天润乳业：公司事件点评报告：二季度经营承压，疆外市场开拓顺利

Investment Rating - The report maintains a "Buy" investment rating for Tianrun Dairy [1][2] Core Insights - The company experienced operational pressure in Q2 2024, but successfully expanded its market outside of Xinjiang [1] - Revenue for H1 2024 reached 1.443 billion yuan, a 4% increase year-on-year, while net profit attributable to shareholders was 28 million yuan, a significant decrease of 122% [1] - The company is focusing on maintaining sales volume and market share by introducing lower-end products in response to market demand [1] Financial Performance Summary - H1 2024 total revenue was 1.443 billion yuan, with a net profit of 28 million yuan, down 80% year-on-year [1] - Q2 2024 revenue was 803 million yuan, a 6% increase year-on-year, but the net profit was -32 million yuan [1] - The gross profit margin for H1 2024 decreased by 3 percentage points to 17.30% due to oversupply in the industry and increased costs [1] - The company reported a net profit margin decrease of 12 percentage points to 2.93% in H1 2024 [1] Product and Market Development - In Q2 2024, revenue from various product segments included 417 million yuan from ambient dairy products, 340 million yuan from chilled dairy products, and 270,000 yuan from livestock products [1] - The company is actively developing its market outside Xinjiang, with Q2 2024 revenue from outside Xinjiang reaching 430 million yuan, a 19% year-on-year increase [1] - The total number of distributors increased by 42 to 972, with a net increase of 43 distributors outside Xinjiang [1] Earnings Forecast - The earnings per share (EPS) for 2024-2026 are adjusted to 0.44, 0.48, and 0.51 yuan respectively, with corresponding price-to-earnings (PE) ratios of 16, 15, and 14 times [2]