1） 毛利率：2024Q2，公司毛利率为40.02%，同比+0.82pct，毛利率有所提升，我们预计主要系原材料规模采购及平台化的正向影响；2） 净利率：2024Q2，公司净利率14.8%，同比+0.16pct；3） 费用端：2024Q2，公司期间费用率为24.73%，同比+2.7pct,销售/管理/研发/财务费用率分别为18.76%/4.02%/4.29%/-2.34%，同比分别变动+1.72/0.41/0.26/0.31pct，我们预计费用率提升主要系收入下滑所致。Incident: On August 27, 2024, OPP Lighting released its 2024 semi-annual report. 2024H1 achieved revenue of 3.366 billion yuan, -5.01% year over year; realized net profit of 0.385 billion yuan, -3.04% year over year; realized net profit without return to mother 0.321 billion yuan, -8.28% year on year. 2024Q2 achieved revenue of 1.783 billion yuan, -12.64% year over year; realized net profit of 0.264 billion yuan, -11.72% year over year; realized net profit without deduction of 0.218 billion yuan, or -20.63% year over year.
2024H1 achieved revenue of 3.366 billion yuan, or -5.01% YoY; 2024Q2 achieved revenue of 1.783 billion yuan, or -12.64% YoY. In an environment under pressure from the industry, with 2024H1, we expect the company's home channel revenue to grow slightly, the commercial license channel will decline due to macroeconomic and real estate pressure, the e-commerce channel will continue to transform to high quality, and revenue will remain basically flat. In the home furnishing channel, we expect retail channels to decline and distribution channels to grow slightly. Looking at the subregion, in 2024, the company achieved revenue of 2.983/0.33 billion yuan domestically and overseas respectively, or -4.3%/-14.8% compared with the same period last year.
2024H1 achieved net profit of 0.385 billion yuan, or -3.04% year-on-year; realized net profit without deduction of 0.321 billion yuan, or -8.28% year-on-year. 2024Q2 achieved net profit of 0.264 billion yuan, or -11.72% year-on-year; realized net profit of non-return to mother of 0.218 billion yuan, or -20.63% year-on-year.
1) Gross profit margin: 2024Q2, the company's gross margin was 40.02%, +0.82pct year on year. We expect the positive impact of large-scale procurement of raw materials and platformization; 2) Net profit margin: 2024Q2, the company's net profit margin was 14.8%, +0.16pct year on year; 3) Expense side: 2024Q2, the company's period expense ratio was 24.73%, +2.7pct, sales/management/R&D/finance expense ratios were 18.76%/4.02%/4.29%/-2.34%, YoY The changes were +1.72/0.41/0.26/0.31pct respectively. We expect the increase in the cost ratio to be mainly due to the decline in revenue.
Investment advice: In the short term, the company's performance is under pressure due to poor demand under pressure from real estate. In the long run, the company is a leader in the general lighting industry. The product-side layout covers low, middle and high-end people and continues to be promoted, retail channel stores continue to expand and increase single store output, the commercial license business focuses on expanding leading projects to increase share, e-commerce deepens transformation to the middle and high-end, continues to develop new business areas overseas, and actively expands categories such as Wall Kai and Yuba. We expect the company's net profit to be 0.88/0.97/1.049 billion yuan in 2024-2026, respectively, 1.18/1.30/1.41 billion yuan for EPS, and 12.20/11.06/10.23 times the current stock price for PE, respectively, maintaining the “recommended” rating.
Risk warning: Increased market competition, declining real estate industry boom, large fluctuations in raw material prices, exchange rate fluctuations, etc.
