Investment Rating - The investment rating for the company is "Buy" [6] Core Insights - The company reported a strong performance in the first half of 2024, achieving revenue of 2.54 billion yuan, a year-on-year increase of 58.2%, and a net profit of 983 million yuan, up 47.4% [3][4] - The brand "可复美" continues to show high growth momentum, contributing significantly to revenue, with a 68.6% year-on-year increase in sales [3][4] - The company is expanding its product matrix and has successfully launched several new products, enhancing its market presence [4] - The gross profit margin for the first half of 2024 was 82.4%, with a slight year-on-year decline of 1.7 percentage points, indicating effective cost control despite increased sales expenses [4] Summary by Sections Market Performance - As of August 19, 2024, the closing price was 40.35 HKD, with a market capitalization of 414.89 million HKD [1] Financial Performance - For the first half of 2024, the company achieved a revenue of 2.54 billion yuan and a net profit of 983 million yuan, with adjusted net profit reaching 1.03 billion yuan [3] - The revenue contribution from the brand "可复美" was 2.07 billion yuan, representing 81.5% of total revenue, while "可丽金" contributed 396 million yuan [3][4] Product and Channel Performance - The direct-to-consumer (DTC) channel showed remarkable growth, with revenue increasing by 64.1% year-on-year, accounting for 63.1% of total revenue [3][4] - The company has expanded its product offerings, with successful launches in various categories, including skincare and medical dressings [4] Profitability and Valuation - The company maintains a leading profitability level in the industry, with a net profit margin of 38.4% despite a slight decline [4] - Future profit forecasts for 2024-2026 have been raised, with expected net profits of 1.94 billion, 2.56 billion, and 3.18 billion yuan respectively [4]
24H1业绩超预期 可复美延续高增态势：巨子生物