大 B 直营渠道稳健增长，需求偏弱导致小 B 承压。分渠道来看，24H1 直营/经销分别收入 4.12/4.76亿元，同比+8.54%/+1.77%在需求偏弱的背景下公司加大腰部直营客户开发力度，24H1 直营渠道前五大客户收入合计同比实现+1.61%，其中前五大客户收入增速分别为-12.57%/-6.59%/+105.21%/+38.59%/+943.38%，腰部客户增长力度较强。经销渠道方面公司加强渠道建设力度，重点聚焦核心经销商发展，截至 24H1 公司经销商 1423 个，同比+33.49%，细分经销商数量增加明显。Brief performance review
According to the company's semi-annual report of August 27, 2024, 24H1 achieved revenue of 0.892 billion yuan, +4.87% year on year; realized net profit of 0.059 billion yuan, +6.14% year on year; realized net profit of 0.059 billion yuan without return to mother, +11.29% year on year, 2402 achieved revenue of 0.429 billion yuan, +1.65% year on year; net profit to mother 0.025 billion yuan, -3.36% year on year; net profit not returned to mother Profit was 0.025 billion yuan, +7.77% YoY.
Management analysis
Big B's direct sales channels are growing steadily, and weak demand has put pressure on Small B. By channel, 24H1 direct marketing/distribution revenue was 0.412/0.476 billion yuan, compared to +8.54%/+1.77%. Against the backdrop of weak demand, the company increased its waist direct customer development efforts. The total revenue of the top five 24H1 direct channel customers achieved +1.61% year over year. Among them, the revenue growth rate of the top five customers was -12.57%/-6.59%/+105.21%/+38.59%/+943.38%, respectively. In terms of distribution channels, the company has strengthened channel construction efforts, focusing on the development of core dealers. As of 24H1, there were 1,423 dealers, +33.49% over the same period last year, and the number of segmented dealers increased significantly.
Looking at the company's main business by product, 24H1 achieved revenue of 3.74/0.17/0.211/0.133 billion yuan in deep-frying, baking/cooking/cooking and cooking products, respectively, or -4.26%/-8.34%/+18.99%. The decline in deep-frying and baking products was mainly due to a slowdown in core customer competition growth, compounded by intense market competition, and the company's other products continued to grow at a high rate.
There was a slight increase in gross margin, and overall net margin performance was steady. The company's 24H1/2402 achieved gross profit margin of 25.21%/24.95%, +1.97/+2.43pct year on year, achieved a net profit margin of 6.59%/5.67%, and +0.11/-0.30pct year on year, benefiting from the increase in gross profit of products with declining costs. The company's cost side increased slightly. The 24H1 sales/management/R&D expenses ratio was 5.52%/10.53%/1.17%, respectively, +0.66/+1.29/0.24pct; 2402 sales/management/R&D expenses were 5.13%/11.75%/1.28%, respectively, +0.48/+1.90/0.24pct. The increase in sales expenses was mainly due to an increase in business promotion fees and platform usage fees. The increase in management expenses was mainly due to an increase in employee remuneration, and the company's overall net interest rate performance was steady.
Profit Forecasts, Valuations, and Ratings
In the context of weak demand, the company relied on actively developing restaurant chains to achieve steady growth. In the medium to long term, the company's two-wheel drive has good room for growth. The company's 24-26 revenue is estimated to be 2.1/2.34/2.64 billion yuan, +10%/12%/13% year over year; net profit to mother is 0.153/0.175/0.203 billion yuan, +14%/+15%/+16% year over year, corresponding PE is 15/13/11X, maintaining a “buy” rating.
Risk warning
Big B's business stability is impaired: the recovery in catering demand falls short of expectations; industry competition intensifies, etc.
