报告期内，公司期间费用率为31.95%，同比+6.05 pct.其中，销售/管理/研发/财务费用率分别为23.27%/6.25%/3.44%/-1.01%，同比分别变动+5.11pct/+0.96 pct/+0.56 pct/-0.58 pct。费用率提升主要源于：1）电商平台推广费、广告宣传费等增加；2）职工薪酬、中介机构费、工程修缮费增加；3）新品研发力度加大。Event: The company publishes its 2024 semi-annual report. In the first half of 2024, the company achieved revenue of 0.713 billion yuan, -0.86% YoY; net profit to mother 0.144 billion yuan, -4.48% YoY; deducted non-net profit of 0.143 billion yuan, -3.96% YoY; and basic earnings per share of 0.36 yuan. In 24Q2, the company achieved revenue of 0.42 billion yuan, -4.98% year on year; net profit to mother 0.088 billion yuan, -13.74% YoY; after deducting non-net profit of 0.087 billion yuan, -13.33% YoY.
Reduced product costs helped increase gross margin, and increased expense ratios reduced non-net interest rates.
In the first half of 2024, the company's comprehensive gross margin was 54.42%, +5.2 pct year-on-year. 2402, the gross margin for the single quarter was 56.15%, +4.74 pct year over year and +4.21 pct month over month. The improvement in gross margin is mainly due to channel sales as a share of sales, changes in sales structure, and product cost reduction.
During the reporting period, the company's expenditure rate for the period was 31.95%, +6.05 pct. Among them, sales/management/R&D/finance expenses rates were 23.27%/6.25%/3.44%/-1.01%, respectively, with year-on-year changes of +5.11 pct/+0.96 pct/+0.56 pct/-0.58 pct. The increase in the cost rate is mainly due to: 1) an increase in e-commerce platform promotion fees, advertising costs, etc.; 2) an increase in employee remuneration, intermediary agency fees, and project repair costs; 3) an increase in new product development efforts.
The non-net interest rate was 20.76%, -2 pct year on year, +1.79 pct month-on-month. In the first half of 2024, the company deducted the non-net interest rate of 20.03%, -0.65 pct, 24Q2. The company's deducted omni-channel expansion continued to deepen and strengthen online and offline collaboration. During the reporting period, online/offline channels sold 0.449/0.239 billion yuan respectively. On the online side, the company carried out a global integrated layout, maintained the advantages of leading platforms such as Tmall and Jingdong, quickly deployed new platforms such as Douyin, and focused on cultivating new categories. On the offline side, the company promotes channel decline, deepens the layout of new channels such as home appliance channels, JD Wanshang, and new retail, and promotes standardization and digital operation of stores, deeply empowers dealers, and enhances terminal management capabilities.
Investment advice: The company is deeply involved in intelligent drying segmentation circuits, online and offline omnichannel development, and is expected to grow rapidly in the future. The company is expected to achieve basic earnings of 0.85/0.95/1.09 yuan per share in 2024/25/26, corresponding to PE of 14X/13X/11X, maintaining a “recommended” rating.
The risk of class development falling short of expectations, and the risk of increased market competition.
Risk warning: risk of economic and real estate performance falling short of expectations, risk of fluctuations in raw material prices, new products,
