业绩：收入稳健增长，利润增速高于收入增速。24Q2营收和归母净利润分别为158.95/25.35亿元，分别同比增长4.70%/238.60%，增速较23Q2同+3.79/+310.95pct;收入整体稳健增长，收入增速同比提升;归母净利润同比增速较高。费用：费投加大，行业竞争有所加剧。24Q2调味品行业销售费用率/管理费用率/销售费用率分别为8.66%/3.57%/-1.18%，同比+1.27/-0.08/+0.46pct。24Q2主要调味品企业销售费用投入加大，体现行业竞争有所加剧。盈利能力：成本因素扰动，24Q2利润率提升。24Q2调味品行业毛利率和净利率分别为32.51%/16.16%，同比+1.09/+11.07pct。主要受益于原材料成本下滑，24Q2调味品行业毛利率有较为显著提升。The income of fermented condiments is stable and improving significantly, with profit growth rate higher than the revenue growth rate.
Zhixin Finance and Economics APP learned that Tianfeng Securities released a research report stating that the income of fermented condiments is stable and improving significantly, with profit growth rate higher than the revenue growth rate. In 24Q2, major condiment enterprises increased their sales expenses, reflecting intensified industry competition. The number of dealers has increased, with a decrease in average dealer quality. Several companies have launched stock-based incentive plans, distributed mid-year bonuses, boosting market sentiment. Looking ahead to the second half of the year, Tianfeng Securities believes that demand may remain stable, with profit elasticity potentially being unleashed as costs decline. It is recommended to focus on two main lines: companies with stable performance growth and those benefiting from income reform dividends.
The income is stable and improving significantly, with profit growth rate higher than the revenue growth rate.
Performance: The income is steadily growing, with profit growth rate higher than the revenue growth rate. In 24Q2, revenue and net profit attributable to the parent company were 15.895/2.535 billion yuan, an increase of 4.70%/238.60% year-on-year, showing a growth rate of +3.79/+310.95pct compared to 23Q2. Overall, income is steadily growing, with improved revenue growth rate and a higher year-on-year growth rate for net profit attributable to the parent company. Expenses: Increased investment in expenses, intensifying industry competition. In 24Q2, the condiment industry's sales expense ratio/management expense ratio/sales expense ratio were 8.66%/3.57%/-1.18%, an increase of +1.27/-0.08/+0.46pct year-on-year. Major condiment enterprises increased their sales expenses in 24Q2, reflecting intensified industry competition. Profitability: Profit margin improved due to cost factors. In 24Q2, the condiment industry's gross margin and net margin were 32.51%/16.16%, an increase of +1.09/+11.07pct year-on-year. Mainly benefited from the decline in raw material costs, the gross margin of the condiment industry in 24Q2 showed a significant improvement.
Cost reduction brings profit elasticity, dealer growth + incentive plans demonstrate confidence.
1) The number of dealers has increased, with a decrease in average dealer quality. Specifically: Looking at the year-on-year comparison of the number of dealers, in 24Q2, most condiment enterprises saw an increase in the number of dealers; in terms of the quarter-on-quarter comparison, most condiment enterprises had an increase in the number of dealers (except sichuan teway food group / qingdao richen food). Looking at the year-on-year dealer quality, in 24Q2, the average dealer income of most condiment enterprises decreased; in terms of the quarter-on-quarter comparison, only jiangsu hengshun vinegar-industry / angel yeast co.,ltd / lian hua holdings achieved positive growth. 2) In the first half of 2024, after jonjee hi-tech industrial and commercial holding / sichuan teway food group launched stock incentive plans / employee stock ownership plans, foshan haitian flavouring and food / angel yeast co.,ltd / jiangsu hengshun vinegar-industry / lian hua holdings also successively introduced incentive plans. Many companies in the industry have introduced incentive plans, demonstrating confidence in performance growth and greatly inspiring employees. 3) Some condiment companies distributed mid-year bonuses to boost market sentiment. 4) In the first half of 2024, the total national social retail sales accumulated a year-on-year increase of +3.7%; the cumulative revenue of national dining in the first half of 2024 increased by +7.9% year-on-year. Both social retail and dining are in a growth channel, and Tianfeng Securities believes that the growth trend may continue, although the growth rate may be more stable. Overall, raw material prices in 2024 are expected to decrease compared to 2023, allowing profit elasticity to be unleashed.
Investment recommendation: Overall, the performance in 24Q2 shows steady growth, with a slower growth rate compared to the previous quarter, but profit elasticity continues to be unleashed. In the middle of the year, some condiment companies continue to launch stock-based incentive plans, boosting market confidence. Looking ahead to the second half of the year, Tianfeng Securities believes that demand may remain stable, with profit elasticity potentially being unleashed. Tianfeng Securities recommends focusing on 2 main lines: 1) Companies with strong performance stability: foshan haitian flavouring and food (603288.SH), angel yeast co.,ltd (600298.SH); 2) Companies benefiting from reform dividends: jonjee hi-tech industrial and commercial holding (600872.SH), chongqing fuling zhacai group (002507.SZ).
Risk Warning: Risks of declining industry prosperity; risks of raw material price fluctuations; risks of intensified industry competition; market risks; food safety risks, etc.
