香飘飘：24H1业绩承压，期待后续战略梳理成效

Investment Rating - The report maintains a rating of "Accumulate" for the company [1]. Core Views - The company is facing pressure on its performance in the first half of 2024, with a revenue of 1.18 billion yuan, a year-on-year increase of 0.8%, and a net profit attributable to shareholders of -30 million yuan, a reduction in losses of 14.54 million yuan compared to the previous year [1]. - The company is adjusting its strategic focus, prioritizing its brewing business over ready-to-drink products, aiming to regain its position in the milk tea market [2]. - The company plans to launch new products in the second half of 2024, upgrading its tea powder to fresh leaf brewing, targeting first and second-tier cities [2]. Summary by Sections Financial Performance - In the first half of 2024, the brewing segment generated revenue of 614 million yuan, down 2.1% year-on-year, while the ready-to-drink segment achieved revenue of 547 million yuan, up 3.8% year-on-year [1]. - The company's revenue from the distribution channel reached 1.02 billion yuan, a year-on-year increase of 2.9%, driven by an increase in the number of distributors [1]. - The company's gross margin improved to 30.6% in the first half of 2024, up 2.7 percentage points year-on-year, mainly due to a decrease in raw material costs [1][4]. Revenue Forecasts - The company's revenue is projected to grow from 3.801 billion yuan in 2024 to 4.648 billion yuan in 2026, with corresponding growth rates of 4.85% and 10.07% [3][4]. - The net profit attributable to shareholders is expected to increase from 316 million yuan in 2024 to 434 million yuan in 2026, with growth rates of 12.57% and 18.65% respectively [3][4]. Strategic Adjustments - The company is restructuring its sales teams to focus on cities with higher growth potential for ready-to-drink products and is transitioning its brewing team to a "full-category team" [2]. - The Meco fruit tea brand will be positioned as a convenient and fashionable alternative outside tea shops, with increased brand investment planned for 2024 [2].