天味食品24H1业绩点评：线上业务势能充足

Investment Rating - The investment rating for the company is "Buy" (maintained) as of August 31, 2024 [1] Core Views - The company reported a strong performance in its online business, with significant growth potential. The Q2 revenue was 614 million yuan, down 6.8% year-on-year, while the net profit attributable to shareholders was 71 million yuan, down 10.9% year-on-year. The first half of the year showed a revenue increase of 2.95% to 1.468 billion yuan and a net profit increase of 18.79% to 247 million yuan [1] - The report highlights that the hot pot seasoning and Chinese compound seasoning revenues for Q2 were 198 million yuan and 392 million yuan, respectively, with year-on-year changes of -23% and +5%. The performance of hot pot seasoning was affected by seasonal factors, while the growth in Chinese compound seasoning was driven by the consolidation of Shicui [1] - The company is focusing on enhancing its online channels, which saw a revenue decline of 15% year-on-year, while offline channels grew by 57% [1] Financial Performance Summary - For H1 2024, the company achieved a revenue of 1.468 billion yuan, with a net profit of 247 million yuan, reflecting an 18.79% increase year-on-year [1] - The gross profit margin for Q2 increased by 2.2 percentage points to 33.33%, driven by lower raw material costs [1] - The report projects that the company will achieve revenues of 3.149 billion yuan, 3.447 billion yuan, 3.863 billion yuan, and 4.296 billion yuan for the years 2024E to 2026E, with year-on-year growth rates of 9.5%, 12.1%, and 11.2% respectively [3][4] Profitability and Valuation Metrics - The net profit attributable to the parent company is expected to be 457 million yuan, 532 million yuan, 600 million yuan, and 677 million yuan for 2024E to 2026E, with corresponding year-on-year growth rates of 16.5%, 12.8%, and 12.8% [3][4] - The report indicates an expected increase in the gross margin from 37.9% in 2023A to 39.5% in 2026E [6] - The P/E ratios for 2024E, 2025E, and 2026E are projected to be 30.56, 20.36, and 18.05 respectively [3][4]