Investment Rating - The report maintains a "Buy" rating for the company with a current price of HKD 6.85 and a target price not specified for the next six months [1]. Core Insights - The company reported a revenue of CNY 2.94 billion for the first half of 2024, representing a year-on-year increase of 26.3%. The net profit attributable to the parent company was CNY 620 million, up 38.9% year-on-year, exceeding market expectations [2]. - The growth in vegetable products and the establishment of an omnichannel strategy are key drivers of performance. Revenue from seasoning noodles, vegetable products, and bean products reached CNY 1.35 billion, CNY 1.46 billion, and CNY 120 million respectively, with year-on-year growth rates of 5.0%, 56.6%, and 17.5% [2]. - The overall gross margin improved to 49.8%, an increase of 2.3 percentage points year-on-year, driven by enhanced capacity utilization and a decrease in raw material costs [2]. - The company is focusing on product innovation and channel expansion, particularly in the O2O and bulk snack channels, which are expected to contribute significantly to future growth [2]. Financial Summary - For the first half of 2024, the company achieved a gross margin of 49.8%, with a net profit margin of 21.2%, reflecting improvements in revenue and gross margin [2]. - The forecasted net profits for 2024, 2025, and 2026 are CNY 1.19 billion, CNY 1.41 billion, and CNY 1.62 billion respectively, with corresponding EPS of CNY 0.50, CNY 0.60, and CNY 0.69 [2][3]. - The company is positioned in a favorable market segment for spicy food products, with expectations for continued growth in multiple product categories [2].
卫龙美味：24H1业绩超预期，高质量发展势能延续