Shanghai Bolex Food Technology (SH:603170) Tianfeng Securities·2024-09-02 05:01Investment Rating - The report maintains a "Buy" investment rating for the company, with an expected relative return of over 20% within the next six months [4][12]. Core Insights - The company achieved a revenue of 1.273 billion yuan and a net profit attributable to shareholders of 108 million yuan for the first half of 2024, reflecting a year-on-year revenue growth of 12.89% but a decline in net profit by 34.60% [1]. - The company plans to distribute a cash dividend of 1.5 yuan per 10 shares, totaling 60.0015 million yuan, which represents 55.30% of the net profit for the first half of 2024 [1]. - The B2B and B2C segments both showed positive growth, with the company’s three main product categories—compound seasonings, light cooking solutions, and beverage dessert ingredients—reporting revenue increases of 10.10%, 11.79%, and 3.04% respectively in Q2 2024 [1]. - The company’s revenue from different regions showed varied performance, with East China growing by 16.57% while South China and North China experienced declines of 14.11% and 25.23% respectively [1]. - The gross margin and net margin for Q2 2024 were 32.10% and 8.66%, down by 2.38 and 6.73 percentage points year-on-year, primarily due to reduced other income and increased asset impairment losses [1]. Financial Summary - The company’s projected revenues for 2024-2026 are 2.674 billion yuan, 3.009 billion yuan, and 3.365 billion yuan, with growth rates of 12.88%, 12.52%, and 11.82% respectively [2][3]. - The net profit attributable to shareholders is expected to be 231.16 million yuan, 267.76 million yuan, and 304.51 million yuan for the same period, reflecting a decline of 23% in 2024 followed by growth in subsequent years [2][3]. - The company’s earnings per share (EPS) for 2024-2026 are projected at 0.58 yuan, 0.67 yuan, and 0.76 yuan, with corresponding price-to-earnings (P/E) ratios of 19X, 17X, and 15X [2][3]. Market Position - The company has a total A-share capital of 400.01 million shares and a market capitalization of 4.520 billion yuan [4]. - The average revenue per distributor decreased by 23.87% to 248,300 yuan per distributor due to a rapid increase in the number of distributors, which grew by 126 to a total of 445 [1].