Investment Rating - The report maintains a "Buy" rating for the company with a target price of 7.23 yuan [1] Core Views - The company has released its 2024 semi-annual report, showing a revenue of 390 million yuan in Q2 2024, a year-on-year decrease of 11.3%, and a net profit attributable to the parent company of 30 million yuan, down 10.4% year-on-year [1] - The company is expected to benefit from the acquisition of Funmei Packaging, enhancing operational synergies and market positioning [2] - The liquid milk market in China is projected to maintain steady growth, with the company positioned to capitalize on this trend through its sterilized packaging products [1][2] Financial Performance - For H1 2024, the company's revenue was 820 million yuan, a decrease of 5.1% year-on-year, while the net profit attributable to the parent company increased by 8.6% year-on-year to 90 million yuan [1] - The gross margin for H1 2024 was 23.11%, an increase of 3.2 percentage points year-on-year, with a net profit margin of 10.4%, up 1.3 percentage points year-on-year [1] - The company’s sales, management, R&D, and financial expense ratios for H1 2024 were 2.4%, 12.5%, 0.8%, and 0.1%, respectively, with notable increases in sales and management expenses due to stock incentive plans and acquisition-related costs [1] Product Segmentation - In H1 2024, the revenue from sterilized packaging for liquid milk was 800 million yuan, accounting for 97.7% of total revenue, while non-carbonated soft drink packaging revenue was 20 million yuan, down 14% year-on-year [1] - The gross margin for liquid milk sterilized packaging was 22.7%, an increase of 3.1 percentage points year-on-year, while the gross margin for non-carbonated soft drink packaging was 25.8%, up 6.0 percentage points year-on-year [1] Future Outlook - The company plans to grant stock options and restricted stock to incentivize employees, with performance targets set for net profit growth of at least 7% in 2024 and 15% in 2025 compared to 2023 [1] - The report forecasts net profits for 2024, 2025, and 2026 to be 190 million yuan, 220 million yuan, and 247 million yuan, respectively, with corresponding EPS of 0.45 yuan, 0.52 yuan, and 0.59 yuan [2][3]
新巨丰：发布股权激励，期待加速成长