Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Insights - The company achieved total revenue of 8.92 billion yuan in the first half of 2024, reflecting a year-on-year growth of 4.87%. The net profit attributable to shareholders was 0.59 billion yuan, up 6.14% year-on-year [2] - The company is experiencing steady growth in its major business segments, particularly in prepared dishes and steaming products, while facing challenges in the small B segment due to weaker-than-expected demand post-Spring Festival [2] - The company plans to enhance its market strategy by focusing on expanding its customer base in the fast-food and hot pot sectors, aiming to improve revenue growth in the second half of 2024 [2][3] Financial Performance Summary - For the first half of 2024, the company reported a gross margin of 25.21% and a net profit margin of 6.65%, with operating expenses showing a slight increase compared to the previous year [2] - The revenue projections for 2024-2026 are adjusted to 20.59 billion yuan, 24.26 billion yuan, and 27.92 billion yuan, respectively, with expected growth rates of 8.3%, 17.83%, and 15.09% [3][4] - The forecasted net profit for the same period is 1.45 billion yuan, 1.72 billion yuan, and 2.0 billion yuan, with growth rates of 7.89%, 19.02%, and 16.12% [3][4] Key Financial Ratios - The company’s price-to-earnings (P/E) ratio is projected to be 16, 13, and 12 for the years 2024, 2025, and 2026, respectively [3][4] - The return on equity (ROE) is expected to be around 10.7% in 2024, increasing to 11.6% by 2026 [4][6]
千味央厨：大B稳健增长，期待更积极市场策略