QIANHE(603027) 东吴证券·2024-09-03 00:03Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported its 2024 mid-year results, showing a revenue of 1.589 billion yuan, a year-on-year increase of 3.78%, and a net profit attributable to shareholders of 251 million yuan, a year-on-year decrease of 2.38% [2] - The soy sauce and vinegar businesses faced pressure, while other products showed steady growth. In Q2 2024, revenue from soy sauce and vinegar decreased by 3.1% and 10.2% respectively, while other products grew by 2.2% [2] - The company is actively adjusting its channel strategy, with a continuous increase in the number of distributors. As of the end of H1 2024, the number of distributors reached 3,560, an increase of 204 from the previous quarter [2] - Gross margin is under pressure, with a year-on-year decline of 2.3 percentage points in Q2 2024, attributed to a higher proportion of low-margin products and increased competition [2] - The company launched several new products since June 2024, aiming to improve brand positioning and expand consumer demographics [3] - The revenue forecast for 2024-2026 has been adjusted to 34.3 billion, 38.3 billion, and 42.3 billion yuan respectively, with corresponding net profit forecasts of 5.6 billion, 6.4 billion, and 7 billion yuan [3] Summary by Sections Financial Performance - In H1 2024, the company achieved total revenue of 1.589 billion yuan, a 3.78% increase year-on-year, and a net profit of 251 million yuan, down 2.38% year-on-year [2] - Q2 2024 saw revenue of 694 million yuan, a decrease of 2.53% year-on-year, and a net profit of 96 million yuan, down 14.16% year-on-year [2] Product Performance - Soy sauce and vinegar revenues decreased due to high base effects and weak industry demand, while other products like oyster sauce and cooking wine showed strong growth [2] Channel Strategy - The company is expanding its distribution channels, with a net increase of 204 distributors in H1 2024, indicating a strategic shift to optimize product offerings and reduce low-price competition [2] Margin and Cost Analysis - The gross margin decreased by 2.3 percentage points in Q2 2024, primarily due to a higher share of low-margin products and increased promotional expenses [2] Future Outlook - The introduction of new products is expected to enhance performance, with a positive outlook for gradual improvement in sales as inventory levels remain healthy [3]