该行表示，24年上半年公司智能零售业务规模(设备台数)进一步扩大，设备台数稳固行业前列，实现全国布局31个省份，覆盖逾280个城市，同比收入保持高速增长。未来公司除了会持续扩大业务规模外，还会积极丰富商品种类，在现有的规模优势基础上继续打造盈利能力优势。此外公司创新业务“中粮悦享会”上半年收入同比亦有所提升，毛利率持续改善，其中D2C业务更实现了逾倍增长。该行认为，未来公司零售创新业务持续丰富壮大将助力公司进一步迈向世界一流食品饮料集团愿景。Haitong Securities believes that the continuous enrichment and growth of China Foods (00506) retail innovation business in the future will help the company further move towards the vision of becoming a world-class food and beverage group.
According to the Futu Securities App, Haitong Securities has issued a research report stating that it has initiated coverage on China Foods (00506) and given it a "outperform the market" rating. It is estimated that the company's total revenue for 2024-2026 will be 20.584/21.813/22.897 billion yuan, and net income attributable to shareholders will be 0.838/0.932/1.04 billion yuan, corresponding to EPS of 0.30/0.33/0.37 yuan/share. The reasonable price range is 3.63-4.62 HKD/share.
The report states that the company achieved a total operating income of 11.379 billion yuan (YOY-8.9%) and a main operating income of 11.335 billion yuan (YOY-9.00%) in the first half of 2024. The net profit attributable to shareholders was 0.565 billion yuan (YOY-5.89%). Looking ahead to the second half of the year, it is expected that the prices of major raw materials will remain stable. The company will continue to actively promote key strategies such as upgrading product structure and optimizing business portfolio to improve gross margin and further enhance overall profitability, and strive to achieve "high-quality, sustainable" development goals.
The bank stated that in the first half of 2024, the company's Asia Vets business scale (number of devices) further expanded, with a solid position in the industry and national coverage in 31 provinces, covering over 280 cities, and YOY revenue growth rate remained high. In addition to continuing to expand its business scale in the future, the company will actively enrich its product categories and continue to build on its scale advantages to create profitability advantages. In addition, the company's innovative business "COFCO Enjoy Club" also saw an increase in revenue in the first half of the year compared to the same period, with a continuous improvement in gross margin, and the D2C business achieved more than double-digit growth. The bank believes that the continuous enrichment and growth of the company's retail innovation business will help the company further move towards the vision of becoming a world-class food and beverage group.