Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company's revenue for H1 2024 reached 10.095 billion yuan, an increase of 3.70%, while net profit attributable to shareholders was 1.875 billion yuan, up by 10.56% [3]. - The company plans to distribute an interim dividend of 0.1632 HKD per share, totaling approximately 1.48 billion HKD, equivalent to about 1.353 billion yuan, with a payout ratio of 72.15% [3]. - Channel reforms have shown effectiveness, with domestic revenue growing by 3.72% year-on-year [3]. - The company's online revenue share in dairy products increased by 1.00 percentage points year-on-year, with online and offline revenues of 7.753 billion yuan and 2.342 billion yuan, respectively [3]. - The company has improved its production capacity, with a designed annual capacity of approximately 363,000 tons, an increase of 11.01% year-on-year [3]. - The gross profit margin for H1 2024 was 67.88%, up by 2.56 percentage points, driven by lower raw material prices and increased sales of high-margin products [3]. - The company’s net profit margin for H1 2024 was 36.90%, an increase of 3.38 percentage points, attributed to improved gross margin and reduced expense ratios [3]. - The company is a leader in the infant formula industry in China, with ongoing product structure upgrades driven by strong R&D capabilities [3]. Financial Summary - The company’s projected net profits for 2024, 2025, and 2026 are 3.759 billion yuan, 3.979 billion yuan, and 4.194 billion yuan, respectively, with year-on-year growth rates of 10.88%, 5.84%, and 5.41% [4]. - The company’s PE ratios for 2024, 2025, and 2026 are projected to be 9, 8, and 8 times, respectively [4]. - The company’s revenue for 2024 is estimated at 20.394 billion yuan, reflecting a year-on-year growth of 4.41% [10].
中国飞鹤2024年中报点评：渠道改革显成效，H1业绩+11%