Investment Rating - The investment rating for the company is "Outperform the Market" [3][6]. Core Insights - The company reported a significant increase in revenue and profit, with a main business revenue of 2.939 billion HKD (up 26.3% year-on-year) and a net profit attributable to shareholders of 621 million HKD (up 39.0% year-on-year) for the first half of 2024. A cash dividend of 376 million HKD was proposed, corresponding to a payout ratio of 60.56% [3][6]. - The growth in revenue was driven by an increase in gross margin, which rose by 2.2 percentage points to 49.8%, attributed to improved capacity utilization and a decrease in some raw material prices. The gross profit increased by 32.2% [3][6]. - The company continues to expand its product range, particularly in vegetable products, which saw a revenue increase of 56.6% year-on-year, now accounting for 49.7% of total revenue [3][6]. Summary by Sections Revenue and Profit Growth - The company achieved a main business revenue of 2.939 billion HKD, reflecting a year-on-year growth of 26.3%. The net profit attributable to shareholders reached 621 million HKD, marking a 39.0% increase year-on-year. The proposed cash dividend is 376 million HKD, with a payout ratio of 60.56% [3][6]. Gross Margin and Expenses - The overall gross margin improved to 49.8%, up 2.2 percentage points year-on-year, due to enhanced capacity utilization and lower raw material costs. The gross profit increased by 32.2%. The sales expense ratio increased by 0.4 percentage points, while the management expense ratio decreased by 1.2 percentage points [3][6]. Product Strategy and Market Penetration - The company adopted a "multi-category, large single product" strategy, launching various products to meet diverse consumer needs. The vegetable product segment achieved a revenue of 1.461 billion HKD, up 56.6% year-on-year, and accounted for 49.7% of total revenue [3][6]. - The company’s seasoning noodle products generated 1.354 billion HKD in revenue, with a gross margin of 47.9%, while the vegetable products maintained a gross margin of 52.6% [3][6]. Channel Development - The company has established a nationwide distribution network with 1,822 offline distributors. Offline channels generated 2.590 billion HKD in revenue, up 25.4% year-on-year, while online channels achieved 349 million HKD, reflecting a growth of 33.2% [6][8]. - The online revenue includes 137 million HKD from online distribution and 165 million HKD from direct online sales, indicating a strong push towards online channel development [6][8]. Financial Forecast - The company is projected to achieve total revenues of 6.115 billion HKD, 7.503 billion HKD, and 8.962 billion HKD for 2024, 2025, and 2026 respectively, with net profits of 1.188 billion HKD, 1.505 billion HKD, and 1.833 billion HKD for the same years [5][6].
卫龙美味：公司研究报告：营收利润快速成长，蔬菜制品持续放量