多品类共同增长，盈利能力提升。按照产品分类，公司畜皮咬胶、植物咬胶、营养肉质零食和主粮湿粮分别实现营业收入2.63、2.98、1.90 和0.8 亿元，同比分别增长87.85%、114.62%、38.39%和34.86%，毛利率分别提升11.51%、7.86%、16.82%和3.20%。费用端，受益于收入水平大幅提升，公司四项费用率同比大幅下降10.6 个百分点，其中销售费用、管理费用、研发费用和财务费用率分别为6.01%、5.89%、1.67%和-1.28%，同比分别降低2.8、5.8、0.9和1.2 个百分点。毛利率提升与费用率降低共同带动公司整体盈利大幅改善。Incident: The company announced its 2024 semi-annual report. The company's 24H1 achieved total operating income of 0.846 billion yuan, yoy 71.64%, and net profit to mother of 0.098 billion yuan, yoy 329.38%.
Overseas revenue increased dramatically, and Cambodian production capacity was quickly released. The company's overseas business resumed rapid growth after breaking free from fluctuations in 2023. The company achieved overseas sales of 0.689 billion yuan in 24H1, an increase of 108.35% over the previous year.
The capacity utilization rate and management efficiency of the company's Southeast Asian plant have improved. The Vietnamese base is operating at full capacity, and the production capacity of the Cambodian base is climbing. Through optimized operation management, order delivery capacity continues to improve, and the cost side continues to be optimized. The gross profit margin of 24H1's overseas sales was 27.06%, a significant increase over the previous year. New Zealand's annual production capacity of 0.04 million tons of high-quality staple foods has entered the large-scale commercial production stage, reserving orders from Australian, European and American customers, and is expected to contribute additional volume to the company's overseas business.
Multiple categories grow together, increasing profitability. According to the product classification, the company achieved operating income of 2.63, 2.98, 1.90 and 80 million yuan for wet staple food, respectively, with year-on-year increases of 87.85%, 114.62%, 38.39% and 34.86%, respectively, and gross margins increased by 11.51%, 7.86%, 16.82% and 3.20%, respectively. On the expense side, benefiting from a sharp increase in revenue levels, the company's four expense ratios dropped 10.6 percentage points year on year. Among them, sales expenses, management expenses, R&D expenses and financial expenses were 6.01%, 5.89%, 1.67%, and -1.28%, respectively, down 2.8, 5.8, 0.9, and 1.2 percentage points year-on-year, respectively. Increased gross margin and lower expense ratios together led to a significant improvement in the company's overall profit.
Jueyan led to the growth of its own brand, and the launch of a new staple food was successfully promoted. The company's domestic investment is focused on independent brands, reducing agency business, and maintaining rapid revenue growth in the independent brand business. During the 618 period, the total online transaction amount of the company's high-end private brand Jueyan exceeded 25 million yuan, and the cumulative payment amount across all platforms increased 67% compared to last year. Judging from the category dimension, the company's revenue scale in the original main categories maintained rapid growth, and the new staple food products launched were quickly accepted by the market and achieved good expected results. The company will continue to expand staple food categories on the product side in the second half of the year, hold diverse online and offline activities on the marketing side to enhance user recognition and experience, and fine management on the operation side to achieve accurate marketing cost reduction and efficiency.
Company profit forecast and investment rating: We believe that the company's overseas business is steady and improving; domestic Jueyan brands and new staple foods are expected to drive a continuous increase in revenue scale and profitability. The company's net profit for 2024-2026 is estimated to be 1.58, 2.03 and 246 million yuan, respectively, EPS 0.62, 0.80 and 0.97 yuan, and PE values of 20, 15, and 13 times, maintaining the “Highly Recommended” rating.
Risk warning: Domestic market expansion falls short of expectations, risk of fluctuations in raw material prices, risk of exchange rate fluctuations, etc.
