Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company is expected to achieve rapid revenue and profit growth in H1 2024, driven by the sustained momentum of the Han Shu brand on Douyin and the spillover of traffic to other platforms like Tmall and JD [10][11] - The company has reported a positive earnings forecast, with expected revenue in the range of 3.4 billion to 3.6 billion yuan, representing a year-on-year growth of approximately 114.3% to 126.9% [10] - The net profit for H1 2024 is projected to be between 390 million and 410 million yuan, indicating a year-on-year increase of about 286.1% to 305.9% [10] Summary by Sections Financial Data and Valuation - The company’s revenue for 2022 was 2.675 billion yuan, which is expected to grow to 7.321 billion yuan in 2024, reflecting a growth rate of 74.7% [11] - The net profit for 2022 was 147 million yuan, with projections of 913 million yuan for 2024, showing a growth rate of 98.0% [11] - The earnings per share (EPS) is expected to rise from 0.37 yuan in 2022 to 2.29 yuan in 2024 [11] - The price-to-earnings (P/E) ratio is projected to decrease from 92.5 in 2022 to 14.9 in 2024 [11] Business Strategy and Market Position - The company has effectively leveraged the Douyin platform, implementing a refined marketing strategy that includes customized short dramas and brand self-broadcasting, which has significantly boosted sales [10] - The expansion of the Han Shu product line and the performance of sub-brands like Newpage are expected to contribute to continued high growth [10] - The company is well-positioned to capture market share through its competitive pricing and flexible channel operations [10]
上美股份：韩束抖音势能延续+流量外溢，2024H1营收利润快速增长