香飘飘：2024年中报点评：短期业绩承压，静待改革成效

Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Views - The company reported a revenue of 1.179 billion yuan for H1 2024, a year-on-year increase of 0.75%, while the net profit attributable to shareholders was -30 million yuan, a reduction in loss by 15 million yuan [1] - The ready-to-drink products showed steady growth, while the brewed products faced slight pressure, with revenues of 614 million yuan and 547 million yuan respectively for H1 2024, reflecting a year-on-year change of -2.13% and +3.83% [1] - The company is actively exploring new channels and scenarios, with significant revenue contributions from various regions, particularly East China, which saw a revenue increase of 4.65% [1] - The gross profit margin for H1 2024 was 30.58%, an increase of 2.69 percentage points year-on-year, while the net profit margin for Q2 2024 was -12.04%, a decrease of 1.89 percentage points year-on-year [2] Financial Forecasts - The company is projected to achieve revenues of 3.935 billion yuan, 4.252 billion yuan, and 4.528 billion yuan for the years 2024, 2025, and 2026 respectively, with growth rates of 8.6%, 8.0%, and 6.5% [3] - The net profit attributable to shareholders is expected to be 325 million yuan, 373 million yuan, and 425 million yuan for the years 2024, 2025, and 2026, reflecting growth rates of 15.9%, 14.9%, and 13.9% [3] - The current price-to-earnings (P/E) ratios are projected to be 14, 12, and 10 for the years 2024, 2025, and 2026 respectively [3]