业绩：收入稳健增长，利润增速高于收入增速。24Q2营收和归母净利润分别为158.95/25.35亿元，分别同比增长4.70%/238.60%，增速较23Q2同+3.79/+310.95pct;收入整体稳健增长，收入增速同比提升;归母净利润同比增速较高。费用：费投加大，行业竞争有所加剧。24Q2调味品行业销售费用率/管理费用率/销售费用率分别为8.66%/3.57%/-1.18%，同比+1.27/-0.08/+0.46pct。24Q2主要调味品企业销售费用投入加大，体现行业竞争有所加剧。盈利能力：成本因素扰动，24Q2利润率提升。24Q2调味品行业毛利率和净利率分别为32.51%/16.16%，同比+1.09/+11.07pct。主要受益于原材料成本下滑，24Q2调味品行业毛利率有较为显著提升。The income of condiment fermentation products is steadily increasing, with a significant improvement in profits, and profit growth outpacing revenue growth.
According to the Zhixun Finance APP, Tianfeng released a research report stating that the income of condiment fermentation products is steadily increasing, with a significant improvement in profits, and profit growth outpacing revenue growth. In 24Q2, major condiment companies increased their sales expenses, reflecting an intensified industry competition. The number of dealers has increased, but the average quality of dealers has decreased. Several companies have introduced stock-based incentive plans, distributed mid-year bonuses to boost market sentiment. Looking ahead to the second half of the year, Tianfeng Securities believes that demand may remain stable, with profit elasticity potentially being released as costs decrease. It is recommended to focus on companies with stable revenue growth and those benefiting from income reform dividends.
Income is steadily increasing, with a significant improvement in profits, and profit growth outpacing revenue growth.
Performance: Revenue is growing steadily, with profit growth outpacing revenue growth. 24Q2 revenue and net profit attributable to the parent company were 15.895/2.535 billion yuan respectively, with year-on-year growth of 4.70%/238.60%, an increase from 23Q2 by +3.79/+310.95pct. Overall, revenue is growing steadily, with an increase in revenue growth rate year-on-year; the net profit attributable to the parent company has a higher year-on-year growth rate. Costs: Increased investment in expenses, leading to intensified industry competition. In 24Q2, the condiment industry's sales expense ratio/management expense ratio/sales expense ratio were 8.66%/3.57%/-1.18%, with year-on-year changes of +1.27/-0.08/+0.46pct. In 24Q2, major condiment companies increased their sales expenses, reflecting intensified industry competition. Profitability: Disruptions in costs led to an increase in profit margin in 24Q2. The gross margin and net profit margin of the condiment industry in 24Q2 were 32.51%/16.16%, with year-on-year changes of +1.09/+11.07pct. This was mainly due to a decline in raw material costs, resulting in a significant improvement in the gross margin of the condiment industry in 24Q2.
Cost reductions bring profit elasticity, with growth in dealerships and incentive plans boosting confidence.
1) The number of dealers has increased, but the average quality of dealers has decreased. Specifically: Looking at year-on-year changes, in 24Q2, most condiment companies saw an increase in the number of dealers; on a quarter-on-quarter basis, most condiment companies saw an increase in the number of dealers (except Sichuan Teway Food/Qingdao Richen Food). Looking at the quality of dealers year-on-year, in 24Q2, most condiment companies saw a decrease in average dealer income; on a quarter-on-quarter basis, only Jiangsu Hengshun Vinegar-Industry/Angel Yeast Co., Ltd./Lotus Holding achieved positive growth. 2) After Jonjee Hi-Tech Industrial and Commercial Holding/Sichuan Teway Food launched stock incentive plans/employee stock ownership plans in the first half of 2024, Foshan Haitian Flavouring and Food/Angel Yeast Co., Ltd./Jiangsu Hengshun Vinegar-Industry/Lotus Holding successively introduced incentive plans. Companies in the industry have successively introduced incentive plans, demonstrating confidence in performance growth, greatly inspiring employees, and motivating them. 3) Some condiment companies distributed mid-year bonuses to boost market sentiment. 4) In the first half of 2024, the nationwide social zero total increased by 3.7% year-on-year; the cumulative income of the national dining industry increased by 7.9% year-on-year. Both social zero and dining are in a growth channel, and Tianfeng Securities believes that the growth trend may continue, although the growth rate may become more stable. Overall, raw material prices in 2024 are expected to decrease compared to 2023, potentially leading to the release of profit elasticity in the industry.
Investment recommendation: Overall, 24Q2 performance shows steady growth, with a slowing growth rate compared to the previous quarter, but profit elasticity continues to be released. In the middle of the year, some condiment companies continued to launch stock-based incentive plans to boost market confidence. Looking ahead to the second half of the year, Tianfeng Securities believes that demand may remain stable, with profit elasticity potentially being released as costs decrease. Tianfeng Securities recommends focusing on two main lines: 1) Companies with strong performance stability: Foshan Haitian Flavouring and Food (603288.SH), Angel Yeast Co., Ltd. (600298.SH); 2) Companies benefiting from reform dividends: Jonjee Hi-Tech Industrial and Commercial Holding (600872.SH), Chongqing Fuling Zhacai Group (002507.SZ).
Risk Warning: Risks of declining industry prosperity; risks of fluctuating raw material prices; risks of intensified industry competition; market risks; food safety risks, etc.
