洽洽食品：公司事件点评报告：业绩符合预期，发力渠道拓展与产品升级

Investment Rating - The report maintains a "Buy" investment rating for the company [1][2]. Core Views - The company's performance meets expectations, with a focus on channel expansion and product upgrades [1]. - Revenue for H1 2024 is reported at 2.898 billion yuan, an 8% year-on-year increase, while net profit attributable to shareholders is 337 million yuan, a 26% increase [1]. - The company is expected to achieve a revenue growth target of 15%-20% for the full year [2]. Summary by Sections Financial Performance - H1 2024 revenue is 2.898 billion yuan, with a net profit of 337 million yuan, and a non-recurring net profit of 283 million yuan, reflecting a 42% increase [1]. - Q2 2024 revenue is 1.077 billion yuan, a 20% decrease quarter-on-quarter, with a net profit of 96 million yuan, an 8% increase year-on-year [1]. - The gross margin for Q2 2024 increased by 4 percentage points to 24.98%, primarily due to improved margins on sunflower seed products [1]. Product and Channel Development - The company saw a 6% increase in sales volume to 100,300 tons in H1 2024, with an average selling price of 28,900 yuan per ton, a 1% increase [1]. - Revenue from sunflower seeds, nuts, and other products reached 1.854 billion, 660 million, and 353 million yuan respectively, with year-on-year growth of 3%, 24%, and 10% [1]. - The company is actively expanding new channels, including group purchases and restaurant partnerships, with a digital platform managing over 370,000 terminal outlets, a nearly 50% year-on-year increase [1]. Regional Performance - Revenue from East China, South China, North China, e-commerce, and overseas markets reached 870 million, 863 million, 527 million, 361 million, and 246 million yuan respectively, with growth rates of +22%, -1%, +3%, +12%, and +5% [1]. - The East China region performed particularly well due to growth in nut group purchases and snack channels [1]. Earnings Forecast - The report adjusts the EPS forecasts for 2024-2026 to 1.94, 2.20, and 2.48 yuan respectively, with corresponding PE ratios of 13, 12, and 10 times [2].