原材料价格回落下，毛利率有所提升。公司24Q2 毛利率为30.02%，同比+3.41pcts，主要系鸭副原材料价格有所下降，但毛利率同比上涨幅度环比24Q1 有所收窄（24Q1 同比+6.49pcts）。24Q2 公司销售/管理/研发费用率分别为13.89%/7.83%/3.33%，分别同比+3.15/+2.11/+0.82pcts，费用率整体上升。主要系：公司加大线上线下促销费用投入，包括线上平台促销费，线下门店政策支持、促销冲红费用。此外，第三方咨询费用、品牌促销宣传费用、新基地投产新增资产相关折旧费用、主要原材料价格下行战略储备原料仓储费均有增加。综上，24Q2 公司归母/扣非净利润分别实现0.28/0.22亿元，分别同比-39.49%/-46.01%。Event: The company publishes its 2024 mid-year report. 24H1 achieved revenue of 1.06 billion yuan, or -7.53% YoY, and realized net profit attributed/withheld from mother 0.061/0.049 billion yuan, or -26.59%/-31.16% YoY. Corresponding to 24Q2, the company achieved revenue of 0.603 billion yuan, -5.10% year-on-year, and realized return to mother/deducted non-net profit of 0.028/0.022 billion yuan, or -39.49%/-46.01% year-on-year.
The number of stores has declined, and individual store performance is under pressure. 24H1's fresh goods products/packaging products/butcher processing/ rice products business/ inspection business/ other businesses achieved revenue of 6.71/0.27/0.26/0.316/0.001/0.019 billion yuan, compared with -12.6%/-7.3%/+58.8%/+2.0%/+73.8%/-18.5%, respectively. Fresh goods & packaging & other business revenue declined, and revenue from rice products & butcher processing & testing business increased. Looking at the subregions, the 24H1 Jiangxi/Guangdong/Zhejiang regions achieved revenue of 0.471/0.117/0.325 billion yuan respectively, or -4.93%/-25.79%/+4.94% year-on-year, respectively.
As of 24H1, the company had 4,052 stores, of which 445 were closed in 24H1. Looking at single-store efficiency, 24H1 single-store revenue fell 17% year on year, and single store sales fell 19.1% year on year (24H1 meat product tonnage price +2.6% year on year). Overall, the company achieved revenue of 1.06/0.603 billion yuan in 24H1/24Q2 respectively, or -7.53%/-5.10% YoY.
Raw material prices have declined, and gross margins have increased. The company's 24Q2 gross margin was 30.02%, +3.41 pcts year on year. The price of mainly duck raw materials declined, but the year-on-year increase in gross margin narrowed compared to 24Q1 (+6.49 pcts year over year in 24Q1). 24Q2's sales/management/R&D expense rates were 13.89%/7.83%/3.33%, respectively, compared with +3.15/+2.11/+0.82pcts, respectively, and the overall cost rate increased. Main system: The company increases investment in online and offline promotion expenses, including promotion fees for online platforms, policy support for offline stores, and promotion promotion expenses. In addition, third-party consulting fees, brand promotion and promotion expenses, depreciation costs associated with the commissioning of new assets at the new base, and storage costs for strategic reserve raw materials due to declining prices of major raw materials have all increased. In summary, the 24Q2 company achieved 0.028/0.022 billion yuan in non-net profit, respectively, or -39.49%/-46.01% compared with the same period last year.
Profit forecast: In the short term, sales of halogen products are under pressure due to the consumer environment. However, in the medium to long term, the company has a long brand history and high-quality products. It is expected that after the external consumption environment improves, the company's stores will continue to expand and store efficiency will continue to be repaired. We expect the company to achieve revenue of 1.735/1.762/1.855 billion yuan in 24-26, with year-on-year changes of -9.65%/+1.51%/+5.32%, respectively, and net profit to mother of 0.048/0.053/0.066 billion yuan, respectively, of -31.70%/+9.48%/+25.30%, EPS 0.09/0.12 yuan/share, respectively, giving a “recommended” rating.
Risk warning: Prices of raw materials have risen sharply, single store recovery falls short of expectations, food safety issues.
