XIANGPIAOPIAO(SH:603711) Haitong Securities·2024-09-01 04:39Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The report highlights that the company achieved a revenue of 1.179 billion yuan in the first half of 2024, representing a year-over-year increase of 0.75%. However, the net profit attributable to the parent company was a loss of 29.5 million yuan [4][5] - The report indicates that the company's gross margin improved by 2.69 percentage points to 30.58% due to a decrease in raw material procurement costs and transportation expenses, leading to a gross profit increase of 10.47% year-over-year [4][5] - The company is focusing on product repositioning and exploring new channels and scenarios to drive growth, particularly in the instant tea market [5][7] Summary by Sections Financial Performance - In the first half of 2024, the company reported a revenue of 1.179 billion yuan, with a gross margin of 30.58%, and a net loss of 29.5 million yuan, which is an improvement from a loss of 44.04 million yuan in the same period last year [4][5] - For Q2 2024, the company recorded a revenue of 454 million yuan, a year-over-year decline of 7.54%, with a gross margin increase of 2.13 percentage points [4][5] Product Segmentation - The company’s revenue from instant products grew by 3.83% year-over-year, while the revenue from brewed products declined by 2.13% [5] - The company has implemented a "Four Modernizations" strategy focusing on health, youth branding, product scenarioization, and daily consumption to revitalize its tea products [5] Market Channels - In the first half of 2024, the company generated 1.017 billion yuan from distribution channels, 40 million yuan from direct sales, 94 million yuan from e-commerce, and 10 million yuan from exports [7] - The company has expanded its presence in snack retail channels and restaurant channels, achieving significant growth in these areas [7] Financial Forecast - The company is projected to achieve revenues of 3.906 billion yuan, 4.439 billion yuan, and 5.013 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 337 million yuan, 403 million yuan, and 496 million yuan [6][9] - The report suggests a reasonable valuation range of 13.12 to 16.40 yuan per share based on a PE ratio of 16-20 times for 2024E [7][9]