Sichuan Teway Food (SH:603317) Changjiang Securities·2024-09-09 06:11Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company reported a total revenue of 1.468 billion yuan for H1 2024, reflecting a year-on-year increase of 2.95%, while the net profit attributable to the parent company was 247 million yuan, up 18.79% year-on-year [3][4] - The competitive landscape is intensifying due to a trend towards consumer price sensitivity, leading to pressure on short-term growth [3][4] - The company has improved its gross margin due to a decrease in raw material costs, while maintaining stable expense ratios [4] - The acquisition of food-related businesses has strengthened the company's revenue and profit, enhancing its product matrix and channel strategy [4] Financial Performance Summary - For H1 2024, the revenue breakdown shows that hot pot condiments generated 491 million yuan (down 10.15% year-on-year), while Chinese cuisine condiments reached 887 million yuan (up 11.62% year-on-year) [3] - Online sales channels saw significant growth, with H1 2024 revenue of 254 million yuan, an increase of 77.48% year-on-year [3] - The company's net profit margin improved to 16.82% in H1 2024, up 2.24 percentage points year-on-year, with a gross margin of 39.56% [4] - The company expects EPS of 0.48 yuan and 0.57 yuan for 2024 and 2025, respectively, corresponding to PE ratios of 19 and 16 times [4]