Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company has achieved a significant increase in gross profit margin, up by 7.88 percentage points year-on-year in the first half of 2024, driven by dual optimization of channels and product structure [8][3]. - In the first half of 2024, the company reported revenue of 2.427 billion yuan, a year-on-year increase of 17.48%, and a net profit attributable to the parent company of 308 million yuan, up 49.92% year-on-year [3][8]. - The high-end staple food segment is expected to account for nearly 20% of total sales in Q2 2024, indicating a clear trend towards upgrading product offerings [8][10]. - Direct sales channels, particularly through platforms like Douyin, have rapidly increased, with direct sales revenue growing by 61.24% year-on-year in the first half of 2024, now representing 36% of total revenue [4][21]. Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of 1.329 billion yuan, a year-on-year increase of 14.48%, with a net profit of 160 million yuan, up 32.64% year-on-year [3][8]. - The gross profit margin for staple food products reached 44.7% in the first half of 2024, an increase of 12.78 percentage points year-on-year [16][18]. Product Structure and Brand Development - The main brand, Maifudi, is undergoing a significant upgrade, with high-end staple food products expected to account for nearly 20% of sales in Q2 2024 [10][11]. - The high-margin sub-brand, Fregate, has shown impressive growth, with online sales maintaining over 100% growth in the first half of 2024, expected to account for 18% of the company's proprietary brand sales [14][16]. Channel Optimization - The direct sales model is rapidly increasing, with Douyin becoming one of the top two online direct sales channels for the company [4][26]. - The direct sales revenue as a percentage of total revenue increased by 9.7 percentage points year-on-year in the first half of 2024, indicating strong channel optimization [21][25].
乖宝宠物系列报告之四：渠道及产品结构双重优化，上半年毛利率提升明显