Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company experienced a 0.1% year-on-year increase in revenue for the first half of 2024, while net profit attributable to shareholders decreased by 25.7% [1] - Increased investment in brand asset construction has led to higher marketing expenses, resulting in a significant rise in the sales expense ratio, which exceeded the gross profit margin [1][2] - The company is expected to leverage its multi-brand strategy to enhance sales and drive high-quality growth despite uncertainties in consumer demand [2] Financial Performance Summary - For the first half of 2024, the company achieved operating revenue of 2.29 billion yuan, with a net profit of 110 million yuan [1] - The gross profit margin improved by 4.6 percentage points to 61.5%, driven by the sales of high-margin products [1] - The company’s operating cash flow turned negative, primarily due to increased promotional expenses [1][4] Revenue Breakdown - Online revenue grew by 2% while offline revenue declined by 12% in the first half of 2024 [1] - The Douyin platform saw a 73% increase in revenue, accounting for 37% of total revenue [1] - The revenue distribution among different sales models for the first half of 2024 was 73% self-operated, 16% distribution, 5% consignment, and 6% others [1] Profitability Forecast - The report projects a decrease in net profit forecasts for 2024 to 2026, with net profit attributable to shareholders adjusted down by 28%, 37%, and 38% respectively [2] - The expected EPS for 2024, 2025, and 2026 are 0.71 yuan, 0.80 yuan, and 0.90 yuan respectively, with corresponding P/E ratios of 17 and 15 for 2024 and 2025 [2][3]

证券研究报告 | 2024年07月31日 水羊股份（300740.SZ） 优于大市 营销投放加大短期利润承压，伊菲丹持续优异表现 上半年加大销售费用投放导致利润端有所承压。上半年公司实现营业收入 22.9 亿/yoy+0.14%；归母净利润 1.06 亿/yoy-25.74%；单 Q2 实现营收 12.61 亿/yoy+1.41%；实现归母净利 0.66 亿/yoy-27.17%；扣非归母净利润 0.66 亿/yoy-40.32%。公司整体营收基本持平，公司加大品牌宣传和市场推广费 用的投入支出导致利润有所承压。同时上半年由于外汇套保业务导致公司亏 损 1751 万，目前远期合约已完全平仓，后续将不再产生相关影响。 分业务来看，自有品牌中，伊菲丹继续优异表现，预计单 Q2 收入增速在 40% 左右，利润率预计稳定略下滑。PA 和 VAA 品牌在低基数下实现较高增长。御 泥坊品牌仍处于品牌调整期，预计 Q2 收入端仍有下行压力，其他自有品牌 预计 Q2 收入均下滑低双位数。代理业务中，强生系板块仍在经营调整预计 收入仍处于下滑态势，但非强生板块表现较好，整体收入预计保持平稳水平。 毛利率不断上行，销售费用率提升 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company focuses on enhancing brand assets, with the Ifidan brand continuing to show high growth and an increase in gross margin [1][2]. - The company is implementing a "Four Double Strategy" and is making steady progress in brand adjustments and upgrades, which is expected to drive revenue and profit growth [2]. - The company’s net profit for 2024 is projected to be 301 million yuan, with a year-on-year growth rate of 2.4% [3]. Financial Performance Summary - In the first half of 2024, the company achieved revenue of 2.293 billion yuan, a year-on-year increase of 0.14%, while the net profit attributable to shareholders was 106 million yuan, a decrease of 25.74% [1]. - The gross margin for the first half of 2024 increased by 4.57 percentage points to 61.48% [1]. - The company’s sales expense ratio increased to 46.84% in the first half of 2024, primarily due to increased promotional expenses [1]. - The projected revenue for 2024 is 4.493 billion yuan, with a growth rate of -4.9% [3]. Brand Development and Market Strategy - The Ifidan brand has seen significant growth, with offline channel growth exceeding 100% and Douyin GMV increasing by 76.52% in the first half of 2024 [2]. - The company is actively upgrading its other brands, such as Yuni Fang, and has launched new products to enhance its market presence [2]. - The agency business strategy "1+5+N" is progressing steadily, contributing to the company's growth [2]. Profitability Forecast - The company’s net profit is expected to grow to 356 million yuan in 2025 and 413 million yuan in 2026, with corresponding growth rates of 18.0% and 16.0% [3]. - The projected PE ratios for 2024, 2025, and 2026 are 16X, 14X, and 12X respectively [2][3].

