电吹风促销力度加大致毛利率阶段承压，费用率维持较高水平2024Q1/2024Q2 毛利率分别为57.1%/54.07%，同比分别+1.02/-5.75pct。分品类上看2024H1 电动剃须刀/电吹风毛利率分别为63%/36%，同比分别+1.4/-6.3pct，2024Q2 毛利率下降或主要系618 期间促销力度提升致电吹风毛利率下滑以及高毛利剃须刀营收占比下降所致，剃须刀受益结构向上毛利率同比提升。费用端，2024Q1/2024Q2 期间费用率分别为38.59%/41.04%，同比分别+9.68/+5.95pct，其中2024Q2 销售/管理/研发/财务费用率同比分别+5.37/+0.78/-0.19/-0.02pct。综合影响下2024Q1/2024Q2 归母净利率分别为15.33%/11.83% ， 同比分别-7.98/-10.33pct；扣非归母净利率分别为14.09%/9.55%，同比分别-6.25/-7.89pct。2024H1 performance is under pressure. Waiting for the launch of new products to drive improved revenue performance. Maintaining a “buy” rating of 2024H1, the company achieved revenue of 2.319 billion yuan (-13.27% year over year, same below), net profit of 0.315 billion yuan (-48.13%) to mother, net profit of 0.275 billion yuan (-45.7%). In a single quarter, 2024Q2's revenue was 1.144 billion yuan (-11.94%), net profit due to mother 0.135 billion yuan (-52.98%), after deducting non-return net profit of 0.109 billion yuan (-51.78%). Considering the pressure on the revenue stage due to weak demand and the increase in promotion of core categories and the impact on gross profit margins during the period of increased promotion of core categories, we lowered our profit forecast. We expect net profit from 2024-2026 to be 0.799/0.863/0.954 billion yuan (original value was 1.111/1.23/1.404 billion yuan), corresponding EPS was 1.83/1.98/2.19 yuan. The current stock price corresponding PE is 18.8/17.4/15.7 times. In the long term, we will continue to focus on channel/product adjustments The implementation led to continued growth of vPro and the improvement of the Feike brand, and maintained a “buy” rating.
The 2024H1 Feike brand's revenue declined due to the adjustment of the low-end shaver product line. vPro maintained a high growth sub-brand, and the 2024H1 vRui/Feike brand achieved revenue of 0.501/1.818 billion yuan respectively, +36%/-21% year-on-year respectively. The revenue of the Feike brand is still under pressure due to the adjustment of the low-end shaver product line and the impact of the market environment.
By category, the 2024H1 electric shaver/hair dryer achieved revenue of 1.503/0.41 billion yuan respectively, -20%/+24% year over year. The gradual release of high-speed hair dryers led to an overall increase in the overall revenue of hair dryers. Looking ahead, with the launch of new shavers and hair dryers and the end of the adjustment period, the company's revenue is expected to resume growth.
Due to increased promotion of hair dryers, the gross margin stage was under pressure. The cost ratio remained at a high level of 2024Q1/2024Q2 gross margins of 57.1%/54.07%, respectively, +1.02/-5.75pct compared to the previous year. By category, the gross margin of 2024H1 electric shavers/hair dryers was 63%/36%, respectively, +1.4/-6.3pct year over year. The 2024Q2 gross margin decreased or was mainly due to the decline in gross margin of telephone hair dryers during the 618 period due to the decline in gross margin of high-margin shavers and a decrease in the revenue share of high-margin shavers. On the cost side, the cost rates for 2024Q1/2024Q2 were 38.59%/41.04%, respectively, +9.68/+5.95pct year over year, with 2024Q2 sales/management/R&D/finance expenses ratios +5.37/+0.78/-0.19/-0.02pct, respectively. Under the combined influence, net interest rates due to mother for 2024Q1/2024Q2 were 15.33%/11.83%, respectively, -7.98/-10.33pct year on year; net interest rates without return to mother were 14.09%/9.55%, respectively, and -6.25/ -7.89pct year on year, respectively.
Risk warning: the expansion of new products/categories falls short of expectations; rising raw material prices; intensification of industry competition, etc.
