SYG(300740) 天风证券·2024-08-02 11:30Investment Rating - The report maintains a "Buy" rating for the company, with an expected price increase of over 20% within the next six months [2][10]. Core Viewpoints - The company reported a revenue of 2.293 billion in H1 2024, a year-on-year increase of 0.14%, while the net profit attributable to the parent company was 106 million, a decrease of 25.74% year-on-year [1]. - The company is focusing on brand asset construction to enhance brand momentum and long-term development, increasing expenses related to major brands, which has impacted current operating performance [1]. - The gross margin for H1 2024 was 61.5%, an increase of 4.6 percentage points year-on-year, indicating further optimization of the overall business and product structure [1]. - The company aims to replicate the success of its brand "Yifidan" with other high-end brands, expecting to see growth in product categories such as sunscreen and creams in 2024 [1][2]. Revenue and Profit Forecast - Revenue projections for 2024-2026 are adjusted to 4.6 billion, 5.1 billion, and 5.7 billion respectively, down from previous estimates of 4.9 billion, 5.6 billion, and 6.3 billion [2]. - Expected net profit attributable to the parent company for 2024-2026 is revised to 300 million, 360 million, and 420 million respectively, compared to earlier forecasts of 400 million, 470 million, and 540 million [2]. Financial Data Summary - The company achieved a revenue of 1.261 billion in Q2 2024, a year-on-year increase of 1.4%, with a net profit of 66 million, down 27.2% year-on-year [1]. - The sales expense ratio for H1 2024 was 46.8%, an increase of 6.4 percentage points year-on-year, primarily due to increased promotional expenses [1]. - The company is expected to see a continued increase in online and offline channel growth, with offline channels growing over 100% in H1 2024 [1].