宝立食品：2024半年报业绩点评：B端稳健增长，空刻收入显著改善

Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company reported a significant improvement in revenue, achieving 1.273 billion yuan in H1 2024, a year-on-year increase of 12.89%, while the net profit attributable to shareholders was 108 million yuan, a decrease of 34.60% [2] - The B-end business showed robust growth, with an expected year-on-year increase of approximately 20%, while the C-end remained stable, with Q2 2024 nearing double-digit growth [2] - The product structure has negatively impacted the gross margin, leading to a decline in overall profitability, with a net profit margin of 7.35% in Q2 2024, down 7.87 percentage points year-on-year [2] - The company is nearing production at Guangxi Baoshuo, which is expected to leverage local raw material resources and enhance its position in the spice upstream market [2] Summary by Sections Financial Performance - H1 2024 revenue was 1.273 billion yuan, up 12.89% year-on-year; net profit was 108 million yuan, down 34.60% [2] - Q2 2024 revenue reached 649 million yuan, a 10.29% increase year-on-year; net profit was 48 million yuan, down 46.75% [2] Business Segments - B-end business is stable with expected growth of about 20%; C-end is flat with Q2 2024 showing near double-digit growth [2] - Revenue from compound seasonings, light cooking solutions, and beverage dessert ingredients in Q2 2024 was 300 million, 290 million, and 40 million yuan, respectively, with year-on-year growth of 10.1%, 11.8%, and 3.0% [2] Profitability Metrics - Q2 2024 gross margin was 32.10%, down 2.38 percentage points year-on-year; net profit margin was 7.35%, down 7.87 percentage points [2] - B-end and C-end gross margins decreased by approximately 0.7 percentage points and 3 percentage points, respectively [2] Future Outlook - Revenue forecasts for 2024-2026 are adjusted to 26.5 billion, 29.8 billion, and 33.3 billion yuan, with year-on-year growth rates of 11.9%, 12.3%, and 11.8% [3] - Expected net profits for 2024-2026 are 240 million, 280 million, and 320 million yuan, with a year-on-year change of -21%, +16%, and +14% [3]