BIYI(603215) 海通证券·2024-08-12 10:02Investment Rating - The investment rating for the company is "Outperform" and is maintained [2] Core Views - The company's 24H1 revenue reached 860 million yuan, a year-on-year increase of 1.08%, while net profit attributable to the parent company was 68 million yuan, a year-on-year decrease of 46.46% [4] - In 24Q2, the company achieved revenue of 540 million yuan, a year-on-year increase of 14.26%, and net profit attributable to the parent company was 58 million yuan, a year-on-year decrease of 28.27% [4] - The company is actively expanding into new product categories such as coffee machines, ice makers, and environmental appliances, aiming to diversify its product matrix and reduce reliance on a single product (air fryers) [4] - The company expects to achieve net profit attributable to the parent company of 178 million yuan, 215 million yuan, and 251 million yuan in 2024, 2025, and 2026, respectively [4] Financial Performance - The company's revenue in 2022 was 1,499 million yuan, with a year-on-year decrease of 8.2%, while in 2023, revenue increased by 4.0% to 1,560 million yuan [5] - The company's net profit in 2022 was 178 million yuan, a year-on-year increase of 48.5%, while in 2023, net profit increased by 13.3% to 202 million yuan [5] - The company's gross profit margin in 2022 was 19.5%, increasing to 21.2% in 2023, but is expected to decrease to 18.0% in 2024 [5] - The company's ROE (Return on Equity) in 2022 was 17.9%, increasing to 18.1% in 2023, but is expected to decrease to 14.5% in 2024 [5] Valuation and Forecast - The company's revenue is forecasted to grow by 19.0% in 2024, 19.6% in 2025, and 17.7% in 2026, reaching 1,855 million yuan, 2,218 million yuan, and 2,611 million yuan, respectively [5] - The company's net profit is forecasted to decrease by 11.6% in 2024, but increase by 20.5% in 2025 and 16.8% in 2026, reaching 178 million yuan, 215 million yuan, and 251 million yuan, respectively [5] - The company's EPS (Earnings Per Share) is forecasted to be 0.95 yuan in 2024, 1.14 yuan in 2025, and 1.33 yuan in 2026 [5] - The company's P/E ratio is forecasted to be 14.02 in 2024, 11.63 in 2025, and 9.97 in 2026 [7] Market Performance - The company's stock price has shown significant volatility, with a 52-week range of 11.45 yuan to 21.18 yuan [2] - The company's stock price closed at 13.26 yuan on August 9, 2024 [2] - The company's total market capitalization is 2,502 million yuan, with a circulating market capitalization of 934 million yuan [2] Industry Comparison - Comparable companies in the industry include Xinbao Co Ltd, Fujia Co Ltd, and Dechang Co Ltd, with P/E ratios ranging from 9.28 to 29.45 [6]