公司开发多种线上销售网络，例如锅圈APP、微信小程序、抖音平台、第三方外卖平台等。公司通过多层级抖音账号进行产品推广，五月下旬推出的“99 元毛肚自由火锅套餐”表现优异，抖音渠道实现收入超1.3 亿元，同比+24.9%，与消费者建立广泛联系。24H1 报告期末公司共有门店9660家，同比减少255 家。其中直营门店/加盟店分别为10/9650 家。公司实现“蹲苗计划”，控制开店的速度，进一步辅导加盟商的门店运营能力，夯实社区门店运营的基本功。Incident: The company released its 2024 mid-year report. The company achieved gross profit of 2.665 billion yuan, -3.5% year over year; gross profit of 0.609 billion yuan, +5.3% year over year; gross profit margin of 22.8%, +1.9 pct year on year; realized net profit of 0.086 billion yuan, -26.7% year on year; realized core operating profit of 0.125 billion yuan, +4.9% year on year; cash reserves were 2.053 billion yuan, +6.1% year over year.
We provide tasty and inexpensive solutions for different consumption scenarios. On the product side, 24H1 achieved revenue of 2.587/0.078 billion yuan by selling home-dining products and related products/services, -3.69%/+4.34% over the same period last year. The company's products cover products such as hot pot, barbecue, food, drinks, Western food and seasonings, and will develop farmers' market products in the future. The company continues to build hot products to drive performance growth. It launched the 99 yuan Maodu Free Hot Pot Package in the first half of the year, with good sales performance, and plans to launch the 99 yuan sauerkraut fish hot pot package in the second half of the year to consolidate its advantages.
Actively exploring online sales models, the Maodu Free Hot Pot Package performed well. On the channel side, the company's 24H1 franchisee channel/other channels achieved revenue of 2.338/0.249 billion yuan, -2.61%/-12.80% year-on-year.
The company develops various online sales networks, such as pot ring apps, WeChat applets, Douyin platforms, third-party takeout platforms, etc. The company promoted its products through multi-level Douyin accounts. The “99 yuan Maodu Free Hot Pot Package” launched in late May performed well. The Douyin channel achieved revenue of over 0.13 billion yuan, +24.9% over the same period, and established a wide range of connections with consumers. At the end of the 24H1 reporting period, the company had a total of 9,660 stores, a year-on-year decrease of 255. Among them, the number of directly-managed stores/franchised stores was 10/9650, respectively. The company implements the “Seedling Plan”, controls the speed of store opening, further advises franchisees' ability to operate stores, and consolidates the basic skills of community store operations.
The company has established a vast network of one-stop retail stores for home-dining products to enhance brand awareness and capture market trends in a timely manner. Actively embrace new channels and integrate the development of online sales and offline stores. The company continues to optimize supply chain efficiency and achieve digital development. The company is transforming from integrated warehouse distribution to integrated store distribution to provide more food solutions for ordinary people in the community. The company attaches importance to franchisee development, strives to provide continuous support in store operation and business development, and provides comprehensive training to help grow sales. The company's membership program has achieved remarkable results and fosters customer loyalty. By the end of 24H1, the total number of registered members of the company reached 30.9 million, and the deposit amount of savings cards reached 0.43 billion yuan, an increase of 57.8% over the previous year.
Profit forecast and investment recommendations: We expect to achieve revenue of 6.113/6.993/8.004 billion yuan in 24-26, net profit of 0.247/0.282/0.35 billion yuan, PE of 30.43/26.63/21.43x, respectively, with recommended ratings.
Risk warning: Risks such as rising raw material prices, falling short of expectations in gross margin, and falling short of expectations in exhibition stores.
