紫燕食品：Q2收入降幅收窄，成本红利持续释放

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next 6 to 12 months [1]. Core Insights - The company reported a revenue of 1.663 billion yuan in H1 2024, a year-on-year decrease of 4.59%, but net profit increased by 10.28% to 198 million yuan [1]. - In Q2 2024, revenue was 969 million yuan, showing a year-on-year decline of 1.98%, while net profit reached 144 million yuan, a year-on-year increase of 6.77% [1]. - The company is experiencing a steady increase in store openings, with a net addition of 103 stores in H1 2024, bringing the total to 6,308 stores [1]. - The gross margin improved by 4.60 percentage points to 27.59% in Q2 2024, primarily due to declining costs [1]. - The report forecasts revenue for 2024-2026 to be 3.571 billion, 3.867 billion, and 4.219 billion yuan respectively, with growth rates of 1%, 8%, and 9% [1]. Financial Summary - Revenue (in million yuan): 2022A: 3,603; 2023A: 3,550; 2024E: 3,571; 2025E: 3,867; 2026E: 4,219 [1]. - Net Profit (in million yuan): 2022A: 222; 2023A: 332; 2024E: 380; 2025E: 431; 2026E: 481 [1]. - Earnings Per Share (in yuan): 2022A: 0.54; 2023A: 0.80; 2024E: 0.92; 2025E: 1.04; 2026E: 1.16 [1]. - Price-to-Earnings (P/E) ratio: 2024E: 15.0; 2025E: 13.2; 2026E: 11.8 [1].