五芳斋：公司信息更新报告：业绩阶段性承压，盈利能力有所提升

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company's H1 2024 revenue is 1.58 billion yuan, down 15.3% year-on-year, with a net profit attributable to shareholders of 230 million yuan, down 8.9% year-on-year. Q2 2024 revenue is 1.37 billion yuan, down 16.7% year-on-year, with a net profit of 300 million yuan, down 5.3% year-on-year. The performance is in line with expectations, but due to changes in the consumption environment and intensified industry competition, profit forecasts for 2024-2026 have been revised downwards [2][3] - The company's main business of zongzi sales is under pressure, but there is good potential for growth in the second growth line, with a focus on non-zongzi product lines such as baked goods and frozen foods. Q2 2024 zongzi revenue is 1.24 billion yuan, down 17.0% year-on-year, while mooncake sales reached 323,000 yuan, showing good growth in the off-season [2][3] - The company is exploring new models for its chain stores and has seen profit growth in its online platforms despite a decline in revenue due to increased competition in the e-commerce sector. Q2 2024 revenue from various channels includes 120 million yuan from chain stores, 340 million yuan from e-commerce, and 210 million yuan from supermarkets [2][3] - The gross margin for Q2 2024 increased by 4.03 percentage points to 46.41%, attributed to product structure optimization and a decrease in product costs. The net profit margin rose by 2.61 percentage points to 22.06% [2][3] Financial Summary and Valuation Indicators - For 2024E, the company is expected to have a revenue of 2.568 billion yuan, a net profit of 164 million yuan, and an EPS of 0.83 yuan. The P/E ratios for 2024E, 2025E, and 2026E are projected to be 18.5, 17.4, and 16.1 respectively [3][4] - The company's gross margin is expected to improve slightly from 37.8% in 2024E to 37.9% in 2026E, while the net margin is projected to increase from 6.4% in 2024E to 6.6% in 2026E [3][4]