By-health(SZ:300146) Guoyuan Securities·2024-08-07 00:00Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Views - The company announced its 2024 mid-year report, showing a total revenue of 4.613 billion yuan, a decrease of 17.56%, and a net profit attributable to shareholders of 891 million yuan, down 42.34% [3] - The decline in revenue is attributed to a high base effect from the previous year, with significant drops in various brand revenues [3] - The gross margin was impacted by increased manufacturing and logistics costs, leading to a net profit margin decline [3] - The company is focusing on online sales and multi-category development to enhance growth prospects [3] Financial Performance Summary - For 2024H1, total revenue was 4.613 billion yuan, with a year-on-year decrease of 17.56% [3] - The net profit attributable to shareholders was 891 million yuan, down 42.34% [3] - The gross margin for 2024H1 was 68.56%, a decrease of 1.76 percentage points year-on-year [3] - The net profit margin for 2024H1 was 19.31%, down 8.30 percentage points year-on-year [3] Revenue Breakdown - Revenue by brand for 2024H1: -汤臣倍健: 2.635 billion yuan (-19.77%) -健力多: 591 million yuan (-16.81%) -Lifespace: 210 million yuan (-24.79%) -LSG: 511 million yuan (-4.72%) -Other brands: 666 million yuan (-15.21%) [3] - Online and offline revenue for 2024H1 was 1.953 billion yuan and 2.629 billion yuan, respectively, with year-on-year declines of 20.54% and 15.82% [3] Future Projections - The company expects net profits for 2024-2026 to be 1.145 billion yuan, 1.411 billion yuan, and 1.645 billion yuan, with growth rates of 34.44%, 23.25%, and 16.57% respectively [3] - The corresponding price-to-earnings ratios for these years are projected to be 18, 15, and 12 times [3]