TINGYI(00322) 国泰君安·2024-08-27 04:28Investment Rating - The report maintains a "Buy" rating for Tingyi (Cayman Islands) Holding Corp (0322) [2][4] Core Views - Non-GAAP net profit exceeded expectations, with significant improvement in gross margin [4] - Tea beverage segment performed exceptionally well [4] - Current stock price corresponds to a 2024 PE of 15X [4] Financial Performance - 1H24 revenue reached RMB 41.2 billion, up 0.7% YoY [4] - 1H24 EBITDA was RMB 4.825 billion, up 12.2% YoY [4] - 1H24 net profit attributable to shareholders was RMB 1.885 billion, up 15.1% YoY [4] - 1H24 non-GAAP net profit was RMB 1.718 billion, up 43.33% YoY [4] - 1H24 gross margin improved to 32.6%, up 2.1 percentage points YoY [4] Business Segment Analysis Instant Noodles - 1H24 revenue was RMB 13.814 billion, down 1% YoY [4] - Cup noodles revenue: RMB 6.857 billion, up 6.3% YoY [4] - Premium bagged noodles revenue: RMB 5.485 billion, down 5.5% YoY [4] - Mid-priced bagged noodles revenue: RMB 1.271 billion, down 13.8% YoY [4] - Snack noodles and others revenue: RMB 201 million, down 9.2% YoY [4] Beverages - 1H24 revenue was RMB 27.065 billion, up 1.7% YoY [4] - Tea beverages revenue: RMB 11.393 billion, up 13% YoY [4] - Packaged water revenue: RMB 2.53 billion, down 5.6% YoY [4] - Juice revenue: RMB 3.398 billion, down 10.1% YoY [4] - Carbonated drinks and others revenue: RMB 9.745 billion, down 3.2% YoY [4] Financial Projections - 2024E revenue: RMB 84.699 billion, up 5% YoY [6] - 2024E net profit: RMB 3.319 billion, up 6% YoY [6] - 2024E PE: 14.74X [6] - 2025E revenue: RMB 88.251 billion, up 4% YoY [6] - 2025E net profit: RMB 3.511 billion, up 6% YoY [6] - 2025E PE: 13.94X [6] - 2026E revenue: RMB 91.644 billion, up 4% YoY [6] - 2026E net profit: RMB 3.874 billion, up 10% YoY [6] - 2026E PE: 12.63X [6] Market Data - Current stock price: HKD 9.54 [5] - 52-week price range: HKD 7.15 - 11.86 [5] - Current market capitalization: HKD 53.753 billion [5]