智通财经APP获悉，海通证券发布研究报告称，首次覆盖中国食品(00506)，给予“优于大市”评级，预计2024-2026年公司营业总收入分别为205.84/218.13/228.97亿元，归母净利润分别为8.38/9.32/10.40亿元，对应EPS分别为0.30/0.33/0.37元/股。合理价值区间3.63-4.62港元/股。
报告中称，公司24H1实现总营业收入113.79亿元(YOY-8.9%)，实现主营业收入113.35亿元(YOY-9.00%)，实现归母净利润5.65亿元(YOY-5.89%)。展望下半年，预计主要原材料价格保持平稳，公司将持续积极推动产品结构升级、业务组合优化等重点战略，以改善毛利率，进一步提升整体利润率，并推动实现“高质量、可持续”的发展目标。
该行表示，24年上半年公司智能零售业务规模(设备台数)进一步扩大，设备台数稳固行业前列，实现全国布局31个省份，覆盖逾280个城市，同比收入保持高速增长。未来公司除了会持续扩大业务规模外，还会积极丰富商品种类，在现有的规模优势基础上继续打造盈利能力优势。此外公司创新业务“中粮悦享会”上半年收入同比亦有所提升，毛利率持续改善，其中D2C业务更实现了逾倍增长。该行认为，未来公司零售创新业务持续丰富壮大将助力公司进一步迈向世界一流食品饮料集团愿景。
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