中国利郎：Guidance cut amid uncertainties in 2H24E

14 Aug 2024 CMB International Global Markets | Equity Research | Company Update China Lilang (1234 HK) Guidance cut amid uncertainties in 2H24E We have now turned rather cautious about China Lilang in 2H24E, due to both macro conditions and company specific reasons like the DTC transformation and the surge in opex. We still maintain a BUY but that was solely due to its attractive yield (9%) and valuation (9x FY24E P/E). Turned more cautious about 2H24E, even though the Company is still making progress for p ...