涪陵榨菜：半年报点评：业绩有所承压，提质增效仍有可期

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [4]. Core Views - The company has shown resilience in its core product, pickled vegetables, with positive sales growth despite a challenging consumption environment. The revenue for pickled vegetables in H1 2024 was 1.118 billion yuan, reflecting a year-on-year increase of 0.49% [1][2]. - The company is expected to benefit from ongoing improvements in its distribution channels, particularly in the restaurant sector, which is anticipated to contribute to revenue growth in the second half of the year [2]. - The financial forecast has been slightly adjusted, with expected revenues for 2024-2026 projected at 2.649 billion, 2.921 billion, and 3.199 billion yuan, representing growth rates of 8%, 10%, and 10% respectively [2]. Financial Summary - For H1 2024, the company reported revenues of 1.306 billion yuan and a net profit of 448 million yuan, with a year-on-year decline of 2.32% and 4.74% respectively [1]. - The gross margin improved to 49.18% in Q2 2024, primarily due to a decrease in the cost of raw materials, while the net profit margin decreased due to increased expenses [1]. - The company’s earnings per share (EPS) for 2024 is projected to be 0.79 yuan, with a price-to-earnings (P/E) ratio of 15 times [3][4]. Sales and Distribution - The company has optimized its distributor network, resulting in a reduction in the number of distributors from 2,813 to 2,815, while the average revenue per distributor increased by 8.06% to 463,400 yuan [1]. - Export revenues showed positive growth in certain regions, particularly in South China and Northeast China, with overall export revenue increasing by 25.01% [1]. Market Position - The company operates in the food and beverage industry, specifically in the pickled vegetable segment, which is expected to continue growing as consumer demand recovers [2][4]. - The competitive landscape remains challenging, but the company’s strategic initiatives are aimed at enhancing product quality and expanding market reach [2].