报喜鸟：哈吉斯扩店保持稳健，销售费用率提升拖累净利率

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Insights - The company reported a revenue of 2.48 billion yuan for the first half of 2024, a year-on-year increase of 0.4%, while the net profit attributable to shareholders decreased by 15.6% to 340 million yuan [4]. - The performance in Q2 2024 was below expectations, with revenue of 1.13 billion yuan, down 4.6% year-on-year, and a net profit of 90 million yuan, down 38.3% year-on-year [4]. - The company plans to distribute a cash dividend of 0.7 yuan for every 10 shares [4]. Financial Performance Summary - For H1 2024, the revenue breakdown by brand shows Baoxini revenue at 770 million yuan (down 3.7%), Haji's revenue at 860 million yuan (up 0.3%), and Le Fei Ye revenue at 160 million yuan (up 32.2%) [5]. - Online sales decreased by 2.3% to 380 million yuan, while franchise sales increased by 7.4% to 360 million yuan [5]. - The company maintained a total of 1,772 stores, with a net increase of 11 stores compared to the end of 2023 [5]. Profitability and Cost Management - The gross margin for H1 2024 was 67.0%, an increase of 1.5 percentage points year-on-year, while the net profit margin was 13.9%, a decrease of 2.6 percentage points [5]. - The sales expense ratio increased to 40.5%, driven by higher employee costs and advertising expenses [5]. - The report forecasts net profits for 2024, 2025, and 2026 to be 700 million yuan, 780 million yuan, and 870 million yuan, respectively, with corresponding P/E ratios of 8, 7, and 7 [5][6].