绝味食品：门店持续调整，成本红利释放

Investment Rating - Buy (Maintained) [1] Core Views - The company is undergoing store adjustments and benefiting from cost reductions, leading to improved profitability [1] - Despite weak consumer demand, the company is optimizing its store network and enhancing the quality of existing stores [1] - Cost reductions are accelerating, driving a recovery in profitability, with gross margin improving by 2.38 percentage points year-over-year in Q2 2024 [1] - The company's net profit margin increased by 0.33 percentage points year-over-year in Q2 2024, supported by lower raw material costs and reduced low-margin business revenue [1] Financial Performance Summary Revenue and Profit - 2024H1 revenue: RMB 3.34 billion, down 9.73% year-over-year [1] - 2024H1 net profit: RMB 296 million, up 22.20% year-over-year [1] - 2024Q2 revenue: RMB 1.644 billion, down 12.35% year-over-year [1] - 2024Q2 net profit: RMB 131 million, up 25.08% year-over-year [1] Store Performance - Net store reduction in H1 2024: 981 stores, bringing the total to 14,969 stores [1] - Average store count decreased by 1.02% year-over-year, with average store fresh goods revenue down 11.04% [1] Cost and Margin Improvements - Gross margin improved to 30.55% in Q2 2024, up 2.61 percentage points year-over-year [1] - Sales, management, R&D, and financial expense ratios increased slightly, with sales expense ratio rising due to higher advertising costs [1] Financial Forecasts - 2024-2026 revenue forecasts: RMB 6.734 billion, RMB 7.094 billion, and RMB 7.411 billion, respectively [1] - 2024-2026 net profit forecasts: RMB 631 million, RMB 764 million, and RMB 855 million, respectively [1] - EPS forecasts for 2024-2026: RMB 1.02, RMB 1.23, and RMB 1.38, respectively [1] Key Financial Ratios - 2024E P/E: 12.3x, 2025E P/E: 10.2x, 2026E P/E: 9.1x [1] - 2024E ROE: 8.8%, 2025E ROE: 10.1%, 2026E ROE: 10.6% [2] - 2024E net profit margin: 9.0%, 2025E: 10.5%, 2026E: 11.3% [2] Cash Flow and Dividends - 2024H1 cash dividend: RMB 0.3 per share, with a payout ratio of 64% [1] - 2024E operating cash flow: RMB 963 million, 2025E: RMB 992 million, 2026E: RMB 1.073 billion [2]