Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is expected to achieve significant revenue and profit growth in H1 2024, with projected revenue between 3.4 billion to 3.6 billion, representing a year-on-year increase of 114.3% to 126.9%, and net profit between 390 million to 410 million, reflecting a year-on-year increase of 286% to 306% [6][7] - The strong growth is driven by the Han Shu brand, which has seen substantial growth in various channels, particularly on Douyin, where it achieved a GMV of 3.593 billion in H1 2024, a year-on-year increase of 262.41% [6] - The company is focusing on multi-channel strategies and product diversification, with a clear strategy to enhance its brand presence across different platforms and product lines [7] Summary by Sections Financial Performance - The company forecasts a revenue of 7.184 billion in 2024, with a net profit of 900 million, and expects continued growth in subsequent years, reaching 10.832 billion in revenue and 1.414 billion in net profit by 2026 [9] - The gross margin is projected to improve from 72.05% in 2023 to 74.25% in 2026, indicating strong profitability [9] Market Position - The company has established a strong market presence with its Han Shu brand leading in various e-commerce platforms, including Douyin, Tmall, and JD, with significant year-on-year growth rates [6][7] - The strategic focus on multi-brand development aims to capture a wider audience across different market segments, enhancing overall brand equity [7] Future Outlook - The company is expected to continue leveraging its strong marketing capabilities and established distribution channels to drive further growth in the beauty and personal care industry [7] - The introduction of new product lines and a return to offline sales channels are anticipated to enhance profitability and market reach [7]
上美股份：24H1预告高增长，关注多渠道&产品&品牌发展