Investment Rating - The report maintains a rating of "Buy" for Weilang Delicious (9985.HK) [1] Core Insights - The revenue from vegetable products has shown remarkable growth, surpassing seasoning noodle products to become the company's largest category. The revenue for H1 2024 reached 2.939 billion yuan, a year-on-year increase of 26.3%, with net profit attributable to shareholders at 621 million yuan, up 38.9% year-on-year [4][5] - The company has successfully improved its gross margin to 49.8%, an increase of 2.3 percentage points year-on-year, driven by enhanced capacity utilization and a decrease in some raw material prices [5] - The company has focused on deepening its channel strategies and enhancing brand exposure through collaborations, which have contributed positively to revenue growth [5] Revenue Performance - For H1 2024, the revenue breakdown by product category is as follows: seasoning noodle products at 1.35 billion yuan (up 5.0% year-on-year), vegetable products at 1.46 billion yuan (up 56.6% year-on-year), and other products at 120 million yuan (up 17.5% year-on-year) [5] - The revenue from offline and online channels for H1 2024 was 2.59 billion yuan (up 25.4% year-on-year) and 350 million yuan (up 33.2% year-on-year), respectively [5] - Revenue growth by region for H1 2024 includes East China (+31.9%), Central China (+12.5%), North China (+21.0%), South China (+33.1%), Southwest (+34.9%), Northwest (+26.1%), and overseas (-23.1%) [5] Profitability Metrics - The sales expense ratio for H1 2024 was 16.2%, an increase of 0.4 percentage points year-on-year, primarily due to higher employee benefits and advertising costs [5] - The management expense ratio decreased to 8.2%, down 1.2 percentage points year-on-year, as rapid revenue growth diluted management costs [5] - The net profit margin for H1 2024 was 21.1%, an increase of 1.9 percentage points year-on-year [5] Future Earnings Forecast - The report raises the net profit forecast for Weilang Delicious for 2024-2026 to 1.104 billion yuan, 1.309 billion yuan, and 1.525 billion yuan, reflecting increases of 5%, 6%, and 9%, respectively [5] - The current stock price corresponds to a price-to-earnings ratio of 13x for 2024, 11x for 2025, and 10x for 2026 [5]
卫龙美味：2024年半年报点评：蔬菜制品收入增长亮眼，利润率显著改善