洽洽食品：收入增速承压，费用投放加大

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the benchmark index within the next 6 to 12 months [7]. Core Insights - The company reported a revenue of 2.898 billion yuan in the first half of 2024, representing a year-on-year increase of 7.92%. The net profit attributable to shareholders was 337 million yuan, up 25.92% year-on-year [3]. - The revenue from sunflower seeds faced pressure, while the nut segment showed relatively stable growth. In H1 2024, revenue from sunflower seeds, nuts, and other products was 1.854 billion, 660 million, and 353 million yuan, respectively [3]. - The company is focusing on expanding its product channels and improving demand, with ongoing efforts to enhance its brand presence in the high-end sunflower seed market and the nut category [3]. Financial Performance Summary - The company's revenue for 2022 was 6.883 billion yuan, with a projected revenue of 7.177 billion yuan for 2024, reflecting a growth rate of 5% [1]. - Net profit for 2022 was 976 million yuan, with an expected increase to 900 million yuan in 2024, indicating a year-on-year growth of 12% [1]. - The earnings per share (EPS) is projected to rise from 1.58 yuan in 2023 to 1.77 yuan in 2024 [1]. Profitability Metrics - The gross margin for Q2 2024 was reported at 24.98%, an increase of 4.42 percentage points year-on-year, with sunflower seeds and nuts showing improved margins [3]. - The net profit margin for Q2 2024 was 8.91%, reflecting a year-on-year increase of 2.25 percentage points [3]. Future Projections - Revenue projections for 2024, 2025, and 2026 are 7.177 billion, 7.966 billion, and 8.807 billion yuan, respectively [4]. - Net profit projections for the same years are 900 million, 1.001 billion, and 1.130 billion yuan, respectively [4].