Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 61.13 [6][7]. Core Insights - The company expects a strong revenue growth of 34-36 billion RMB for 24H1, representing a year-on-year increase of 114%-127%, with net profit projected at 3.9-4.1 billion RMB compared to 1.01 billion RMB in the same period last year [1]. - The main brand, Han Shu, and the second brand, New Page, are leading the growth, with significant sales performance noted across multiple channels [1][2]. - The report anticipates an EPS of 2.27, 2.99, and 3.54 RMB for the years 2024-2026, maintaining the previous estimates [1]. Revenue and Profit Forecast - The company forecasts revenue growth from 2,675 million RMB in 2022 to 7,309 million RMB in 2024E, reflecting a growth rate of 74.40% [5]. - Net profit is expected to increase from 147.11 million RMB in 2022 to 903.99 million RMB in 2024E, showing a growth rate of 96.05% [5]. - The report projects a net profit margin of 11.4% for 24H1, which is significantly higher than 6.4% in 23H1 [1]. Brand Performance - Han Shu's Douyin GMV reached 3.34 billion RMB in 24H1, with a quarter-on-quarter growth of 40% [2]. - New Page's performance is also notable, with a Douyin GMV of 0.8 billion RMB, representing a year-on-year increase of 206% [2]. - The report highlights the potential for further growth in the skincare market, particularly with new product launches and brand expansions [1][3]. Management Confidence - Recent insider buying by executives, including a total of 31.21 million RMB by the vice president, indicates strong confidence in the company's future [4].
上美股份：韩束势能强劲，NewPage亦亮眼