Investment Rating - The investment rating for the company is upgraded to "Buy" [1] Core Views - The growth in tea beverage ingredients is driving the growth of konjac food products, with a 41% increase in non-recurring net profit for the first half of 2024 [1][3] - The company is expected to maintain its leading position in the konjac powder industry, with significant growth potential in downstream applications and new tea beverage ingredients [3][4] Financial Performance Summary - In the first half of 2024, the company achieved revenue of 262 million yuan, a year-on-year increase of 14.09%, while the net profit attributable to the parent company was 33.27 million yuan, a decrease of 9.90% [3] - The non-recurring net profit for the same period was 29.42 million yuan, reflecting a year-on-year growth of 40.76% [3] - The revenue from konjac food products grew by 53.47%, with a gross margin increase of 6.41 percentage points [3] - The company plans to expand production capacity for tea beverage projects and increase third-party collaborations for new application research [4] Earnings Forecast - The revised profit forecasts for 2024, 2025, and 2026 are 65 million yuan (previously 63 million yuan), 72 million yuan, and 79 million yuan respectively, with corresponding EPS of 0.88, 0.97, and 1.07 yuan per share [3][5] - The current price-to-earnings ratio (P/E) is projected to be 12.4, 11.2, and 10.1 for the years 2024, 2025, and 2026 respectively [3][5] Market Position and Strategy - The company is focusing on expanding its market competitiveness and profitability through the development of new production lines and enhancing its product quality via brand partnerships [4] - The revenue structure is primarily B2B, with a balanced approach to developing its own brand and brand OEM [3]
一致魔芋：北交所信息更新：茶饮小料带动魔芋食品增长，2024H1扣非净利润+41%