2024H1 收入分产品看，蒸煮及菜肴类表现亮眼，烘焙及油炸类承压。2024H1 收入油炸类3.74 亿元（-4.26%）、蒸煮类2.11 亿元（+32.4%）、烘焙类1.7 亿元（-8.34%）、菜肴类及其他1.33 亿元（+18.99%）。2024H1 销量分产品看，油炸类32915 吨（-6.6%）、蒸煮类18391 吨（+26.75%）、烘焙类10933 吨（-0.95%）、菜肴类及其他11693 吨（+3.13%），计算平均售同比价变化为油炸类+2.5%、蒸煮类+4.45%、烘焙类-7.46%、菜肴类及其他+15.39%。油炸产品销量下降，主因为核心客户增长放缓，市占率高、竞争加剧。烘焙产品销量减少，因大客户订单减少。蒸煮产品销量增长，得益于团餐市场发展和产品渗透。Description of the event
The company's 2024H1 gross revenue was 0.892 billion yuan (+4.87%); net profit to mother was 59.3281 million yuan (+6.14%), after deducting non-net profit of 58.7201 million yuan (+11.29%). Among them, total revenue for 2024Q2 was 0.429 billion yuan (+1.65%); net profit attributable to mother was 24.753 million yuan (-3.36%), after deducting non-net profit of 25.0462 million yuan (+7.77%).
Incident comments
Looking at 2024H1 revenue by product, the cooking and cooking categories performed well, while the baking and frying categories were under pressure. 2024H1 earned 0.374 billion yuan (-4.26%) for frying, 0.211 billion yuan (+32.4%) for cooking, 0.17 billion yuan (-8.34%) for baking, 0.133 billion yuan (+18.99%) for cooking and others. By product, the 2024H1 sales volume is 32915 tons (-6.6%) for deep-frying, 1,8391 tons (+26.75%), and 10,933 tons (-0.95%) for cooking, and 11,693 tons (+3.13%). The calculated average year-on-year price change was +2.5% for deep-frying, +4.45% for cooking, -7.46% for cooking, and others. The decline in sales of deep-fried products is mainly due to a slowdown in core customer growth, high market share and increased competition. Sales of bakery products declined due to a decrease in orders from major customers. Sales of cooking products increased, thanks to the development of the group meal market and product penetration.
Food products are growing rapidly due to the contribution of prepared dishes on the B-side and group meals and banquet channels.
Looking at 2024H1 revenue by channel, direct management performed better than distribution. 2024H1 revenue was 0.412 billion yuan (+8.54%) from direct management and 0.476 billion yuan (+1.77%) from distribution. Due to the adverse effects of the external environment in 2024, the revenue growth rate of the company's direct management and distribution channels was under pressure. Among them, the high base of direct management channels in the first half of 2023 was greatly affected. In terms of direct sales, the revenue growth rates of the company's top five customers were -12.57%, -6.59%, +105.21%, +38.59%, and +943.38%, respectively. In terms of distribution, as of the end of June 2024, the company had 734 dealers in the northern district, a decrease of 34 in the first half of the year, 689 in the southern district, and a decrease of 84 in the first half of the year. The decrease is related to seasonal operations; compared with 1,066 dealers at the end of June last year, an increase of 357 at the end of June 2024. In addition, the company's online sales momentum was good, achieving revenue of 0.031 billion yuan/ +81.03% in the first half of the year, and the deep-frying, baking, cooking, and cooking categories were 529.01%, 249.17%, 69.39%, and 47.32%, respectively.
Costs are in a favorable range, and rising costs and reduced subsidies affect apparent profits. The company's 2024H1 net profit margin increased by 0.08pct to 6.65%, gross margin +1.97pct to 25.21%. By channel, direct operating gross profit margin 21.55% /-0.28pct, distribution gross profit margin 27.99% /+4.16pct, by product, frying 24.93% /+4.24pct, baking 22.01% /-1.53pct, cooking 28.01% /+4.66pct, cooking and other 24.22% /-4.98pct; sales expenses ratio (+ 0.66pct), management cost rate (+1.06pct), R&D cost rate (+0.24pct), financial cost rate (-0.41pct). 2024Q2 net profit margin fell 0.3 pct to 5.77%, gross margin +2.43 pct to 24.95%, sales expenses ratio (+0.48 pct), management expense ratio (+1.65pct), R&D expenses ratio (+0.24pct), and financial expenses ratio (-0.45 pct). The increase in the sales expense ratio is mainly due to a large increase in business promotion expenses and platform usage costs. The increase in management expenses mainly has a large impact on employee remuneration.
Net profit due to mother declined in the second quarter, but net profit increased 7.77% after deducting non-net profit.
Profit forecast and investment advice: The company's net profit for 2024-2026 is expected to be 0.146, 0.166, 0.183 billion yuan, and EPS is 1.48, 1.67, and 1.84 yuan, corresponding to the current stock price PE of 17, 15, and 13X, maintaining a “buy” rating.
Risk warning
1. Competition in the B-side market intensified;
2. Fluctuations in raw material prices;
3. Uncertainty about the development status of the catering industry, etc.
