YKA(300999) 华鑫证券·2024-08-18 05:10Investment Rating - The report maintains a "Buy" investment rating for the company [7] Core Insights - The company's revenue is under pressure due to a decline in prices despite an increase in volume, but profit margins are showing signs of improvement [4] - The company reported a total revenue of 1094.78 billion yuan for H1 2024, a decrease of 8% year-on-year, while the net profit attributable to shareholders increased by 14% to 10.97 billion yuan [4] - The report anticipates continued profit margin optimization in the second half of 2024, driven by cost reductions in raw materials and improved sales performance [5] Summary by Sections Financial Performance - In Q2 2024, total revenue was 522.05 billion yuan, down 9% year-on-year, with a net profit of 2.14 billion yuan, up 92% [4] - The company's gross margin increased by 1 percentage point to 4.90% in H1 2024, with a net profit margin of 0.94%, reflecting stable profitability [4] Product Segments - The kitchen food segment saw revenue of 696.74 billion yuan in H1 2024, a decrease of 5%, but with a volume increase of 3% [5] - The feed raw materials and oil technology segment reported revenue of 389.66 billion yuan, down 12%, but with a gross margin increase of 1 percentage point to 1.01% [5] Earnings Forecast - The report adjusts the EPS forecast for 2024-2026 to 0.57, 0.71, and 0.84 yuan respectively, with corresponding PE ratios of 45, 37, and 31 times [6][8]