汤臣倍健：经营调整，业绩承压

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a revenue of 4.613 billion yuan for H1 2024, a year-on-year decrease of 17.56%, and a net profit attributable to shareholders of 0.891 billion yuan, down 42.34% year-on-year [11][12] - In Q2 2024, the main brand "汤臣倍健" generated revenue of 1.09 billion yuan, a decline of 22.48% year-on-year, while the major product "健力多" saw revenue drop by 33.74% [11] - The company is undergoing a channel transformation, leading to increased expenditure on marketing and management, with a sales expense ratio of 50.64% and a management expense ratio of 6.52% in Q2 2024 [11][12] Financial Performance Summary - For H1 2024, the company achieved a revenue of 46.13 billion yuan, down 17.56% year-on-year, and a net profit of 8.91 billion yuan, down 42.34% year-on-year [11] - The revenue for Q2 2024 was 19.67 billion yuan, a decrease of 20.93% year-on-year, with a net profit of 1.64 billion yuan, down 68.12% year-on-year [11] - The company’s gross margin in Q2 2024 was 66.75%, a decrease of 3.57 percentage points year-on-year [11] Future Outlook - The company plans to focus on product iteration and upgrades in H2 2024, with 44 patents obtained in H1 2024, including 8 invention patents related to raw materials and formulations [11][12] - Revenue forecasts for 2024-2026 are adjusted to 8.742 billion yuan, 9.399 billion yuan, and 10.113 billion yuan, with year-on-year growth rates of -7.07%, 7.52%, and 7.59% respectively [12][13]