Juewei Food (603517) 长江证券·2024-09-04 01:38Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a total revenue of 3.34 billion yuan for H1 2024, a decrease of 9.73% year-on-year, while the net profit attributable to shareholders was 296 million yuan, an increase of 22.2% year-on-year [2][3]. - The overall industry is facing significant operational pressure despite a decline in raw material prices, with the prepared food industry experiencing a slowdown in growth [2][3]. - The company is shifting from an aggressive store expansion strategy to focusing on improving store quality and enhancing single-store revenue [3]. Financial Performance Summary - For H1 2024, the company's revenue from fresh products was 2.612 billion yuan, down 11.95% year-on-year, while the revenue from packaged products increased by 45.72% [2][3]. - The average revenue per store for H1 2024 was approximately 169,000 yuan, a decrease of 11.04% year-on-year [3]. - The company's gross profit margin improved by 6.98 percentage points to 30.29% in H1 2024, while the net profit margin increased by 2.32 percentage points to 8.86% [3]. Future Outlook - The company plans to distribute a mid-term dividend amounting to 61.45% of the net profit for H1 2024, with expectations for the dividend payout ratio to continue increasing in the future [3]. - Profit forecasts for the company indicate net profits of 529 million yuan, 572 million yuan, and 656 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.85, 0.92, and 1.06 yuan [3].