安井食品2024中报点评：主业稳健，淡季显韧性

Investment Rating - The investment rating for the company is maintained as "Buy" [5] Core Views - The company's main business remains stable, showing resilience during the off-season with a revenue of 75.4 billion yuan in H1 2024, reflecting a year-on-year increase of 9.4%, and a net profit of 8.0 billion yuan, also up by 9.2% [1][2] - In Q2 2024, the company achieved a revenue of 37.9 billion yuan, a slight increase of 2.3% year-on-year, while net profit decreased by 2.5% to 3.6 billion yuan [1][2] - The company is focusing on shareholder returns, with a cash dividend ratio of 50.2% in H1 2024, and a combined cash dividend and buyback ratio of 57.5% [3] Summary by Sections Revenue and Profitability - In H1 2024, the revenue breakdown by product includes frozen prepared foods (38.3 billion yuan, +21.9%), frozen dishes (22.1 billion yuan, +0.4%), and frozen agricultural products (1.9 billion yuan, -27.1%) [2] - For Q2 2024, the revenue from frozen prepared foods was 17.8 billion yuan (+13.6%), while frozen dishes saw a decline to 12.5 billion yuan (-7.1%) [2] - The gross margin for H1 2024 was 23.9%, an increase of 1.8 percentage points year-on-year, while the net margin was 10.8% [2] Cost and Expenses - In H1 2024, the sales expense ratio was 6.1%, and the management expense ratio was 3.2%, reflecting a year-on-year increase of 0.1 percentage points and 0.7 percentage points, respectively [2] - The financial expense ratio was -0.6%, indicating a slight improvement [2] Forecast and Valuation - The company is projected to achieve revenues of 153.2 billion yuan, 171.1 billion yuan, and 191.2 billion yuan for the years 2024, 2025, and 2026, respectively [3] - The expected net profits for the same years are 16.2 billion yuan, 18.4 billion yuan, and 20.7 billion yuan [3]