Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved a revenue growth of 3.52% year-on-year in H1 2024, with total revenue reaching 351 million yuan, while net profit decreased by 13.43% to 35 million yuan due to increased marketing expenses and losses from overseas projects [2][3] - Gross margin improved year-on-year to 22.36%, benefiting from cost control and product structure optimization, despite a decline in overseas revenue [2][3] - The company is focusing on enhancing sales and R&D investments, with sales expenses increasing due to efforts in domestic market development [3] Financial Performance Summary - Total revenue forecast for 2024 is 806.44 million yuan, with a year-on-year growth of 15.82% [1][7] - Net profit forecast for 2024 is 78.56 million yuan, reflecting a year-on-year increase of 14.85% [1][7] - The company’s earnings per share (EPS) is projected to be 0.76 yuan for 2024, with a price-to-earnings (P/E) ratio of 10.18 based on the current price [1][8] Revenue Breakdown - Domestic revenue reached 145 million yuan in H1 2024, up 24.22% year-on-year, while overseas revenue was 206 million yuan, down 7.36% [2] - Revenue from main grain products and meat powder products grew, while pet snack revenues declined due to reduced exports [2] Expense Analysis - The company’s expense ratios for sales, management, and R&D increased, with sales expenses rising due to heightened marketing efforts [3] - R&D expenses are also on the rise as the company focuses on product quality and innovation [3]
路斯股份：2024年半年报点评：毛利率同比有所改善，海外进度略不及预期