宝立食品：2024年半年报点评：B端承压C端企稳，整体费用管控得当

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company's total revenue for H1 2024 is 1.273 billion yuan, representing a year-on-year increase of 12.89%, while the net profit attributable to the parent company is 108 million yuan, a decrease of 34.60% [2][3]. - The company has effectively controlled overall expenses, with a significant reduction in management expenses by 14.74% year-on-year in H1 2024 [3]. - The company plans to distribute a cash dividend of 1.50 yuan per 10 shares, with a dividend payout ratio of 55.30% [3]. Summary by Sections Financial Performance - In H1 2024, the company's total revenue reached 1.273 billion yuan, with a net profit of 108 million yuan, down 34.60% year-on-year. The Q2 revenue was 649 million yuan, up 10.29%, and the net profit was 47.7 million yuan, down 46.75% [2][3]. - The gross profit margin decreased by 2.7 percentage points to 32.07% in H1 2024, and the net profit margin fell by 6.19 percentage points to 8.52% [3]. Product and Market Analysis - Revenue growth varied by product, with compound seasonings experiencing a slowdown, while light cooking solutions saw a faster growth rate [2]. - In Q2 2024, the revenue from compound seasonings was 301 million yuan, up 10.1%, while light cooking solutions generated 291 million yuan, up 11.79% [2]. Channel Performance - The B-end market remains stable, while the C-end market shows leading market share. In Q2 2024, direct sales amounted to 521 million yuan, up 11.31%, and non-direct sales were 110 million yuan, up 6.2% [2]. Research and Development - The company increased its R&D investment by 13.56% year-on-year in H1 2024, with the number of new products developed rising by over 11% compared to the same period last year [2]. Future Outlook - The company forecasts net profits attributable to the parent company for 2024-2026 to be 235 million, 262 million, and 298 million yuan, respectively, with corresponding EPS of 0.59, 0.66, and 0.74 yuan [3].