报喜鸟：消费环境波动，短期利润承压，门店拓展持续

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [2][3]. Core Views - The company reported a stable revenue of 2.48 billion yuan in H1 2024, with a year-on-year decline in net profit of 16% to 340 million yuan. The gross margin improved by 1.5 percentage points to 67.0% [1]. - The company is expected to continue its store expansion strategy, with a projected increase of 10% to 20% in new stores for the year, focusing on high-quality outlets in major cities [2]. - Despite short-term profit pressures due to fluctuating consumer environments, the company is anticipated to achieve steady revenue growth in 2024, with net profits projected at 657 million yuan [2]. Financial Performance Summary - For H1 2024, the company's revenue remained flat at 2.48 billion yuan, while net profit decreased by 16% to 340 million yuan. The adjusted net profit was 300 million yuan, down 11% year-on-year [1]. - In Q2 2024, revenue was 1.13 billion yuan, a 5% decline year-on-year, with net profit dropping 38% to 90 million yuan [1]. - The company's gross margin for Q2 2024 was 66.0%, reflecting a 1.1 percentage point increase, while the net margin decreased by 5.2 percentage points to 8.5% [1]. Brand Performance - HAZZYS brand revenue was stable at 860 million yuan in H1 2024, accounting for 36% of total sales. The brand opened 10 new stores, bringing the total to 467 [2]. - The main brand, Baoxini, saw a revenue decline of 4% to 770 million yuan, representing 32% of total sales. The brand's store count decreased by 10 to 817 [2]. - The Baoniao brand reported a 2% revenue decline to 510 million yuan, with expectations for stable growth in H2 2024 [2]. Cash Flow and Inventory Management - As of H1 2024, the company's inventory was 1.07 billion yuan, with a turnover period of 258.3 days, indicating stable inventory management [2]. - The net operating cash flow for H1 2024 was 140 million yuan, approximately 0.4 times the net profit for the same period [2].