Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price set based on the latest closing price of 25.86 CNY [1][5]. Core Insights - The company's volume business continues to show high prosperity, with significant revenue growth and improving profitability. The first half of 2024 saw a revenue of 10.915 billion CNY, a year-on-year increase of 392.45%, and a return to profitability with a net profit of 934,600 CNY [1][2]. - The company plans to optimize and integrate industrial resources by acquiring 49% equity in Nanjing Wanhao, which is expected to enhance its competitive edge and profitability in the snack retail sector [1][4]. Summary by Sections Revenue and Profitability - In the first half of 2024, the company achieved a revenue of 10.915 billion CNY, with a year-on-year growth of 392.45%. The second quarter alone contributed 6.085 billion CNY, reflecting a year-on-year increase of 318.30% [1][2]. - The volume business generated a net profit of 280 million CNY in the first half, with net profit margins improving to 2.50% and 2.72% in Q1 and Q2 respectively [3]. Business Expansion and Market Position - The company is actively expanding its store network, reaching a total of 6,638 stores across 26 regions in China. The brand "Haoxianglai" has become a well-known chain brand nationally [2]. - The company has established 29 warehousing centers nationwide, significantly enhancing logistics efficiency and supply chain management [2]. Strategic Acquisitions - The planned acquisition of minority shareholder equity in Nanjing Wanhao is expected to directly increase net profit attributable to the parent company and improve management control over the subsidiary [4]. - This acquisition is seen as a step towards further integrating the supply chain and optimizing the snack retail business, with expectations of improved gross margins and reduced costs [4].
万辰集团：量贩业务延续高景气，盈利能力持续提升