Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company's total revenue for H1 2024 is 892 million yuan, representing a year-on-year increase of 4.87%. The net profit attributable to the parent company is 59.33 million yuan, up 6.14%, while the net profit excluding non-recurring items is 58.72 million yuan, an increase of 11.29% [3][4]. - In Q2 2024, the company reported a total revenue of 429 million yuan, a year-on-year increase of 1.65%, with a net profit attributable to the parent company of 24.75 million yuan, down 3.36%, and a net profit excluding non-recurring items of 25.05 million yuan, up 7.77% [3][4]. - The revenue breakdown by product shows strong performance in steaming and dishes, while frying and baking categories faced pressure. Frying revenue decreased by 4.26% to 374 million yuan, while steaming revenue increased by 32.4% to 211 million yuan [3][4]. Summary by Relevant Sections Revenue Analysis - For H1 2024, the revenue from direct sales was 412 million yuan, up 8.54%, while distribution revenue was 476 million yuan, up 1.77%. The company faced pressure on revenue growth due to adverse external conditions [4]. - Online sales showed strong momentum, achieving revenue of 31 million yuan, an increase of 81.03% [4]. Cost and Profitability - The company's gross profit margin increased by 1.97 percentage points to 25.21%, with the net profit margin rising by 0.08 percentage points to 6.65% in H1 2024 [4]. - In Q2 2024, the net profit margin declined by 0.3 percentage points to 5.77%, despite a gross profit margin increase of 2.43 percentage points to 24.95% [4]. Earnings Forecast - The company forecasts net profits attributable to the parent company of 146 million yuan, 166 million yuan, and 183 million yuan for 2024, 2025, and 2026, respectively. The corresponding EPS is projected to be 1.48 yuan, 1.67 yuan, and 1.84 yuan, with PE ratios of 17, 15, and 13 times [4].
千味央厨2024年半年报点评：下游需求承压，扣非表现稳健