QUANJUDE(002186) 申万宏源·2024-08-22 01:38Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [3]. Core Insights - The company reported a 2024 H1 revenue of 687 million yuan, a year-on-year increase of 2.87%, and a net profit attributable to shareholders of 29.34 million yuan, up 5.08% year-on-year [3]. - The company is focusing on enhancing holiday business performance through strategic planning and product innovation, which has led to a 21% increase in revenue during key holiday periods compared to 2019 [3]. - The company is leveraging its brand heritage while innovating food products to meet consumer preferences, particularly targeting younger demographics [3]. Summary by Sections Financial Performance - In 2024 H1, the company achieved a gross margin of 18.79%, with a net profit margin of 4.27%, reflecting a slight increase from the previous year [3]. - The company expects total revenue to reach 1.579 billion yuan in 2024, with a projected year-on-year growth rate of 10.2% [4]. Market Positioning - The company operates 101 stores across major cities and is actively renovating and upgrading its locations to enhance customer experience [3]. - The company has implemented targeted marketing strategies during holidays, resulting in significant sales boosts [3]. Future Outlook - The company anticipates benefiting from the resurgence of inbound tourism, which is expected to contribute positively to its revenue [3]. - The projected net profits for 2024, 2025, and 2026 are 71 million yuan, 103 million yuan, and 123 million yuan, respectively, indicating a strong growth trajectory [4].