Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [4]. Core Insights - The company reported a revenue of 2.939 billion HKD for the first half of 2024, representing a year-on-year increase of 26.3%. The net profit attributable to shareholders was 621 million HKD, up 38.9% year-on-year, aligning with market expectations [4]. - The company declared an interim dividend of 0.16 HKD per share, which accounts for approximately 60% of the net profit for the first half of the year [4]. - The company is projected to achieve net profits of 1.033 billion, 1.185 billion, and 1.354 billion HKD for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 17%, 15%, and 14% [4]. Revenue Breakdown - The revenue from the company's product segments includes 1.35 billion HKD from seasoning noodles, 1.46 billion HKD from vegetable products, and 120 million HKD from bean products and others, with year-on-year growth rates of 5%, 56.6%, and 17.5%, respectively [4][5]. - The significant growth in vegetable products is attributed to the strong performance of konjac products, particularly the newly launched sub-brand "Little Konjac," which has expanded its product offerings and distribution channels [4][5]. Profitability Metrics - The company's gross margin improved to 49.8%, an increase of 2.3 percentage points year-on-year, driven by higher capacity utilization and lower raw material costs [5]. - The net profit margin reached 21.2%, reflecting a year-on-year increase of 1.9 percentage points [5]. - The overall capacity utilization rate for the first half of 2024 was 66.5%, compared to 49.9% in the same period last year [5]. Financial Projections - The company is expected to generate revenues of 5.607 billion, 6.354 billion, and 7.232 billion HKD for 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 15%, 13%, and 14% [6]. - The projected earnings per share for the next three years are 0.44, 0.50, and 0.58 HKD, with a net asset return rate of 17.81%, 18.27%, and 17.46% for the same period [6].
卫龙美味：魔芋制品持续放量，盈利能力改善