Investment Rating - The report maintains a "Buy-B" rating for the company, indicating an expected price increase exceeding the benchmark index [2][5][10]. Core Insights - The company reported a slight decline in revenue for the first half of 2024, with total revenue of 3.306 billion yuan, down 1.03% year-on-year, and a significant drop in net profit of 36.03% to 283 million yuan [2][3]. - The decline in revenue was primarily driven by a decrease in offline sales channels, while online sales channels showed growth, particularly on platforms like Tmall and Douyin [3][4]. - The company's gross margin improved to 76.3%, up 1.04 percentage points year-on-year, despite rising sales and management expense ratios [3][4]. Company Performance Overview - As of the end of H1 2024, the company had 1,912 stores, a net decrease of 52 stores from the beginning of the year, with direct stores generating 2.634 billion yuan in revenue, down 3.7% year-on-year [3][4]. - Online sales reached 546 million yuan, a 17.8% increase year-on-year, accounting for 16.5% of total revenue [3][4]. - The company’s brands, including Koradior and NAERSI, showed varied performance, with Koradior's revenue declining by 6.19% while NAERSI grew by 4.3% [3][4]. Financial Projections - The company expects stable retail sales in 2024, with projected earnings per share (EPS) of 1.20, 1.33, and 1.45 yuan for 2024-2026, respectively [5][6]. - The report forecasts a price-to-earnings (P/E) ratio of 6.7, 6.1, and 5.6 for the same period, indicating a potentially undervalued stock [5][6]. - The company’s operating cash flow for H1 2024 was 452 million yuan, a decrease of 50.6% year-on-year, with cash and cash equivalents at 358 million yuan [4][8].
赢家时尚：毛利率稳中有升，线上渠道各电商平台均实现收入增长