopai has strong growth potential and channel structure optimization
In terms of products, the revenue of 2024H1 jujube products/other products was 0.598/0.128 billion yuan, up 21%/20%, gross margin was 26.70%/16.25%, respectively, and 0.3 pct/3pct. The base market for jujujube products continues to be consolidated. The company's layout revolves around the jujube+healthy and fresh product matrix. The second curve Red Xiaopai business achieved sales of 0.1 billion yuan in the first half of the year. Subsequent companies plan to use red dates, walnut pie and red jujube black sesame pills as core products, boosting the brand's potential. In terms of channels, 2024H1's e-commerce channel revenue was 0.258 billion yuan (same decrease of 2%). The company pioneered explosives online through interested e-commerce channels, quickly screened high-energy explosives for the company, and continued to increase the scale of online sales through shelf e-commerce search and drainage. The offline channel is based on specialty stores to shape the brand image, and the plan is to focus on boosting supermarkets and snack channels, piloting non-jujube products in the snack channel to create a multi-category model, and supermarket channels to build outlets to increase profitability after scale up.
Profit forecasting
We are optimistic about the two-wheel drive of the company's products and channels, and continue to lead growth by adopting the channel strategy of “online leadership, live streaming; offline roots, store marketing; channel innovation, collaborative development” and the big single product strategy. EPS is expected to be 0.08/0.12/0.18 yuan in 2024-2026, and the current stock price is 69/43/29 times PE, respectively, maintaining a “buy” investment rating.
Risk warning
Macroeconomic downturn risks, rising raw materials risks, new product growth falling short of expectations, etc.