Investment Rating - The investment rating for the company is upgraded to "Outperform" [1] Core Views - The company reported a revenue of 108 million yuan for H1 2024, a year-on-year decline of 0.67%, and a net profit attributable to the parent company of 11.56 million yuan, down 33.80% year-on-year. Due to intense price competition in the sauerkraut market, the profit forecasts for 2024-2025 have been revised downwards, with new profit estimates for 2026 introduced [1][2] - The company is actively expanding its market presence by launching various product specifications and developing small B-end business channels. New products include 1 kg sauerkraut and 75g small packaging of fermented bean curd to cater to different consumer needs [3][4] Financial Summary - For H1 2024, the company achieved a revenue of 108 million yuan, a decrease of 0.67% year-on-year, and a net profit of 11.56 million yuan, down 33.80% year-on-year [1] - The revenue forecast for 2024-2026 is adjusted to 277 million yuan (previously 304 million yuan), 307 million yuan, and 362 million yuan respectively, with corresponding net profits of 30 million yuan (previously 64 million yuan), 39 million yuan, and 48 million yuan [4][6] - The gross margin for the fermented bean curd segment is 27.66%, down 2.77 percentage points from H1 2023, while the sauerkraut segment saw a revenue drop of 47.28% with a gross margin decrease of 15.28 percentage points [2][4] Product and Market Development - The company is expanding its product offerings and market reach, particularly in North and East China, and is developing small B-end business channels. The promotional strategy has shifted to increase product bundling promotions, raising the promotional ratio significantly [2][3] - The company plans to expand its distribution network by adding 50 new distributors in 2024, with 26 already completed by the end of April [3]
朱老六：北交所信息更新：推出多规格新产品，开发小B端业务积极拓展市场