Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 10.095 billion yuan for H1 2024, a year-on-year increase of 3.7%, and a net profit attributable to shareholders of 1.875 billion yuan, up 10.6% year-on-year, exceeding expectations. The company plans to distribute an interim dividend of 0.16 HKD per share, representing a year-on-year increase of 21.0%, with a high payout ratio of 78% [3] - Despite a weak industry demand and intense competition, the company is recognized as a leader in the Chinese infant formula market, with a continuous increase in market share and solid brand and channel advantages, maintaining the "Buy" rating [3] Summary by Sections Financial Performance - In H1 2024, the company's gross margin improved to 67.9%, an increase of 2.6 percentage points year-on-year, primarily due to the revenue growth of high-margin products. The net profit margin for H1 2024 was 18.9%, up 2.3 percentage points year-on-year [5] - The company has adjusted its net profit forecasts for 2024-2025 to 3.81 billion and 4.16 billion yuan, respectively, down from previous estimates of 4.82 billion and 5.28 billion yuan, while introducing a new estimate of 4.47 billion yuan for 2026 [3][7] Product and Market Strategy - The company is focusing on promoting the Xingfeifan and Zhuorui product lines, launching new products in line with market trends, and achieving good terminal sales. As of H1 2024, offline distribution accounted for 76.8% of total dairy product revenue, with over 2,800 distributors covering more than 80,000 retail points [4] - The company is also targeting the younger generation through the rapidly growing e-commerce channel and has conducted approximately 460,000 seminars to engage new customers [4] Future Outlook - Looking ahead, the company plans to continue expanding its ultra-premium and premium+ product lines, optimizing its product structure, maintaining reasonable discount levels, and actively improving cost efficiency, which is expected to enhance profitability in 2024 [6]
中国飞鹤：港股公司信息更新报告：2024H1业绩超预期，毛利提升带动利润率改善