Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 8.22 [5][10][14] Core Insights - The company achieved revenue and net profit of RMB 15.45 billion and RMB 0.97 billion respectively in H1 2024, representing year-on-year growth of 6.0% and 10.2%. Excluding one-time land sale gains from the previous year, the core net profit increased by 57.5% year-on-year [2][5] - The beverage segment showed strong growth with a revenue increase of 8.3% year-on-year, while the food segment maintained stable performance with slight growth. Profitability is expected to improve due to cost reductions, product structure optimization, and enhanced operational efficiency [2][3][4] Revenue and Profit Performance - In H1 2024, the beverage business generated revenue of RMB 10.02 billion, up 8.3% year-on-year, with significant contributions from ready-to-drink tea, juice, and milk tea segments [3] - The food business recorded revenue of RMB 4.95 billion, a slight increase of 0.9%, driven by strong performance in instant noodles [3][4] Margin and Profitability - The gross margin improved by 2.7 percentage points year-on-year to 33.8%, with beverage and food gross margins at 38.0% and 27.2% respectively. This improvement is attributed to lower raw material prices and better production efficiency [4][5] - The core net profit margin increased by 2.0 percentage points to 6.2% in H1 2024, with expectations for continued margin improvement throughout the year [4][5] Earnings Forecast - The report projects EPS of RMB 0.42, RMB 0.46, and RMB 0.49 for 2024, 2025, and 2026 respectively, reflecting an upward revision from previous estimates [5][6][14] - The company is expected to maintain a high dividend payout ratio, enhancing its attractiveness for income-focused investors [4][5]
统一企业中国：收入维持稳健，利润表现亮眼