紫燕食品：2Q24中报业绩点评：景气下修成本优势保持，中期分红超预期

Investment Rating - The investment rating for the company is "Accumulate" with a target price adjusted to 17.84 yuan, down from the previous forecast of 24.28 yuan [5]. Core Views - The company's performance has fallen short of expectations, leading to a downward revision of growth assumptions for store openings and same-store sales. The earnings per share (EPS) forecasts for 2024, 2025, and 2026 have been adjusted to 0.89, 0.98, and 1.03 yuan respectively, down from 0.93, 1.07, and 1.16 yuan [2]. - Despite the disappointing performance, the company announced a mid-term dividend that exceeded expectations, with a proposed cash dividend of 3 yuan for every 10 shares, amounting to 124,278,150 yuan, which represents 41.69% of the distributable profits at the end of the period. This corresponds to a dividend yield of approximately 6.5% for 2024 [2][3]. - The company reported a revenue of 1.663 billion yuan for the first half of 2024, a year-on-year decrease of 4.59%, while the non-GAAP net profit was 163 million yuan, an increase of 14.78% year-on-year [2]. Financial Summary - The company's revenue for 2022 was 3.603 billion yuan, with a projected decline to 3.426 billion yuan in 2024, reflecting a decrease of 3.5%. The net profit attributable to shareholders is expected to rise from 332 million yuan in 2023 to 369 million yuan in 2024, marking an increase of 11.3% [3]. - The gross profit margin improved to 27.59% in the second quarter of 2024, up 4.59% year-on-year, primarily due to a decrease in raw material costs [2]. - The company had a total of 6,308 stores nationwide as of June 30, 2024, representing a year-on-year increase of 2.79% [2].