Investment Rating - The investment rating for the company is "Buy" [17][18]. Core Views - The company is expected to achieve a significant increase in net profit for H1, projected to grow by 52-65%, demonstrating operational resilience in a complex external environment [16]. - The brand matrix construction is anticipated to lay a foundation for long-term growth, with a focus on enhancing brand incubation and operational efficiency [18]. - The company has adjusted its target price to 33.90 CNY based on a 30x PE valuation for 2024, reflecting a downward revision from a previous estimate of 42.29 CNY [18]. Financial Summary - Revenue for 2023 is projected at 6,564 million CNY, with a growth rate of 33.7% compared to 2022 [3]. - Net profit attributable to the parent company is expected to reach 336 million CNY in 2023, marking an 81.6% increase from the previous year [3]. - The company anticipates a revenue range of 41.5-42.5 billion CNY for H1 2024, representing a year-on-year increase of 49.66%-53.26% [18]. Valuation Metrics - The company is valued at a PE of 30 for 2024, with a reasonable stock price estimate of 33.90 CNY based on this valuation [7][9]. - The PS valuation method suggests a stock price estimate of 34.13 CNY, leading to an average target price of 33.90 CNY when combining both PE and PS methods [9][10]. Market Performance - The stock has experienced a 52-week price range of 21.47-51.70 CNY, with a current price of 22.93 CNY [21]. - The company has a total market capitalization of 9,174 million CNY [21].
赛维时代2024年半年度业绩预告点评：H1业绩预增52-65%，出海标杆强者气场