BAIRUN CORPORATION(002568) 国海证券·2024-07-31 13:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1][7] Core Views - The company has shown stable operations under high base pressure, with expectations for growth in its refreshing and whiskey products [4][5] - The company reported a slight decline in revenue and net profit for the first half of 2024, with revenue at 1.628 billion yuan, down 1.38% year-on-year, and net profit at 402 million yuan, down 8.36% year-on-year [2][3] - The company is focusing on enhancing brand marketing and expanding consumer engagement through its "Long Can" product line, which is expected to improve consumer loyalty [3][5] Financial Performance Summary - For H1 2024, the company achieved revenue of 1.628 billion yuan, a decrease of 1.38% year-on-year, and a net profit of 402 million yuan, down 8.36% year-on-year [2] - In Q2 2024, revenue was 826 million yuan, down 7.25% year-on-year, with a net profit of 233 million yuan, down 7.28% year-on-year [2] - The gross margin improved significantly, with H1 2024 gross margin at 70.1%, up 4.2 percentage points year-on-year, and Q2 gross margin at 71.8%, up 5.5 percentage points year-on-year [4][5] Product and Market Insights - The company’s pre-mixed drinks and food flavoring segments reported revenues of 1.431 billion yuan and 176 million yuan respectively in H1 2024, with the pre-mixed drinks segment experiencing a slight decline of 1.42% year-on-year [3] - The company is actively reducing its online sales channel, with online revenue share decreasing to 9.6%, while offline channels maintained good growth despite high base pressure [3][4] - The company is expected to see significant contributions from its new 500mL large can product and ongoing whiskey product development, with projected revenue growth of 5% in 2024, 21% in 2025, and 18% in 2026 [5][6]