紫燕食品2024年中报点评：开店稳健，盈利能力持续回升

Investment Rating - The report maintains an "Accumulate" rating for the company [1][2]. Core Views - The company reported a total revenue of 1.663 billion yuan in H1 2024, a decrease of 4.59% year-on-year, while the net profit attributable to the parent company was 198 million yuan, an increase of 10.28% [2]. - The company plans to distribute a cash dividend of 0.30 yuan per share, with a payout ratio of 62.74% [2]. - The company added 103 new stores in H1 2024, with positive revenue growth in Central China, Southwest, North China, and South China regions [2]. Financial Performance - In H1 2024, the company's revenue from fresh goods, pre-packaged and other products, packaging materials, franchise fees, store management fees, and information system usage fees were 1.386 billion, 176 million, 42 million, and 33 million yuan respectively, with year-on-year changes of -6.48%, +4.11%, +5.47%, and +7.32% [2]. - The gross profit margin increased by 3.66 percentage points year-on-year to 24.79% in H1 2024, primarily due to declining costs [2]. - The company expects net profits attributable to the parent company to be 362 million, 408 million, and 456 million yuan for 2024, 2025, and 2026 respectively, with growth rates of 9.04%, 12.94%, and 11.58% [2][3]. Store Performance - The company had a total of 6,308 stores by the end of H1 2024, with 6,279 being franchise stores and 29 being direct stores, reflecting a year-on-year increase of 2.79% in total store count [2]. - The revenue from direct stores and franchise stores in H1 2024 was 138.7 million and 3.2 million yuan respectively, with year-on-year changes of -8.42% and +3.64% [2]. Regional Performance - Revenue growth was positive in Central China, Southwest, North China, and South China, with year-on-year increases of 0.54%, 3.63%, 13.33%, and 7.23% respectively in H1 2024 [2].