按摩椅板块承压，按摩小家电、健康环境板块收入同比个位数增长。保健按摩板块，国内市场，主品牌奥佳华继续扩大按摩椅产品领先优势的同时，按摩小电器通过联名等方式扩大影响力，形成能够满足各消费群体多层级需求的智能按摩产品矩阵，实现品类间的互补和导流，进一步增强主品牌在国内保健按摩市场的竞争优势。在国际市场，公司在几个核心市场分别布局了多个自主品牌，并通过本土化运营成为当地领导品牌。上半年按摩椅、按摩小电器板块分别实现营收9.88、6.41 亿元，同比分别-8.99%、+4.22%。健康环境板块，呼博士品牌致力于打造国内呼吸与环境健康领域的标杆，涵盖新风系统、空气净化器等健康环境产品，上半年该板块实现营收2.99 亿元，同比+7.55%。分地区看，上半年公司内销实现营收7.37 亿元，同比下降6.84%，外销实现营收13.86 亿元，同比下降7.09%。Incident: On August 29, 2024, the company released its 2024 mid-year report. In 2024H1, the company achieved operating income of 2.203 billion yuan, a year-on-year decrease of 6%; realized net profit due to mother 0.024 billion yuan, a year-on-year decrease of 44%; realized net profit deducted from non-mother - 0.007 billion yuan, which turned negative year-on-year.
Key points of investment:
2024Q2 puts pressure on the company's performance. Aojiahua 2024H1 achieved operating income of 2.203 billion yuan, a year-on-year decrease of 6%; realized net profit of 0.024 billion yuan, a year-on-year decrease of 44%; realized net profit without deduction of -0.007 billion yuan, which turned negative year-on-year. Among them, in the Q2 single quarter, the company achieved operating income of 1.151 billion yuan, a year-on-year decrease of 1%; realized net profit of 0.019 billion yuan, a year-on-year decrease of 19%; and realized net profit without deduction of 0.003 billion yuan, a year-on-year decrease of 88%. In the first half of 2024, the international market was affected by geopolitics and high inflation, and consumer demand was still weak. At the same time, the company's performance was under pressure due to factors such as a sharp decline in government subsidies in the first half of the year and preparations for asset impairment.
The massage chair sector is under pressure, and revenue from the small massage appliances and health environment sectors increased by single digits over the same period last year. In the health massage sector, in the domestic market, while the main brand Aojiahua continues to expand its leading edge in massage chair products, small massage appliances expand its influence through joint names and other methods to form an intelligent massage product matrix that can meet the multi-level needs of various consumer groups, achieve complementarity and conduction between categories, and further enhance the competitive advantage of main brands in the domestic health and massage market. In the international market, the company has laid out multiple independent brands in several core markets and has become a leading local brand through localized operations. In the first half of the year, the massage chair and massage appliances segment achieved revenue of 0.988 and 0.641 billion yuan respectively, -8.99% and +4.22% year-on-year respectively. In the health environment sector, the Dr. Hu brand is committed to building a benchmark in the field of respiratory and environmental health in China, covering healthy environmental products such as fresh air systems and air purifiers. In the first half of the year, the sector achieved revenue of 0.299 billion yuan, +7.55% over the same period last year. By region, in the first half of the year, the company's domestic sales achieved revenue of 0.737 billion yuan, a year-on-year decrease of 6.84%, while export sales achieved revenue of 1.386 billion yuan, a year-on-year decrease of 7.09%.
24Q2 gross margin improved year over year. 2024Q2 achieved a gross profit margin of 38.13%, up 1.94 pcts year over year. In terms of period expenses, 24Q2 sales expenses/management expenses ratios were +0.21/-0.03 pcts year-on-year to 22.95% and 8.10%, respectively.
The financial expense ratio was -0.11%, up 5.48 pcts year over year, mainly due to high exchange earnings in the same period last year. In the first half of the year, the company calculated an impairment reserve amount of 11.8972 million yuan for various assets, which had a certain impact on profits. The net profit margin for 24Q2 was 1.65%, down 0.96 pcts year over year.
The profit forecast was lowered and the “gain” rating was maintained. Currently, demand for non-essential consumer goods such as health care and massage is still weak in domestic and foreign markets. We have lowered our profit forecast and expect to achieve net profit of 0.084/0.134/0.176 billion yuan in 2024-2026 (previous values were 0.17, 0.229, and 0.297 billion yuan), respectively, with a year-on-year difference of -18.5%, +59.4%, and +30.9%. We use Pekang and Feike Electric as comparable companies. The average PEG for 24 years was 0.97, and the company's PEG for 24 was 0.90. Corresponding to the current market value, there is room for an 8% increase in market value, maintaining an “increase” investment rating.
Risk warning: risk of raw material price fluctuations, risk of exchange rate fluctuations; risk of terminal market demand falling short of expectations.
