SAINT ANGELO(SZ:002154) KAIYUAN SECURITIES·2024-08-19 06:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2]. Core Views - The company reported a revenue of 2.479 billion yuan in H1 2024, reflecting a year-on-year increase of 0.36%, while the net profit attributable to shareholders was 344 million yuan, down 15.60% [2][8]. - The company plans to distribute a mid-term cash dividend of 0.7 yuan per 10 shares, with a payout ratio of approximately 30% [8][21]. - The company has adjusted its profit forecast for 2024-2026, expecting net profits of 640 million, 730 million, and 810 million yuan respectively, with corresponding EPS of 0.4, 0.5, and 0.6 yuan [2][21]. Summary by Sections 1. Business Performance - The company faced pressure from business demand in H1 2024, with the "Baoxini" and "Haggis" brands affected by reduced offline foot traffic, while "Lefeiye" showed strong performance with a revenue increase of 32.20% [2][8]. - The revenue breakdown for H1 2024 includes "Baoxini" at 770 million yuan (-3.69%), "Haggis" at 860 million yuan (+0.25%), and "Baoniao" at 507 million yuan (-2.28%) [2][8]. 2. Channel Performance - The company continues to optimize its channels, with a total of 1,772 stores as of H1 2024, an increase of 102 stores year-on-year [12][13]. - Franchise revenue grew by 7.39% to 360 million yuan, while direct sales revenue decreased by 3.28% to 1.01 billion yuan [12][13]. 3. Profitability and Financial Metrics - The gross margin for H1 2024 was 67.0%, an increase of 1.5 percentage points year-on-year, with the net profit margin at 13.9%, down 2.6 percentage points [2][17]. - The company reported a significant decline in operating cash flow, with a net cash flow of 140 million yuan, down 59.05% year-on-year [18][20]. 4. Future Outlook - The company is optimistic about the multi-category development of the "Haggis" brand and its brand momentum, maintaining a "Buy" rating despite the downward adjustment in profit forecasts [21].