QIANHE(SH:603027) Minsheng Securities·2024-09-01 09:21Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company reported a revenue of 1.589 billion yuan for the first half of 2024, a year-on-year increase of 3.78%, while the net profit attributable to shareholders was 251 million yuan, a decrease of 2.38% year-on-year [3]. - The second quarter of 2024 saw a revenue of 694 million yuan, a decline of 2.53% year-on-year, and a net profit of 96 million yuan, down 14.16% year-on-year [3]. - The company is facing weak demand and has actively controlled inventory, leading to a revenue decline in Q2 [4]. - The company has launched new products to drive high-quality seasoning upgrades, including Qianhe concentrated soy sauce and Qianhe pure vinegar [4]. - The company is strengthening its marketing network and accelerating channel development, with a net increase of 204 distributors in the first half of 2024 [4]. Financial Forecasts - The company is expected to achieve revenues of 3.454 billion yuan, 3.842 billion yuan, and 4.312 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 7.7%, 11.2%, and 12.2% [5][7]. - The net profit attributable to shareholders is projected to be 565 million yuan, 630 million yuan, and 710 million yuan for the same years, with growth rates of 6.5%, 11.5%, and 12.7% [5][7]. - The current market capitalization corresponds to a price-to-earnings (PE) ratio of 25, 22, and 20 for the years 2024, 2025, and 2026, respectively [4][5].