连跌四年后迎来大幅增长 金龙鱼靓丽中报能否修复跌近八成的股价？

Core Viewpoint - The company, Jinlongyu, reported its best half-year performance in nearly three years, with a net profit growth of over 60% year-on-year, driven by improvements in gross margins across all business lines [2][3]. Financial Performance - In the first half of the year, Jinlongyu achieved revenue of 1156.82 billion yuan, a year-on-year increase of 5.67%, and a net profit of 17.55 billion yuan, up 60.07% [3]. - The sales gross margin was 6.54%, with significant contributions from kitchen food and feed raw materials [3]. - The company's net profit for the first half of 2023 is close to three-quarters of its total profit for the entire year of 2022 [3]. Business Segments - The kitchen food segment, which includes essential consumer products like cooking oil, flour, and rice, generated revenue of 715.51 billion yuan, a 2.69% increase year-on-year, accounting for 61.8% of total revenue [4]. - The feed raw materials and oil technology segment saw revenue of 431.8 billion yuan, a 10.81% increase, with gross margin rising from 1.01% to 4.26% [5]. Market Dynamics - Despite the strong half-year results, there are concerns about the sustainability of profit recovery due to fluctuating commodity prices and weaker-than-expected demand for staple foods like flour and rice [2][7]. - The company noted that the demand for staple foods is recovering but not meeting expectations, and the market remains cautious about the continuity of profit recovery [2][7]. Stock Performance - As of August 13, the stock price of Jinlongyu was 31.53 yuan, with a total market capitalization of 1709 billion yuan, reflecting a year-to-date decline of 2.97% [6]. - The stock has experienced a cumulative decline of approximately 70.54% since reaching its historical peak in January 2021 [6]. Future Outlook - Analysts suggest that while the recent performance may open a window for valuation recovery, sustained quarterly profit delivery and business expansion are necessary for long-term valuation uplift [7].