ANLI(SZ:300218) Tianfeng Securities·2024-07-15 10:30Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [7]. Core Insights - The company reported a significant increase in net profit for Q2 2024, with a range of CNY 0.47-0.57 billion, representing a year-on-year growth of 212%-279% [7]. - The company's main product sales increased by approximately 19.7%, and sales revenue grew by 29.1% [7]. - The company is focusing on optimizing its customer and product structure, enhancing cooperation with brand clients, and increasing the proportion of high-margin products [7]. - The company has adjusted its profit forecast upwards, expecting net profits of CNY 2.02 billion, CNY 2.61 billion, and CNY 3.20 billion for 2024-2026, respectively [7]. Financial Data and Valuation - Revenue (CNY million): 2022: 1,952.74, 2023: 2,000.27, 2024E: 2,620.24, 2025E: 3,324.82, 2026E: 4,123.44 [3][10]. - EBITDA (CNY million): 2022: 233.30, 2023: 324.18, 2024E: 357.96, 2025E: 428.03, 2026E: 489.01 [3][10]. - Net profit attributable to the parent company (CNY million): 2022: 144.63, 2023: 70.82, 2024E: 202.37, 2025E: 261.05, 2026E: 320.87 [3][10]. - EPS (CNY/share): 2022: 0.67, 2023: 0.33, 2024E: 0.93, 2025E: 1.20, 2026E: 1.48 [3][10]. - P/E ratio: 2022: 26.46, 2023: 54.04, 2024E: 18.91, 2025E: 14.66, 2026E: 11.93 [3][10]. - P/B ratio: 2022: 3.00, 2023: 3.02, 2024E: 2.74, 2025E: 2.43, 2026E: 2.17 [3][10]. - EV/EBITDA: 2022: 9.14, 2023: 8.37, 2024E: 10.62, 2025E: 8.57, 2026E: 7.14 [3][10].