公司积极拓展商超渠道。24H1 营收分渠道看，零售渠道营收2.20 亿/-19.98%，其中：加盟店营收1.76 亿/-20.60%，经销店营收0.44 亿/-17.46%。商超渠道营收0.15 亿/+6.50%，批发渠道营收0.84 亿/-25.57%，直销及其他营收367.56 万/-54.01%，电商客户营收109.25 万/-27.05%。商超渠道持续拓展，其他渠道下滑明显。在零售渠道方面，不断加大零售端渠道门店开拓力度；在批发渠道方面，深化酒店餐饮、团餐客户合作，加速渠道资源开发；在商超渠道上，通过建立专业团队，加深现有客户、积极接洽新客户。经销商方面，加盟店净减少45 家，经销店净增加18 家，商超客户数量增加11 家，批发客户净增加24 家。Incident: The company announced the 24th interim report, revenue 0.327 billions/ -21.53%; net profit to mother 0.042 billion/ -43.37%; deducted non-return mother 0.041 billion/ -43.10%; gross profit margin 24.85%/-1.27pct; net profit margin 12.93%/-4.99pct.
Profit declined sharply due to pressure on the revenue side. Q2 revenue 0.161 billion/ -24.94%, mainly due to the impact of the market environment and weakening demand; Q2 net profit was 0.023 billion/ -40.12%, +23.68% month-on-month, after deducting 0.023 billion/ -40.12%, net of non-return mother 0.023 billion/ -40.12%, and +21.88% month-on-month. Looking at 24H1 revenue by product, meat and poultry revenue is 0.212 billion/ -22.52%, including: poultry revenue 0.056 billion/ -14.82%, beef revenue 0.126 billion/ -26.26%, pork revenue 0.026 billion/ -8.58%, lamb revenue 0.004 billion/ -52.35%; fishery revenue 0.089 billion/ -23.62%, of which: shrimp revenue 0.042 billion/ -21.47%, aquatic fish revenue 0.047 billion/ -25.41%.
Gross profit margins have declined, management expense ratios have risen, and the profit side is under pressure. Q2 gross profit margin 24.70% /-1.33pct, -0.29pct month-on-month, mainly due to declining revenue. Q2 The sales/management/R&D cost ratio was 4.27%/6.50%/0.46%, +0.01pct/+0.01pct compared to +0.01pct, and -1.73pct/-1.03pct/-0.09pct month-on-month. The management cost ratio increased sharply, mainly due to the increase in the cost sharing of the new plant's commissioning. Q2 net profit margin was 14.51% /-3.68pct, +3.11pct month-on-month.
The company actively expands supermarket channels. Looking at 24H1 revenue sub-channel, retail channel revenue is 0.22 billion/ -19.98%, of which: franchise store revenue 0.176 billion/ -20.60%, dealership revenue 0.044 billion/ -17.46%. Supermarket channel revenue 0.015 billion/ +6.50%, wholesale channel revenue 0.084 billion/ -25.57%, direct sales and other revenue 3.6756 million/ -54.01%, e-commerce customer revenue 1.0925 million/ -27.05%. The supermarket channel continues to expand, and other channels have declined significantly. In terms of retail channels, we are continuously increasing our efforts to develop retail channel stores; in terms of wholesale channels, we are deepening customer cooperation for hotels, restaurants, and group meals to accelerate channel resource development; in supermarket channels, we are deepening existing customers and actively reaching out to new customers through the establishment of professional teams. In terms of dealers, there was a net decrease of 45 franchise stores, a net increase of 18 dealerships, an increase of 11 supermarket customers, and a net increase of 24 wholesale customers.
Considering the slowdown in consumer demand, we lowered the company's revenue side and gross margin assumptions, and due to a rigid increase in expenses rate forecasts, we forecast net profit to mother of 0.085/0.083/0.084 billion yuan for 24-26 years (the previous 24-25 forecast was 0.213/0.259 billion yuan), maintaining a “buy” rating based on a comparable company's 24-30 times PE target price of 18.30 yuan.
Risk warning
Prices of raw materials have risen sharply; the recovery of catering has fallen short of expectations; competition in the industry has intensified; promotion of new products falls short of expectations; food safety issues, etc.