好 谢谢主持人那尊敬的各位投资者各位朋友啊大家上午好 欢迎大家接受我们的这个二十四年半年报的一个业绩说明会那我是公司的总理吴小景因为我们的 过去可能一般董事长也会来参加我们这个说明会但今天他因为在这个海外出差所以今天因为时差的关系就只有我来代表公司跟大家做一个交流那这次会议呢我首先会给大家简单的介绍一下公司上半年的一个基本情况然后接下来也会开放一下投资者的提问 首先给大家简单的介绍一下公司上半年度的一个整体的财务数据情况2024年的上半年公司是实现营业收入22.93亿元同比是增长0.14%与去年同期时基本持平微广经理人1.06亿元同比是下降了25.74% COVID-19的净利润是1.1935亿元从底下降了19.07%那么影响公司今年上半年业绩的因素主要有这样几个方面首先是我们对大环境的变化有一定的预期但是今年五六月份以来外部情况环境的变化应该说还是远超了公司的预期的 市场的这个消费的信心我们看到是在持续的走低那这个我们公司之前的预期呢是不大相符的那在这种背景下公司的主品牌运营法的升级我们在5月9号的升级发布会之后采取的是相对保守的一个策略那没有做激进式的一个推广其他的像大水基本上迷糊等自由品牌在策略上我们也 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6][33]. Core Insights - The company experienced a decline in profit in H1 2024 due to increased spending on marketing and brand promotion, but future effects are expected to be positive [5][16]. - The company is focusing on enhancing its multi-brand system and leveraging high-margin EDB products to drive performance growth [16]. - Despite a decrease in net profit, the company is projected to see a rebound in earnings growth in the coming years, with expected net profits of 3.4 billion, 4.1 billion, and 5 billion for 2024, 2025, and 2026 respectively, reflecting year-on-year growth of 16.4%, 19.9%, and 21.4% [16]. Financial Summary - In H1 2024, the company achieved revenue of 2.29 billion yuan, a year-on-year increase of 0.14%, while net profit was 106 million yuan, down 25.7% year-on-year [16]. - The gross margin for H1 2024 was 61.5%, an increase of 4.56 percentage points year-on-year, while the net margin was 4.8%, a decrease of 1.63 percentage points year-on-year [16]. - The company’s revenue from the EDB subsidiary grew by 28.7% year-on-year, indicating strong brand performance [16]. Financial Projections - The company’s projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.88 yuan, 1.06 yuan, and 1.28 yuan respectively [17]. - The price-to-earnings (P/E) ratios for the same years are expected to be 14.2, 11.9, and 9.8 [17]. - The company’s revenue is projected to grow from 4.65 billion yuan in 2024 to 5.29 billion yuan in 2026, with corresponding year-on-year growth rates of 3.5%, 6.9%, and 6.3% [17].

Investment Rating - The investment rating for the company is "Buy" and is maintained [19][22]. Core Views - The company reported its 24H1 financial results, with revenue of 2.293 billion yuan and a net profit attributable to shareholders of 105 million yuan, reflecting a decrease of 25.74% year-on-year [4]. - The performance was below expectations due to increased sales and financial expense ratios, as well as a decline in investment income [4][21]. - The company is focusing on a multi-brand strategy, with the high-end brand "Yifidan" experiencing rapid growth, while the main brand "Yunifang" is undergoing adjustments [22]. Financial Summary - The company achieved a gross margin of 61.5% in 24H1, an increase of 4.6 percentage points compared to 23H1, primarily driven by improved margins in the water and cream category [5]. - The sales expense ratio increased to 46.8%, reflecting higher spending on brand promotion and market investments [5]. - The company expects net profits for 2024-2026 to be 280 million yuan, 350 million yuan, and 440 million yuan, respectively, with corresponding growth rates of -5%, +27%, and +24% [22]. Market Performance - The stock has a price-to-earnings (P/E) ratio of 15.86 and a market capitalization of 4.7 billion yuan [3][17]. - The stock price has fluctuated between a 52-week high of 22.02 yuan and a low of 12.05 yuan [2][17].

