RICHEN(603755) 华鑫证券·2024-08-22 09:11Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company's performance meets expectations, with steady growth in its sauce business. The report highlights effective cost control and product innovation as key drivers of growth [1][2] - The company is expected to benefit from capacity release and an optimized product structure, which will enhance order-taking capabilities and support profit margin improvement in the medium to long term [2] Financial Summary - For H1 2024, the company reported revenue of 187 million yuan, a year-on-year increase of 15%, and a net profit attributable to shareholders of 29 million yuan, up 21% year-on-year. The net profit excluding non-recurring items was 27 million yuan, reflecting a 25% increase [1] - In Q2 2024, revenue was 96 million yuan, a 16% increase year-on-year, with a net profit of 16 million yuan, up 20% year-on-year. The net profit excluding non-recurring items was 15 million yuan, also a 25% increase [1] - The company's gross margin in Q2 2024 decreased by 2 percentage points to 38.05%, primarily due to changes in product mix. However, the net profit margin increased by 1 percentage point to 16.54% [1] Product and Channel Performance - The sauce segment showed robust growth, with revenue from sauce products in Q2 2024 reaching 75 million yuan, a 25% increase year-on-year. The company is expected to release new products and expand production capacity by the end of 2025 [1] - Revenue from the restaurant channel grew by 38% year-on-year, while the food processing channel saw a slight decline of 2%. The brand customization channel increased by 15% year-on-year [1] - The company is focusing on expanding its customer base in the B-end market while controlling costs in the C-end market, indicating a strategic shift towards more stable revenue sources [1] Earnings Forecast - The report adjusts the earnings per share (EPS) forecast for 2024-2026 to 0.69, 0.82, and 0.96 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 34, 29, and 24 times [2] - The projected revenue growth rates for 2024, 2025, and 2026 are 15.1%, 14.6%, and 14.1%, respectively, while net profit growth rates are expected to be 19.7%, 19.0%, and 18.1% [4][5]