欢乐家：公司点评报告：加大费用投放短期利润承压，24H2努力提质增效

Investment Rating - The report maintains a "Recommended" rating for the company, predicting a revenue growth of over 10% relative to the benchmark index in the next 12 months [2][6]. Core Insights - The company reported a net profit of 0.82 billion yuan for the first half of 2024, a year-on-year decline of 37.10%, with total revenue of 9.45 billion yuan, reflecting a 36.44% decrease [1][2]. - The increase in sales expenses is attributed to the company's goal of expanding its network by 300,000 outlets, leading to a significant rise in sales expenses in the first half of 2024 [2][3]. - The company aims to enhance operational quality and improve the effective output per store in the second half of 2024, focusing on information technology to monitor outlet layouts and expansions [2][3]. Financial Performance Summary - For 2024, the company is projected to achieve total revenue of 20.36 billion yuan, with a year-on-year growth of 6%, and a net profit of 2.67 billion yuan, reflecting a decline of 4% [2][3]. - The earnings per share (EPS) are expected to be 0.60 yuan for 2024, with a price-to-earnings (PE) ratio of 18 times [2][3]. - The company’s gross profit margin is forecasted to be 38.24% in 2024, with a net profit margin of 13.10% [3]. Business Segment Analysis - The beverage segment, particularly coconut juice, faced challenges due to poor performance in the dining scene, resulting in a revenue of 5.35 billion yuan for the beverage business, a year-on-year increase of 11% [1][2]. - The canned food segment showed steady growth, with canned fruit contributing significantly to new revenue streams, achieving 3.80 billion yuan in revenue, despite a year-on-year decline of 9% [1][2]. Channel and Regional Performance - The company has expanded its direct sales channels, with a net increase of approximately 100,000 terminal outlets in the first half of 2024, driven by the growth of snack wholesale channels [1][2]. - Revenue growth was particularly strong in the East China region, with a year-on-year increase of 20.55% [2][3].