Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to market performance [3]. Core Insights - The company reported a mid-year performance for 2024, achieving revenue of 15.449 billion, a year-on-year increase of 6%, and a net profit attributable to shareholders of 966 million, up 10.2%, with revenue meeting market expectations and profit exceeding expectations [3]. - The investment rating and valuation have been adjusted upwards due to continuous improvement in gross margins, with projected net profits for 2024-2026 expected to be 1.901 billion, 2.118 billion, and 2.318 billion respectively, reflecting year-on-year growth of 14%, 11%, and 10% [3][4]. - The current stock price corresponds to a price-to-earnings ratio of 14x, 13x, and 12x for 2024-2026 [3]. Financial Performance Summary - Revenue by product for the reporting period includes food at 4.947 billion, beverages at 10.024 billion, and others at 478 million, with respective year-on-year growth of 0.9%, 8.3%, and 16% [3]. - The food segment, particularly instant noodles, generated revenue of 4.858 billion, a 1.9% increase, driven mainly by the contributions from specific product lines [3]. - The beverage segment showed strong growth, with tea drinks, milk tea, and juice achieving revenues of 4.647 billion, 3.284 billion, and 1.79 billion respectively, with year-on-year growth rates of 11.8%, 3.3%, and 8.2% [3]. Margin and Profitability - The company achieved a gross margin of 33.8% in the first half of 2024, an increase of 2.7 percentage points year-on-year, with food and beverage gross margins at 27.2% and 38% respectively [4]. - The net profit margin for the first half of 2024 was 6.3%, reflecting a 0.2 percentage point increase year-on-year [4]. - Operating profit for the first half of 2024 reached 1.411 billion, a 50% increase year-on-year, with the operating profit margins for food, beverage, and other segments improving significantly [4].
统一企业中国：食品业务企稳 饮料业务稳健 利润改善兑现