证券代码：300740 证券简称：水羊股份 债券代码：123188 债券简称：水羊转债 水羊集团股份有限公司投资者关系活动记录表 编号：2024-003 □特定对象调研 □分析师会议 □媒体调研 √业绩说明会 投资者关系活 动类别 □新闻发布会 □路演活动 □现场参观 □其他 | --- | --- | |------------|------------------------------------------------------------------| | | 安本私募基金(上海)、北京博润银泰投资管理、北京城天九投资、北京 | | | 大道兴业投资管理、北京沣沛投资管理、本营国际、博时基金、财通证 | | | 券、财信证券、德邦证券、东北证券、东方阿尔法基金、东方财富证券、 | | | 东吴证券、东兴证券、东证融汇证券资产管理、敦和资产管理、方瀛、 | | | 方正证券、高盛工银理财、工银瑞信基金、光大保德信基金、光大证券、 | | | 广东博众智能科技投资、广东佳润实业、广发基金、广发证券、广州睿 | | | 融基金、广州市航长投资管理、广州市玄元投资管理、国海证券、国金 | | | 证券、国 ...

深圳市他山企业管理咨询有限公司 关于水羊集团股份有限公司 作废部分限制性股票事项及调整授予价格事项的 独立财务顾问报告 | 释 义 3 | | --- | | 声 明 4 | | 一、股权激励计划相关事项 5 | | 二、结论性意见 6 | | 三、备查信息 11 | 深圳市他山企业管理咨询有限公司 独立财务顾问报告 释 义 除非上下文文意另有所指，下列词语具有如下含义： | 水羊股份、公司 | 指 | 水羊集团股份有限公司 | | --- | --- | --- | | 独立财务顾问报告、本报告 | 指 | 《深圳市他山企业管理咨询有限公司关于水羊集团 | | | | 股份有限公司作废部分限制性股票事项及调整授予 | | | | 价格事项的独立财务顾问报告》 | | 限制性股票、第二类限制性 | 指 | 满足获益条件后，按本激励计划的归属安排，激励对 | | 股票 | | 象获得公司 股普通股 A | | 激励对象 | 指 | 参与本激励计划的人员 | | 授予日 | 指 | 公司向激励对象授予第二类限制性股票的日期，授予 | | | | 日必须为交易日 | | 授予价格 | 指 | 公司向激励对象授予每股 ...

水羊集团股份有限公司 2024 年半年度报告全文 水羊集团股份有限公司 2024 年半年度报告 2024-047 2024 年 7 月 1 水羊集团股份有限公司 2024 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人戴跃锋、主管会计工作负责人邹飞及会计机构负责人(会计主 管人员)王倩声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司本半年度报告涉及的未来计划等前瞻性陈述，不构成公司对投资者 的实质承诺，投资者及相关人士均应当对此保持足够的风险意识，并请理解 计划、预测与承诺之间的差异。 公司在本报告"第三节管理层讨论与分析"之"十、公司面临的风险和 应对措施"部分，详细描述了公司经营中可能存在的风险，敬请投资者关注 相关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 水羊集团股份有限公司 2024 年半年度报告全文 | --- | |----------------- ...

证券代码：300740 证券简称：水羊股份 公告编号：2024-054 债券代码：123188 债券简称：水羊转债 水羊集团股份有限公司 关于公司实际控制人部分股份质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 水羊集团股份有限公司（以下简称"公司"）于近日接到公司实际控制人戴 跃锋先生的通知，戴跃锋先生对其持有公司的部分股份办理了质押手续，具体事 项如下： | | 是否为 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 控股股 | | | | | | | | | | | 股东 | 东或第 | 本次质押数 | 占其所持 | 占公司 | 是否 | 是否为 | 质押起 | 质押到 | | 质押 | | 名称 | 一大股 | 量（股） | 股份比例 | 总股本 | 为限 | 补充质 | 始日 | 期日 | 质权人 | 用途 | | | 东及其 | | | 比例 | 售股 | 押 | | | | | | | 一致行 | | ...