紫燕食品：中期分红积极，成本逐渐改善

Investment Rating - The report does not specify a clear investment rating for the company [1]. Core Views - The company reported a revenue of 1.66 billion yuan in the first half of 2024, a year-on-year decline of 4.6%, while the net profit attributable to shareholders was 200 million yuan, an increase of 10.3% [2][9]. - The company plans to distribute a cash dividend of 3 yuan per 10 shares to all shareholders [2]. - The company has successfully opened its first overseas store in Melbourne, Australia, marking the beginning of its international expansion [2][5]. Revenue and Profitability - The company achieved a gross margin of 24.8% in the first half of 2024, an increase of 3.7 percentage points year-on-year, primarily due to lower raw material prices [2][9]. - The net profit margin for the first half of 2024 was 12%, up 1.8 percentage points year-on-year, indicating a recovery to a higher level of profitability [2][9]. - The company expects revenues for 2024-2026 to be 35.83 billion yuan, 39.26 billion yuan, and 42.61 billion yuan, respectively, with corresponding net profits of 3.78 billion yuan, 4.22 billion yuan, and 4.55 billion yuan [1][20]. Business Segmentation - Revenue from fresh products, pre-packaged, and other products in the first half of 2024 was 1.39 billion yuan (down 6.5%) and 180 million yuan (up 4.1%), respectively [2][9]. - The company operates primarily through a distribution model, with revenue from distribution channels accounting for 84.7% of total revenue in the first half of 2024 [11]. - The company has a total of 6,308 domestic stores as of the end of the first half of 2024, an increase of 103 stores since the beginning of the year [2][13]. Financial Forecasts - The company forecasts earnings per share (EPS) of 0.91 yuan, 1.01 yuan, and 1.10 yuan for 2024, 2025, and 2026, respectively, with corresponding dynamic price-to-earnings (PE) ratios of 16, 14, and 13 [1][20]. - The company anticipates a gradual improvement in average store revenue, with expected growth rates of -3%, 6%, and 5% for 2024-2026 [17].