Jiajiayue(SH:603708) Xinda Securities·2024-09-10 02:03Investment Rating - The investment rating for the company is "Accumulate" [1][2]. Core Views - The company achieved a revenue of 9.362 billion yuan in H1 2024, representing a year-on-year increase of 2.98%, while the net profit attributable to shareholders was 170 million yuan, a decrease of 8.81% year-on-year [1]. - The company has initiated a mid-term dividend for the first time since its listing, proposing a cash dividend of 0.11 yuan per share, totaling 69.18 million yuan, with a dividend payout ratio of 40.78% [1]. - The company continues to innovate in business formats and optimize store operations, opening 69 new stores in H1 2024, including 27 direct-operated and 42 franchised stores, bringing the total to 1,097 stores as of June 30, 2024 [1]. - Revenue from the supermarket format showed steady growth, while gross margins slightly declined year-on-year, with new business formats contributing to incremental growth [1]. Financial Summary - In H1 2024, the company reported a comprehensive gross margin of 23.57%, a decrease of 0.52 percentage points year-on-year, and an overall expense ratio of 20.94%, a decrease of 0.10 percentage points year-on-year [1]. - The company expects revenues of 18.56 billion yuan, 19.35 billion yuan, and 20.18 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 4.5%, 4.3%, and 4.3% [3]. - The net profit attributable to shareholders is projected to be 224 million yuan, 268 million yuan, and 281 million yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 64.6%, 19.3%, and 5.1% [3].