味知香：公司信息更新报告：业绩阶段性承压，需求仍待恢复

Investment Rating - Investment rating is maintained at "Outperform" [1] Core Views - The company is experiencing a phase of performance pressure, with a significant decline in revenue and net profit in H1 2024 compared to the previous year. Revenue decreased by 21.5% to 330 million yuan, and net profit dropped by 42.4% to 40 million yuan. The second quarter saw a revenue decline of 24.9% and a net profit decline of 40.1% [3] - The company is focusing on product innovation and channel expansion, with expectations of performance improvement once consumer demand recovers [3] Financial Performance Summary - H1 2024 revenue was 330 million yuan, down 21.5% year-on-year, with net profit of 40 million yuan, down 42.4% [3] - Q2 2024 revenue was 160 million yuan, down 24.9% year-on-year, with net profit of 20 million yuan, down 40.1% [3] - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 90 million yuan, 100 million yuan, and 100 million yuan respectively, with year-on-year changes of -33.1%, +5.8%, and +6.0% [3] - The current price-to-earnings ratio (P/E) is projected at 27.2, 25.7, and 24.2 for the years 2024, 2025, and 2026 respectively [3] Sales Channel Performance - In H1 2024, revenue from retail, supermarkets, and wholesale channels was 210 million yuan, 10 million yuan, and 80 million yuan respectively, with year-on-year changes of -20.0%, +6.5%, and -25.6% [5] - The company plans to enhance its channel layout and increase store openings to improve sales performance [5] Product Line and Market Strategy - The company is committed to diversifying its product lines, having established eight major product lines to meet diverse consumer needs [4] - The sales of pre-prepared dishes have been affected by weak terminal demand, prompting the company to focus on product development [4] Profitability Metrics - Q2 2024 gross margin decreased by 1.34 percentage points to 24.70%, attributed to reduced production scale effects due to declining revenue [6] - The net profit margin for Q2 2024 was 14.51%, down 3.68 percentage points year-on-year [6]