天味食品：24Q2淡季需求表现较弱，线上渠道实现高增

Investment Rating - The report has adjusted the investment rating for Tianwei Foods to "Accumulate-A" [4] Core Views - The overall demand in Q2 2024 was weak, but online channels achieved significant growth. The company is focusing on refining its product and channel strategies, which is expected to improve performance in the upcoming peak season [2][3] - The company reported a revenue of 1.468 billion yuan for H1 2024, a year-on-year increase of 2.95%, and a net profit of 247 million yuan, up 18.79% year-on-year. However, Q2 revenue decreased by 6.80% to 614 million yuan, with a net profit decline of 10.90% to 71 million yuan [2][3] Summary by Sections Financial Performance - For H1 2024, the gross margin was 39.56%, and the net profit margin was 16.8%, reflecting a year-on-year increase of 2.2 percentage points. The company has seen a steady improvement in profitability due to lower raw material costs and more precise expense management [2] - The company’s revenue projections for 2024-2026 are 3.469 billion, 3.845 billion, and 4.306 billion yuan, with year-on-year growth rates of 10.2%, 10.8%, and 12.0% respectively. The net profit is expected to be 526 million, 607 million, and 699 million yuan, with growth rates of 15.2%, 15.4%, and 15.1% [4][5] Product and Channel Development - The company is enhancing its product offerings and channel strategies, including the promotion of large single products and the introduction of new regional flavor seasonings. The focus on B-end and e-commerce channels has also contributed to revenue growth [2][3] - Despite a slowdown in revenue performance in Q2, the company anticipates improved results in the second half of the year due to the peak season for hot pot products and ongoing marketing efforts [2][3] Market Trends - The report indicates that the overall market demand has been weak, influenced by macroeconomic conditions. However, the company is actively adjusting its operational strategies to capture growth opportunities in various channels [3]