洽洽食品：2024年中报点评：淡季经营承压，积极应对挑战

Investment Rating - The report maintains a "Strong Buy" rating for Qiaqia Food (002557) with a target price of 30 yuan [1]. Core Views - The company reported a total revenue of 2.898 billion yuan for H1 2024, a year-on-year increase of 7.92%, and a net profit attributable to shareholders of 337 million yuan, up 25.92% year-on-year [1]. - The second quarter saw a revenue decline of 20.25% year-on-year, attributed to seasonal demand drop and inventory destocking efforts [1]. - The company is actively responding to challenges by enhancing brand quality and exploring new product lines and distribution channels [1]. Financial Performance Summary - H1 2024 revenue breakdown: - Sunflower seeds: 1.854 billion yuan (+3.01%) - Nuts: 660 million yuan (+23.90%) - Other products: 353 million yuan (+10.43%) - Other businesses: 31 million yuan (-6.81%) [1]. - Regional revenue performance for H1 2024: - Eastern region: 870 million yuan (+21.9%) - Southern region: 863 million yuan (-0.7%) - Northern region: 527 million yuan (+3.3%) - E-commerce: 361 million yuan (+11.6%) - Overseas: 246 million yuan (+4.5%) [1]. - H1 2024 gross margin by product category: - Sunflower seeds: 28.6% - Nuts: 28.7% - Other products: 27.2% - Other businesses: 24.4% [1]. - The company adjusted its EPS forecasts for 2024-2026 to 1.78, 2.12, and 2.50 yuan respectively, with corresponding PE ratios of 14, 12, and 10 [1][2]. Market Position and Strategy - The company is recognized as a leading player in the sunflower seed category, leveraging brand strength to navigate competitive pressures [1]. - The chairman has increased management efforts since May, focusing on product innovation and expanding into lower-priced product lines to counter competition from private label brands [1]. - The company has established a digital platform managing 370,000 retail outlets, enhancing its distribution capabilities [1].