TINGYI(00322) 国联证券·2024-08-29 00:44Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Views - The company achieved a revenue of 41.201 billion yuan in H1 2024, representing a year-on-year increase of 0.72%. The gross profit was 13.440 billion yuan, up 7.82% year-on-year, and the net profit attributable to shareholders was 1.885 billion yuan, reflecting a 15.12% increase year-on-year, overall in line with expectations [5][6] Summary by Relevant Sections Financial Performance - In H1 2024, the company reported revenue of 41.201 billion yuan, with a gross profit of 13.440 billion yuan and a net profit of 1.885 billion yuan, all showing positive year-on-year growth [5] - The company's gross margin improved to 32.62%, up 2.15 percentage points year-on-year, while the net profit margin increased to 4.58%, up 0.57 percentage points year-on-year [5] Business Segments - Instant Noodles: Revenue from instant noodles was 13.814 billion yuan, down 0.98% year-on-year, accounting for 33.5% of total revenue. The gross margin for this segment improved to 27.05%, with a net profit margin of 6.15% [5] - Beverages: The beverage segment generated revenue of 27.065 billion yuan, up 1.73% year-on-year, with tea beverages showing a significant growth of 13%. The gross margin for beverages increased to 35.24%, and the net profit margin rose to 5.41% [5] Profitability and Dividends - The company has shown strong profitability with a net cash flow from operations of 3.51 billion yuan, up 23.46% year-on-year. The company has a cash balance of 10.791 billion yuan, indicating a positive outlook for dividends [5] Earnings Forecast - The company is expected to achieve revenues of 85.082 billion yuan, 88.970 billion yuan, and 92.485 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 3.581 billion yuan, 3.872 billion yuan, and 4.165 billion yuan [5][6]