24H1 营收稳健增长，投资收益影响利润表现2024H1 公司实现营业收入6.2 亿元，同比增长28.6%，实现归属母公司净利润0.33 亿元，同比下降9.36%，实现扣非归母净利润0.31 亿元，同比下降13.09%。净利润承压系参股公司薇美姿上半年净利润-3944 万元，影响投资损益2175 万元。剔除上述影响24H1 净利润同比增长46.80%。24H1公司毛利率为25.27%，同比提升2.56pct，净利率为5.15%，同比下降2.43pct。24H1 公司期间费用率合计为14.74%，同比提升0.71pct。其中，销售费用率为7.11%，同比提升0.68pct，管理费用率为4.18%，同比下降0.94pct。Incidents:
The company released its 2024 semi-annual report.
Comment:
24H1's revenue grew steadily, and investment income affected profit performance. 2024H1 achieved operating income of 0.62 billion yuan, a year-on-year increase of 28.6%, achieved net profit attributable to the parent company of 0.033 billion yuan, a year-on-year decrease of 9.36%, and realized net profit without deduction of 0.031 billion yuan, a year-on-year decrease of 13.09%. The net profit pressure was due to the net profit of the participating company Vimizi in the first half of the year, affecting investment profit and loss of 21.75 million yuan. Excluding the above effects, 24H1's net profit increased 46.80% year over year. 24H1's gross margin was 25.27%, up 2.56 pct year on year, net margin was 5.15%, down 2.43 pct year on year. The total cost rate for the 24H1 company period was 14.74%, an increase of 0.71 pct over the previous year. Among them, the sales expense ratio was 7.11%, up 0.68 pct year on year, management expense ratio was 4.18%, down 0.94 pct year on year.
The main dental care business is growing steadily, and customer expansion is progressing steadily
By product, 24H1's toothbrush products achieved revenue of 0.25 billion yuan, a year-on-year increase of 20.16%, and a gross profit margin of 26.48%, which is clearly optimized over last year's gross profit margin (22.95%); wet wipe products achieved revenue of 0.199 billion yuan, an increase of 32.57% year-on-year, with a gross profit margin of 22.45%, a slight increase over the full year of last year; and probiotic products achieved revenue of 14.97 million yuan. By business, 24H1 achieved revenue of 0.382 billion yuan from export sales, up 26.48% year on year, with a gross profit margin of 27.07%; domestic sales achieved revenue of 0.238 billion yuan, up 32.14% year on year, and a gross profit margin of 22.38%. The company's main business, oral cleaning products and disposable hygiene products, is leading the industry. It focuses on major customer development strategies, and has established cooperative relationships with customers such as Chongqing Dengkang, Weimizi, Yunnan Baiyao, Watsons, Medline, and CARDINAL HEALTH. In April 2024, the company obtained 52% of Shanenkang's shares through equity transfer and capital increase. Shanenkang focuses on R&D, production and marketing of the entire probiotic industry chain. It is expected that the annual production capacity of bacterial powder will gradually reach 40 tons in 24, adding more than 10 industrialized strains, which is expected to help the company build a second growth curve.
Investment advice and profit forecasting
The company is a leading manufacturer of oral care and wipes in China, with an endogenous epitaxial layout for oral health. Considering the impact of Shanenkang's merger, we expect the company's net profit to be 0.117/0.154/0.181 billion yuan for 24-26, EPS of 1.16/1.54/1.80 yuan, and the corresponding PE of 17/13/11x, maintaining the “gain” rating.
Risk warning
The risk of increased competition in the industry, and the risk that the project's commissioning schedule falls short of expectations.
