食品饮料行业河南预制食品专题研究：未雨绸缪，拓宽B端市场

Investment Rating - The industry investment rating is "In line with the market," indicating that the industry index is expected to fluctuate between -10% to 10% relative to the CSI 300 index over the next six months [26]. Core Insights - The pre-prepared food industry is experiencing a significant decline in revenue growth, with a year-on-year decrease of 1.43% in 2024, reflecting the severe downturn in the restaurant sector [4][22]. - Despite the revenue slowdown, companies in the pre-prepared food sector, such as Qianwei Yangchu and Sanquan Foods, are maintaining high levels of investment in research and development, with R&D expenses increasing by 31.41% and 21.80% respectively in the first half of 2024 [5][10]. - The gross profit margin for pre-prepared food companies has improved due to a decrease in operating costs, with Qianwei Yangchu's gross margin rising to 25.21% [18]. Summary by Sections Revenue Growth - In the first half of 2024, Qianwei Yangchu's revenue grew by 4.87%, while Sanquan Foods saw a decline of 4.91%. The overall revenue growth for pre-prepared food companies dropped from 13.09% in the previous year to -1.43% [4][7]. - The decline in revenue is attributed to the weak performance of the restaurant sector, which has a significant impact on B-end businesses [22]. Research and Development - Qianwei Yangchu and Sanquan Foods have increased their R&D spending significantly, ranking third and fourth among pre-prepared food companies in terms of growth [5][10]. - The R&D expense ratio for Qianwei Yangchu reached 1.17%, indicating a strong focus on innovation in a rapidly changing market [10]. Sales and Marketing Expenses - Sales expenses for Qianwei Yangchu increased significantly, with a sales expense ratio of 5.52% in the first half of 2024, reflecting the challenges in the B-end market [13]. - The increase in sales expenses is primarily due to the slowdown in sales growth while maintaining high sales investments [13]. Cost and Profitability - The gross profit margin for the pre-prepared food sector improved to 23.84%, driven by a decrease in operating costs [18]. - Qianwei Yangchu's gross margin increased by 1.97 percentage points, while Sanquan Foods experienced a decline due to rising pork prices [18]. Market Dynamics - The domestic restaurant sector is facing a sharp decline in revenue growth, while the export market for meat and seafood remains robust, with significant year-on-year growth [24]. - The shift towards export markets is becoming a strategic focus for many pre-prepared food companies as they seek new growth avenues [24].