XIANGPIAOPIAO(SH:603711) Huaxin Securities·2024-08-28 07:32Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The company's performance in H1 2024 showed a total revenue of 1.179 billion yuan, a year-on-year increase of 0.75%, with a net profit of -30 million yuan, an improvement from -44 million yuan in the same period last year [2][3] - The gross margin improved to 30.58% in H1 2024, up by 2.69 percentage points year-on-year, primarily due to a decrease in raw material costs and transportation expenses [2][3] - The company is focusing on new product positioning and has received positive feedback on its "handmade oat milk tea" trial, aiming to expand its consumer base [3][4] Summary by Sections Performance Overview - H1 2024 total revenue was 1.179 billion yuan, with a net profit of -30 million yuan, and a gross margin of 30.58% [2][3] - Q2 2024 revenue was 454 million yuan, a decrease of 7.54% year-on-year, with a net profit of -55 million yuan [2][3] Product Segmentation - Revenue from brewed products and ready-to-drink products in H1 2024 was 614 million yuan and 547 million yuan, respectively, with a year-on-year decrease of 2.13% for brewed products and an increase of 3.83% for ready-to-drink products [3][4] - The company is rebranding its Meco fresh fruit tea products and has launched seasonal limited editions, receiving positive market feedback [3][4] Channel Development - In H1 2024, revenue from various channels included 1.02 billion yuan from distribution, 90 million yuan from e-commerce, and 40 million yuan from direct sales, with a year-on-year increase of 3% for distribution [4] - The company has expanded its reach into snack wholesale channels and high-end restaurants, increasing its distributor count to 1,775 by the end of H1 2024 [4] Profit Forecast - The company has adjusted its EPS forecasts for 2024-2026 to 0.70, 0.80, and 0.92 yuan, respectively, maintaining a "Buy" rating [5][7]