均瑶健康：公司事件点评报告：延续味动力功效化开发，加大海外市场投入

Investment Rating - The investment rating for the company is adjusted to "Accumulate" [4] Core Views - The company's overall performance is under pressure, with total revenue for H1 2024 at 756 million yuan, a decrease of 14% year-on-year, primarily due to a reduction in supply chain revenue. The net profit attributable to shareholders is 35 million yuan, down 27% year-on-year [2][3] - The company is focusing on optimizing its product structure and reducing costs, which has led to an increase in gross margin by 3 percentage points to 30.32% in Q2 2024 [2] - The company is enhancing its overseas market investments and continuing its differentiated product development strategy, with a notable increase in revenue from probiotic foods [3] Summary by Sections Financial Performance - In Q2 2024, the company's revenue from probiotic beverages, probiotic foods, and other beverage segments showed mixed results, with revenues of 149 million, 50 million, and 5 million yuan respectively, reflecting year-on-year changes of -12%, +22%, and -66% [3] - The company reported a net profit margin decrease of 3 percentage points to 2.66% in Q2 2024, influenced by increased employee compensation and depreciation expenses [2] Market Strategy - The company is expanding its product matrix with new offerings such as the GABA500 sleep aid drink and is increasing its investment in overseas markets to capture new growth opportunities [3] - The direct sales channel has seen a revenue increase of 14% year-on-year, driven by the expansion of the company's direct sales business [3] Earnings Forecast - The earnings per share (EPS) estimates for 2024-2026 have been adjusted to 0.09, 0.11, and 0.13 yuan respectively, with corresponding price-to-earnings (PE) ratios of 55, 43, and 35 times [4][6] - The company is expected to maintain its leading position in the ambient yogurt industry while focusing on brand building and platform development [4]