Investment Rating - The report assigns a cautious increase rating for the company, indicating a potential increase of 0% to 5% relative to the CSI 300 index over the next six months [1][7]. Core Insights - The company reported a revenue of 892 million yuan for the first half of 2024, representing a year-on-year increase of 4.87%, while the net profit attributable to the parent company was 59 million yuan, up 11.29% year-on-year [1]. - The sales growth of core products has slowed down, particularly in the fried and baked categories, which saw revenue declines of 4.26% and 8.34% respectively [1]. - The company is actively expanding its distribution channels and targeting lower-tier markets to counteract market saturation and increased competition [1][2]. Financial Performance - The company's gross profit margin reached 25.21% in the first half of 2024, an increase of 1.97 percentage points year-on-year [3]. - The projected earnings per share for 2024, 2025, and 2026 are 1.54 yuan, 1.83 yuan, and 2.08 yuan respectively, with corresponding price-to-earnings ratios of 14.97, 12.63, and 11.12 [3][4]. - The company’s revenue is expected to grow from 2,011 million yuan in 2024 to 2,357 million yuan in 2026, with growth rates of 5.80%, 7.60%, and 8.90% respectively [4][5]. Market Strategy - The company is focusing on expanding its B-end customer base and enhancing its marketing strategies to penetrate deeper into the market [1][2]. - The growth in group meals and prepared dishes has been a highlight for the company, with significant revenue contributions from these segments [1][2]. Product Mix - The sales proportion of steamed and prepared dishes has increased, with steamed products accounting for 23.61% of sales, up 4.91 percentage points year-on-year, and prepared dishes at 14.95%, up 1.77 percentage points [2].
千味央厨：2024年中报点评：2024年中报点评，大客户下沉，营销策略调整初见成效