Shanghai Bolex Food Technology (603170) 光大证券·2024-09-02 23:39Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The light cooking business is gradually recovering, but profitability is under pressure due to increased competition and promotional activities [2][5] - The company reported H1 2024 revenue and net profit of 1.273 billion and 108 million yuan, respectively, with year-on-year changes of +12.9% and -34.6% [2][3] - The B-end business continues to grow steadily, while the C-end business focuses on maintaining market share through promotions [4][5] Summary by Sections Revenue Performance - In H1 2024, revenue from various segments was as follows: 600 million from the recovery segment (+18.3% YoY), 560 million from light cooking (+8.8% YoY), and 70 million from dessert ingredients (+1.9% YoY) [3] - The company achieved revenue of 649 million and a net profit of 48 million in Q2 2024, with year-on-year changes of +10.3% and -46.7% [2][3] Profitability and Costs - H1 2024 gross margin was 32.1%, down 2.7 percentage points YoY, primarily due to a decrease in the revenue share of high-margin light cooking products [4] - The company’s net profit margin for H1 2024 was 8.5%, a decrease of 6.19 percentage points YoY [4] Future Outlook - The company has adjusted its profit forecasts for 2024-2026, with expected net profits of 228 million, 273 million, and 333 million yuan, reflecting downward revisions of 14.0%, 16.0%, and 17.0% respectively [5][6] - The report highlights potential growth from the central kitchen and baking businesses, which are expected to contribute to future revenue [5]