SYG(300740) 中邮证券·2024-07-31 10:01Investment 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].