1）100 元以上价位带产品H1 收入同比+19.66%。2024H1，公司100 元以上、100 元以下（含100 元）价位带产品收入分别为12.53、11.99 亿元，同比+19.66%、+12.93%；24Q2，公司100 元以上、100 元以下（含100 元）价位带产品收入分别为7.26、6.04 亿元，同比+10.45%、+12.70%。occurrences
Company Announces 2024 Interim Report. With 2024H1, the company achieved total revenue of 2.47 billion yuan (+10.65%), net profit due to mother 0.304 billion yuan (+40.25%), and net profit of non-return to mother 0.278 billion yuan (+46.41%). With 2024Q2, the company achieved total revenue of 1.34 billion yuan (+9.00%), net profit of 0.168 billion yuan (+46.69%), and net profit of non-return to mother 0.153 billion yuan (+59.11%).
H1 revenue with products priced above 100 yuan +19.66% year-on-year
1) H1 revenue for products priced above 100 yuan +19.66% year-on-year. For 2024H1, the company's revenue for products with prices above 100 yuan and below 100 yuan (including 100 yuan) was 1.253 and 1.199 billion yuan, respectively, +19.66% and +12.93%; in 24Q2, the company's revenue with products priced at 100 yuan or more and below 100 yuan (including 100 yuan) was 0.726 and 0.604 billion yuan, respectively, +10.45% and +12.70% compared to the same period last year.
2) Distribution channels are growing steadily, and direct sales channels are improving quarterly. 2024H1, the company's distribution, direct sales (including group purchases), and online revenue were 2.291, 0.129, and 0.031 billion yuan, respectively, +17.82%, +1.25%, and -13.72%; 24Q2, the company's distribution, direct sales (including group purchases), and online revenue were 1.248, 0.069, 0.013 billion yuan, respectively, +11.37%, +26.97%, and -28.93%.
3) The Hebei base market is growing steadily, and the Shandong market is growing rapidly. 2024H1, the company's revenue from Hebei, Shandong, Anhui, Hunan, other provinces and overseas regions was 14.28, 0.83, 2.72, 0.47, 0.189, 0.009 billion yuan, respectively, +14.56%, +10.10%, +50.94%, and -15.15%; 24Q2 revenue for each region was 7.60, 0.46, 1.44, 0.282, 0.094, 0.004 billion yuan, compared with the same period last year, +9.33% , +33.45%, +15.21%, +3.71%, +50.79%, -9.80%
4) The number of dealers in Hebei, Anhui and other provinces continues to expand. At the end of 24H1, the company had a total of 11,423 dealers, +1.12%, a net decrease of 6 in H1; by region, the number of distributors in Hebei, Shandong, Anhui, Hunan, overseas and other provinces was 1852, 185, 191, 8508, 2, 685, respectively, +9.65%, +10.78%, +17.90%, -1.47%, +100.00%, +6.70%, H1 net increase, -25, 20, -141, -1, 28, Hebei, Anhui, and other economic provinces Sales The number of merchants continues to expand, and H1 dealers in Shandong, Hunan and overseas regions have been optimized.
5) Old Baigan and Kong Fu families are growing rapidly, while Wenwang and Wuling are growing steadily. 2024H1, the revenue of the company's Laobaigan, Wenwang, Pancheng, Wuling and Kongfujia divisions was 12.52, 2.77, 0.357, 0.491, 0.092 billion yuan, respectively, +19.10%, +14.26%, +6.49%, +14.92%, and +28.11% compared with the same period last year.
Reduced expense ratios led to an increase in net interest rates
1) The H1 net profit margin was +2.60pct year-on-year to 12.32%, mainly due to the decline in sales and management expenses.
2024H1, the company's gross margin was 65.84%, -1.33pct year on year, and +2.60pct year on year. The increase in net interest rate to mother was mainly due to improved cost rates. The increase in the company's sales and management expenses ratio was 26.83% and 7.62%, respectively, -3.99 and -1.92pct year on year. The decrease in sales expenses was mainly due to reduced promotional expenses. The reduction in management expenses was mainly due to reduced share incentive costs, wages, etc.
2) Q2 net profit margin +3.22pct year-on-year to 12.55%. 2024Q2, the company's gross margin was 68.48%, -0.12pct year on year, and the net profit margin was 12.55%, +3.22pct year on year, mainly due to the decline in the cost ratio; the company's Q2 sales, management, and R&D expenses rates were 30.14%, 6.93%, and 0.16%, respectively, -4.71, -1.06, and -0.22pct year on year.
Investment advice
We expect the company's net profit to be 0.871, 1.092, and 1.325 billion yuan respectively in 2024, 2025, and 2026, up 30.86%, 25.30%, and 21.32% year-on-year, corresponding to PE 17, 14, and 11 times (market value of 14.9 billion yuan) on August 28, respectively, maintaining the “buy” rating.
Risk warning
Risk of fluctuations in consumption scenarios, risk of excessive competition, risk of policy adjustments.
