SCSF(SH:600779) Tebon Securities·2024-08-01 06:00Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company reported a revenue of 1.72 billion yuan for H1 2024, representing a year-on-year growth of 12.57%, and a net profit attributable to shareholders of 240 million yuan, up 19.55% year-on-year [6] - In Q2 2024, the company achieved a revenue of 785 million yuan, a year-on-year increase of 16.6%, with a net profit of 56 million yuan, growing 29.6% year-on-year [6] - The company continues to implement its strategies focused on product upgrading, brand premiumization, and marketing breakthroughs despite a slightly weak industry consumption demand [6] Financial Performance Summary - The company expects revenues of 5.5 billion yuan, 6.1 billion yuan, and 6.73 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 11.0%, 11.1%, and 10.2% [6][9] - Net profits are projected to be 1.47 billion yuan, 1.66 billion yuan, and 1.85 billion yuan for the same years, with growth rates of 16.1%, 12.6%, and 11.4% respectively [6][9] - The gross margin for Q2 2024 was 81.6%, remaining stable compared to the same period last year [6] Key Financial Metrics - The company reported a total revenue of 4.953 billion yuan for 2023, with a projected increase to 5.5 billion yuan in 2024 [11] - The net profit for 2023 was 1.269 billion yuan, expected to rise to 1.473 billion yuan in 2024 [11] - The company's total assets are projected to grow from 8.425 billion yuan in 2023 to 9.852 billion yuan in 2024 [11]