Investment Rating - The report maintains a rating of "Accumulate" for the company [3][9]. Core Views - The company is currently facing short-term challenges due to weak downstream dining demand and intensified competition, leading to a slowdown in growth, but profitability remains relatively stable. In the medium to long term, with the recovery of the dining sector and the company's strengthened competitive advantages in customized products and services, a return to growth is expected [1][9]. Financial Performance Summary - For the first half of 2024, the company achieved revenue of 892 million yuan, a year-on-year increase of 4.87%, and a net profit attributable to the parent company of 59 million yuan, up 6.14% year-on-year. The second quarter of 2024 saw revenue of 429 million yuan, a year-on-year increase of 1.65%, and a net profit of 25 million yuan, down 3.36% year-on-year [9][10]. - The company's gross margin for Q2 2024 increased by 2.4 percentage points to 25.0%, primarily due to improved raw material costs [9]. Customer and Product Insights - In H1 2024, revenue growth varied by product category: dishes and others (+18.99%), baking (-8.34%), fried products (-4.26%), and steaming (+32.40%). The growth in steaming and dishes was mainly driven by market expansion in group dining scenarios [9]. - The company has continued to expand its customer base, with the number of major customers increasing by 21.09% year-on-year to 178 [9]. Earnings Forecast - The EPS forecasts for 2024-2026 have been revised down to 1.48 yuan (-0.23), 1.71 yuan (-0.42), and 2.08 yuan (-0.54) respectively, reflecting the weaker downstream demand and increased competition [9][10]. - The target price has been adjusted to 34.1 yuan based on a 23X PE for 2024, considering the company's strong medium to long-term growth potential [9].
千味央厨：2024年中报点评：业绩低于预期，期待逐步回暖