Jiahe Foods(SH:605300) KAIYUAN SECURITIES·2024-09-03 04:03Investment Rating - Investment Rating: Buy (Maintain) [1] Core Views - The company is experiencing pressure on its plant-based cream products, but adjustments in its coffee segment are showing positive results. The overseas expansion continues to gain momentum [1] - In Q2 2024, the company reported a significant decline in revenue and profit, primarily due to a sharp drop in demand for plant-based cream products and increased marketing expenses. The revenue for H1 2024 was 1.073 billion yuan, down 19.1% year-on-year, with a net profit of 69 million yuan, down 48.8% year-on-year [3][4] - The company has adjusted its product and market strategies, leading to a recovery in coffee business growth. The revenue from coffee products increased by 25% year-on-year in Q2 2024, while plant-based cream revenue decreased by 40.1% [3][4] Financial Summary - For H1 2024, the gross margin was 17.9%, a decrease of 0.4 percentage points year-on-year. The net profit margin for Q2 2024 was 4.5%, down 6.1 percentage points year-on-year [4] - The company has revised its profit forecasts for 2024-2026, expecting net profits of 168 million, 190 million, and 209 million yuan respectively, down from previous estimates [3][4] - The company’s total revenue for 2024 is projected to be 2.471 billion yuan, a decrease of 13% year-on-year, with a net profit of 168 million yuan, down 34.7% year-on-year [5]