XIANGPIAOPIAO(SH:603711) Soochow Securities·2024-08-29 07:10Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's total revenue for the first half of 2024 is 1.179 billion yuan, a year-on-year increase of 0.75%, while the net profit attributable to the parent company is -30 million yuan, a year-on-year increase of 33.02% [2] - The revenue from the brewing business in Q2 2024 is 129 million yuan, a year-on-year decrease of 23%, primarily due to increased inventory digestion and commercial discounts during the off-season [2] - The ready-to-drink business revenue is 313 million yuan, remaining stable year-on-year, with Meco fruit tea achieving over 10% growth [2] - The gross margin has improved due to a decrease in raw material procurement costs and freight, with Q2 2024 gross margin at 25.7%, up 2.1 percentage points year-on-year [2] - The net profit margin for Q2 2024 decreased by 1.9 percentage points to -12%, mainly due to reduced government subsidies [2] Financial Forecasts - The forecast for net profit attributable to the parent company for 2024-2026 has been adjusted to 306 million, 356 million, and 409 million yuan, respectively, with year-on-year growth rates of 9%, 17%, and 15% [3] - The corresponding P/E ratios for 2024-2026 are projected to be 14, 12, and 11 times [3] Revenue and Profitability - Total revenue for 2023 is projected at 3.625 billion yuan, with a year-on-year growth rate of 15.90% [9] - The net profit for 2023 is projected at 280 million yuan, with a year-on-year growth rate of 31.04% [9] - The gross margin is expected to improve from 37.53% in 2023 to 41.52% in 2026 [10] Market Data - The closing price of the stock is 10.74 yuan, with a market capitalization of 4.411 billion yuan [5] - The price-to-book ratio is 1.38 [5]