太平鸟：2024H1销售及利润短期承压，库存周转继续改善

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's revenue and net profit faced short-term pressure in H1 2024, with revenue down 13% YoY to 3.15 billion yuan and net profit attributable to shareholders down 32% YoY to 170 million yuan [1] - Non-recurring gains and losses mainly came from government subsidies of 118 million yuan, compared to 85 million yuan in H1 2023 [1] - Gross margin decreased by 2.1 percentage points to 56.2%, while net margin dropped by 1.5 percentage points to 5.4% [1] - In Q2 2024, revenue declined by 12% YoY to 1.34 billion yuan, and net profit attributable to shareholders fell by 63% YoY to 10 million yuan [1] Financial Performance - For H1 2024, the company's operating cash flow was 20 million yuan, approximately 0.1 times the net profit attributable to shareholders [2] - Inventory turnover days decreased by 43.2 days to 188.4 days, and inventory at the end of the period decreased by 21.1% YoY to 1.38 billion yuan [2] - The company expects net profit attributable to shareholders to be 370 million yuan, 418 million yuan, and 468 million yuan for 2024, 2025, and 2026, respectively [2] Brand Performance - PB Women's wear, Men's wear, Ledin, and MP sales decreased by 10%, 7%, 35%, and 14% YoY, respectively, in H1 2024 [1] - The number of stores for PB Women's wear, Men's wear, Ledin, and MP decreased by 88, 28, 53, and 29, respectively, compared to the beginning of the year [1] - The proportion of quality products in the Men's and Women's wear brands reached 70% by the end of 2023 [1] Channel Performance - E-commerce sales decreased by 8% YoY to 890 million yuan in H1 2024, with gross margin down 3.50 percentage points to 44.18% [2] - Direct sales and franchise sales decreased by 19% and 5% YoY, respectively, in H1 2024 [2] - The number of direct and franchise stores decreased by 47 and 146, respectively, compared to the beginning of the year [2] Industry and Market Context - The company is a leading domestic mass fashion brand group with a clear long-term strategic goal [2] - The report expects the company's PE ratio to be 17.5x for 2024 [2] - The company's stock price underperformed the CSI 300 index from August 2023 to August 2024 [5]