调味品行业2024年中报总结：淡季需求较弱，龙头韧性更强

Industry Investment Rating - The industry is rated as "Buy" [3] Core Views - The industry faces weak demand during the off-season, but leading companies show stronger resilience [2] - Revenue growth slowed in Q2 2024, with leading companies like Haitian Flavoring maintaining steady growth [2] - Profitability is under pressure due to increased market expenses, but leading companies demonstrate resilience [2] Revenue Analysis - Base Seasonings: - Q2 2024 saw a slowdown in demand, with leading companies like Haitian Flavoring showing resilience [2] - Haitian Flavoring, Meiji, and Qianhe Flavoring reported Q2 revenue growth of +7.98%, -12.12%, and -2.53% respectively [2] - Anqi Yeast and Hengshun Vinegar showed improvement, with Q2 revenue growth of +11.30% and +3.36% respectively [2] - Compound Seasonings: - Weak demand in Q2 2024, but lobster seasoning saw rapid growth due to strong terminal demand [2] - Tianwei Food's internal revenue declined, but its subsidiary Shicui continued high growth [2] Profitability Analysis - Gross Margin: - Raw material costs declined in Q2 2024, improving costs for most companies [2] - Haitian Flavoring's gross margin improved by +1.60%, while Qianhe Flavoring's declined by -2.28% due to adjustments in shipment schedules [2] - Expense Ratio: - Sales expense ratios increased for most companies due to intensified competition [2] - Haitian Flavoring, Meiji, and Qianhe Flavoring saw sales expense ratios increase by +1.03, +6.86, and +2.48 percentage points respectively [2] - Net Profit Margin: - Net profit margins were under pressure in Q2 2024, but leading companies like Haitian Flavoring and Anqi Yeast showed resilience [2] - Haitian Flavoring's net profit margin increased by +0.73 percentage points, while Meiji's declined by -2.71 percentage points [2] Future Outlook - Base Seasonings: - Leading companies like Haitian Flavoring and Anqi Yeast are expected to maintain resilience, with potential for improvement in other companies [2] - Haitian Flavoring's channel reforms and Anqi Yeast's overseas expansion are key drivers [2] - Compound Seasonings: - Small B channels are expected to contribute incremental growth, with new product launches accelerating [2] - Tianwei Food's offline small B channel expansion and Shicui's high growth are key areas to watch [2] Investment Recommendations - Core recommendations include Anqi Yeast, Haitian Flavoring, and Qianhe Flavoring [2] - Other companies to watch include Tianwei Food, Meiji, Fuling Zhacai, and Hengshun Vinegar [2]