Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company faced pressure in Q2 performance but continues to strengthen brand momentum [1] - External demand remains weak, but marketing efforts are being intensified [1] - The company is preparing to launch its leisure snack products and leverage brand advantages to enhance cultural tourism attributes [1] - E-commerce channels are accelerating, with new store formats being developed to attract younger consumers [2] Financial Performance Summary - In H1 2024, the company achieved revenue of 268 million yuan, a year-on-year increase of 3%, while net profit attributable to shareholders was 2.3 million yuan, a decrease of 43% [1] - Q2 2024 revenue was 108 million yuan, down 9% year-on-year, primarily due to weak market demand [1] - The company's gross margin decreased by 2 percentage points to 44.89% in Q2 2024, attributed to changes in product mix [1] - The company plans to control expenses and enhance production line automation to maintain reasonable profit levels [1] Earnings Forecast - The company is expected to see improvements in performance as it continues to explore innovations in product launches, channel expansion, and brand building [3] - Adjusted EPS forecasts for 2024-2026 are 0.34, 0.39, and 0.45 yuan respectively, with corresponding PE ratios of 22, 19, and 17 times [3] - Revenue growth rates are projected at 10.8% for 2024, 9.8% for 2025, and 8.7% for 2026 [5]
桂发祥:公司事件点评报告:二季度业绩承压,持续打造品牌势能