Toly Bread(SH:603866)2024-08-13 01:07Investment Rating - The investment rating for the company is maintained at "Outperform" [5] Core Views - The company reported a revenue of 3.021 billion, a year-on-year decline of 5.79%, and a net profit of 290 million, a decrease of 0.6% [5] - The second quarter of 2024 is projected to have a revenue of 1.621 billion, down 6.33% year-on-year, but with a net profit of 175 million, an increase of 14.24% [5] - The company plans to distribute a cash dividend of 1.2 yuan per 10 shares, accounting for 66.21% of the half-year net profit [5] - Long-term growth is expected in the baking industry, particularly in the short-shelf-life packaged bread segment, with the company expanding capacity and market reach [5] Financial Data Summary - For 2024, the company expects total revenue of 7.252 billion, a growth rate of 7.3%, and a net profit of 605 million, with a growth rate of 5.4% [6] - The earnings per share (EPS) for 2024 is projected to be 0.38 yuan, with a price-to-earnings (PE) ratio of 15 [6] - The gross profit margin for 2024 is expected to be 23.0%, with a return on equity (ROE) of 11.2% [6] Regional Performance - Revenue performance varied by region, with declines in North China (-6.7%), Northeast (-12.3%), East China (-3.4%), and South China (-14.4%) [6] - The company added 9 new distributors in the second quarter of 2024, bringing the total to 980 [6] Profitability Improvement - The company achieved a gross margin of 24.2% in the first half of 2024, an increase of 0.7 percentage points year-on-year [6] - The net profit margin improved to 9.6%, up 0.5 percentage points year-on-year [6]