拉链纽扣齐发力，国际化战略下国外增速略好于国内。24H1 分品类来看，拉链收入12.6 亿元，占比54.8%，同比+24.0%，毛利率42.09%，同比+0.27pct；纽扣实现收入9.3 亿元，占比40.4%，同比+27.1%，毛利率42.89%，同比+0.34pct；其他辅料收入0.8 亿元，同比+23.2%，拉链纽扣齐发力，毛利率提升。24H1 分地区来看，国内收入15.4 亿元，占比66.9%，同比+24.8%，毛利率41.28%，同比+1.85pct；国际收入7.6 亿元，占比33.1%，同比+27.2%，毛利率42.85%，同比-2.05pct，国际化战略下境外收入增速略好于境内，受越南工厂等因素影响境外毛利率。Description of the event
The company announced its 24-year report. 24H1 achieved revenue of 2.296 billion yuan, and realized net profit of 0.416 billion yuan, net profit attributable to mother of 0.416 billion yuan, minus net profit of 0.4 billion yuan compared to year, plus 33.7% year on year; of these, 24Q2 achieved revenue of 1.5 billion yuan, +32.2% year on year, realized net profit due to mother of 0.34 billion yuan, +36.2% year on year, net profit without return to mother 0.33 billion yuan year on year +31.1%. The company's second-quarter revenue performance exceeded expectations.
reviews
Zippers and buttons are working together, and the growth rate abroad is slightly better than at home under the international strategy. Looking at 24H1 by category, zipper revenue was 1.26 billion yuan, accounting for 54.8%, +24.0%, gross profit margin 42.09%, year-on-year +0.27pct; buttons achieved revenue of 0.93 billion yuan, accounting for 40.4%, +27.1% year-on-year, gross profit margin 42.89%, +0.34pct year on year; revenue from other accessories was 0.08 billion yuan, +23.2% year-on-year. Zipper buttons made concerted efforts to increase gross margin. Looking at 24H1 by region, domestic revenue was 1.54 billion yuan, accounting for 66.9%, +24.8%, gross profit margin 41.28%, year-on-year +1.85pct; international revenue was 0.76 billion yuan, accounting for 33.1%, +27.2% year-on-year, gross profit margin 42.85%, -2.05pct year on year. Under the internationalization strategy, overseas revenue growth rate was slightly better than domestic revenue, which was affected by factors such as factories in Vietnam.
Gross margin increased, and net profit margin increased due to period cost ratio optimization. The company's 24H1 gross margin/net profit margin was 41.8%/18.1% respectively, with year-on-year changes of +0.58pct/+1.60pct, sales expense ratio/9.07%/3.61%, and year-on-year changes of +0.12pct/-0.68pct/-0.25pct, respectively; of these, 24Q2 gross margin/net profit margin were 43.9%/22.6%, respectively, with year-on-year changes of +0.49pct/0.66pct, sales The cost rate/management fee rate/R&D expense ratio were 7.17%/7.00%/3.11%, and the year-on-year changes were +0.54pct/-1.08pct/-0.6pct, respectively; gross margin increased steadily, thanks to overall cost rate optimization during the scale effect period; in addition, the 24H1 tax rate increased slightly, and the overall net interest rate was optimized.
Profit forecast and investment advice: The company is the world's leading supplier of accessories. In recent years, customers have continued to expand under the international strategy, continuously narrowing the gap with YKK through quick and reverse advantages, and continuously increasing its share. Based on the performance of the first half of the year, we raised the company's profit forecast. We expect net profit to be 0.7 billion yuan/0.8 billion yuan/0.91 billion yuan for 24-26, respectively, and the corresponding PE is 20 times/18 times/15 times, respectively, maintaining the “buy” rating.
Risk warning:
Downstream customer boom falls short of expectations, share growth falls short of expectations, etc.
