Jiahe Foods(605300) 华鑫证券·2024-09-01 07:42Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's performance in the first half of 2024 was below expectations, with significant profit decline. Total revenue for 2024H1 was 1.073 billion yuan, down 19.12% year-on-year, and net profit attributable to shareholders was 69 million yuan, down 48.77% year-on-year [1][2] - Coffee sales showed a quarter-on-quarter improvement, with Q2 revenue reaching 532 million yuan, a decrease of 22.41% year-on-year, but coffee segment revenue increased by 24.99% in Q2 [1][2] - The increase in coffee bean prices negatively impacted gross margins, which were 17.85% for H1 2024, down 0.37 percentage points year-on-year [1][2] Summary by Sections Financial Performance - 2024H1 total revenue was 1.073 billion yuan, with a net profit of 69 million yuan, reflecting a significant decline compared to the previous year [1] - Q2 revenue was 532 million yuan, with net profit of 24 million yuan, both showing substantial year-on-year decreases [1][2] - The gross margin for H1 2024 was 17.85%, down from the previous year, primarily due to rising coffee bean prices [1][2] Segment Performance - Revenue from powdered oil, coffee, plant-based products, and other products for 2024H1 was 587 million, 114 million, 41 million, and 206 million yuan respectively, with year-on-year changes of -37.59%, +3.36%, -19.63%, and +25.13% [1] - The coffee segment showed a recovery with double-digit growth in Q2, attributed to new product launches and effective marketing strategies [1][2] Regional and Channel Analysis - Domestic and overseas revenue for 2024H1 was 848 million and 225 million yuan, respectively, with year-on-year changes of -26.29% and +27.65% [2] - The chain channel faced significant pressure, with a 46.33% decline in revenue for H1 2024 [2] Earnings Forecast - The earnings per share (EPS) estimates for 2024-2026 are adjusted to 0.44, 0.56, and 0.71 yuan, with corresponding price-to-earnings (PE) ratios of 24, 19, and 15 times [3]