Investment Rating - The report assigns an "Accumulate" rating to the company [3][12]. Core Views - The company has demonstrated accelerated revenue and profit growth in the first half of 2024, driven by new product launches, channel expansion, and brand building, which are expected to strengthen its leading position in the segment and further unlock performance potential [3]. - The report revises the company's EPS forecasts for 2024, 2025, and 2026 to 0.47, 0.53, and 0.60 CNY respectively, reflecting an increase of +0.04, +0.02, and +0.01 CNY [3]. - The current stock price corresponds to a PE ratio of 13.5X for 2024, based on an exchange rate of 1 HKD = 0.92 CNY [3]. Revenue and Profit Performance - In the first half of 2024, the company reported revenue of 2.939 billion CNY, a year-on-year increase of 26.3%, and a net profit attributable to shareholders of 621 million CNY, up 38.9% year-on-year [3]. - The company declared an interim dividend of 0.16 CNY per share, totaling 376 million CNY, which represents approximately 60% of the net profit [3]. Product Category Performance - Revenue from vegetable products surged to 1.461 billion CNY, a year-on-year increase of 56.6%, making it the largest product category, accounting for 49.7% of total revenue [3]. - Revenue from seasoning noodle products reached 1.354 billion CNY, recovering with a 5.0% year-on-year growth, while revenue from bean products and others increased by 17.5% to 124 million CNY [3]. Channel Performance - Revenue from offline and online channels was 2.590 billion CNY and 349 million CNY respectively, with year-on-year growth of 25.4% and 33.2% [3]. - The company is experiencing growth in emerging channels such as snack wholesale, O2O, and e-commerce, with an expected increase in the proportion of direct sales [3]. Cost and Margin Improvement - The gross margin improved by 2.3 percentage points to 49.8% in the first half of 2024, driven by a favorable product mix and increased contribution from high-margin vegetable products [3]. - The net profit margin increased by 1.9 percentage points to 21.1% [3].
卫龙美味：2024年中报业绩点评：多措并举，业绩超预期