Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a slight decline in performance for H1 2024, with revenue of HKD 316 million, down 9.7% year-on-year, and a net profit of HKD 30 million, down 26.5% year-on-year. The interim dividend was approximately HKD 15 million, with a payout ratio increased to about 50% [2] - Despite the challenges posed by a slowdown in the luxury goods sector and seasonal impacts, the company remains the largest mid-to-high-end fashion brand experience marketing service provider in Greater China, with a market share of 12.7% in 2023 and over 550 brand clients [2] - The company has slightly adjusted its profit forecast for 2024-2026, expecting net profits of HKD 110 million, HKD 130 million, and HKD 150 million respectively, with year-on-year growth rates of 3.3%, 18.8%, and 12.9% [2] - The company's earnings per share (EPS) are projected at HKD 0.17, HKD 0.19, and HKD 0.22 for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (P/E) ratios of 6.4, 5.4, and 4.8 [2] Financial Summary and Valuation Metrics - For 2024, the company is expected to achieve revenue of HKD 1,001 million, with a year-on-year growth of 3.5%. The net profit is projected at HKD 112 million, reflecting a year-on-year increase of 3.3% [3] - The gross margin is expected to be 32.3% in 2024, while the net margin is projected at 11.1% [3] - The return on equity (ROE) is forecasted to be 21.5% for 2024, with an EPS of HKD 0.17 and a P/E ratio of 6.4 [3]
艾德韦宣集团：港股公司信息更新报告：2024H1业绩略有承压，派息比率超预期