Investment Rating - The report assigns a "Buy" rating to the company with a target price of 8.32 HKD, compared to the last closing price of 6.85 HKD [1][3]. Core Insights - The company reported better-than-expected performance for H1 2024, achieving a revenue of 2.936 billion CNY, a year-on-year increase of 26.3%, and a net profit of 621 million CNY, up 38.93% year-on-year [3]. - The growth in revenue was driven by a significant increase in the vegetable product segment, which saw a 56.6% year-on-year increase, surpassing the traditional noodle product segment for the first time [3]. - The company has successfully expanded its distribution channels, with a total of 1,822 offline distributors by the end of June, and has seen substantial growth in e-commerce and new retail channels [3]. - The gross margin improved to 49.8%, up 2.3 percentage points year-on-year, due to declining raw material prices and an increased proportion of high-margin vegetable products [3]. Financial Summary - For H1 2024, the company achieved revenues of 1.354 billion CNY from noodle products, 1.461 billion CNY from vegetable products, and 124 million CNY from bean products, with respective year-on-year growth rates of 5%, 56.6%, and 17.5% [3]. - The company expects revenue growth rates of 24.14%, 15.58%, and 13.16% for 2024, 2025, and 2026, respectively, with net profit growth rates of 37.23%, 15.55%, and 15.22% for the same years [4][3]. - The earnings per share (EPS) are projected to be 0.51 CNY, 0.59 CNY, and 0.68 CNY for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 12x, 11x, and 9x [4][3].
卫龙美味：业绩超预期，菜制品高速成长表现亮眼