安井食品：第二季度收入同比增长2.3%，公司主业经营稳健

Investment Rating - The investment rating for the company is "Outperform the Market" [3][8][10] Core Views - The company reported a revenue growth of 9.42% year-on-year for the first half of 2024, achieving a total revenue of 7.544 billion yuan [5][8] - The second quarter revenue showed a modest growth of 2.31% year-on-year, with a total of 3.789 billion yuan [5][8] - The company maintains a stable core business operation despite declines in specific channels such as special channels and e-commerce [5][8] - The management emphasizes shareholder returns with a mid-term dividend plan amounting to 460 million yuan, representing 57.5% of the net profit for the first half of 2024 [5][8] Summary by Sections Financial Performance - For the first half of 2024, the company achieved a net profit of 803 million yuan, up 9.17% year-on-year, and a non-recurring net profit of 772 million yuan, up 11.11% [5][8] - The gross margin for the second quarter was 21.3%, reflecting a year-on-year increase of 1.3 percentage points, attributed to a decline in raw material prices [5][8] - The company’s accounts receivable increased by 28% year-on-year, indicating a strategic decision to ease sales pressure through extended credit [5][8] Revenue Breakdown - In the second quarter of 2024, revenue from rice and flour products, prepared foods, and dish products showed varied performance, with declines in rice and flour products (-1.4%) and dish products (-7.1%), while prepared foods grew by 13.6% [5][8] - Revenue from distribution channels showed a mixed performance, with traditional distributors and supermarkets growing by 4%, while special channels and e-commerce saw declines of 25% and 37% respectively [5][8] Future Outlook - The company anticipates improved performance in the second half of 2024 as it enters the peak season, supported by new product development and channel expansion [5][8] - Revenue forecasts for 2024-2026 have been adjusted to 15.243 billion, 16.478 billion, and 17.635 billion yuan respectively, reflecting a year-on-year growth of 8.5%, 8.1%, and 7.0% [8][9]