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 total revenue for listed companies in Henan province [4][22]. - Despite the revenue slowdown, companies like Qianwei Yangchu maintain high R&D investments, with Qianwei Yangchu's R&D expenses increasing by 31.41% year-on-year [5][10]. - The sales expense ratio for pre-prepared food companies has increased, reflecting the challenges in the B-end market due to declining restaurant consumption [13][18]. - The gross profit margin for pre-prepared food companies has improved due to a decrease in operating costs, with Qianwei Yangchu's gross margin reaching 25.21% [18][24]. - The industry is shifting towards export markets as domestic consumption weakens, with significant growth in meat and seafood exports [24]. Summary by Sections Revenue Growth - In the first half of 2024, the revenue growth of pre-prepared food companies showed a drastic decline, with Qianwei Yangchu achieving a 4.87% increase while Sanquan Foods experienced a -4.91% decrease [4][7]. - The overall revenue growth for pre-prepared food companies dropped from 13.09% in the previous year to -1.43% [4][7]. R&D Investment - Qianwei Yangchu and Sanquan Foods have maintained high R&D investments, with increases of 31.41% and 21.80% respectively [5][10]. - Qianwei Yangchu's R&D expenses accounted for 1.17% of its revenue, ranking second among its peers [10]. Sales Expenses - The sales expense ratio for Qianwei Yangchu rose to 5.52%, indicating increased costs associated with market expansion efforts [13][18]. - The overall sales expense ratio for pre-prepared food companies has increased due to stagnant sales growth [13]. Gross Profit Margin - The gross profit margin for pre-prepared food companies improved to 23.84%, with Qianwei Yangchu's margin at 25.21% [18][24]. - The improvement in gross margins is attributed to a decrease in operating costs rather than product pricing or efficiency gains [18]. Market Dynamics - The pre-prepared food industry is facing challenges due to weak domestic consumption, prompting companies to explore export opportunities [24]. - Export growth has been significant, with meat exports increasing by 45.1% and seafood exports by 10.4% in the first eight months of 2024 [24].