Jiangshan Oupai(SH:603208) Minsheng Securities·2024-08-20 15:00Investment Rating - The report maintains a "Recommended" rating for Jiangshan Oupai (603208.SH) with a current price of 16.59 yuan [4]. Core Views - Jiangshan Oupai's engineering agency business continues to grow, with a rapid increase in the number of dealers. The company has over 1,000 agents as of mid-2024, up from over 800 at the end of 2023 [1]. - The company is focusing on diversifying its channels and expanding into lower-tier markets while enhancing its product offerings through a multi-category sales approach [2]. - The projected net profit for 2024-2026 is expected to be 3.86 billion, 4.26 billion, and 4.68 billion yuan respectively, with corresponding year-on-year changes of -0.9%, +10.3%, and +9.9% [2]. Financial Summary - For the first half of 2024, Jiangshan Oupai reported revenues of 1.442 billion yuan, a decrease of 10.0% year-on-year, and a net profit attributable to shareholders of 105 million yuan, down 26.1% [1]. - The company's gross margin for the first half of 2024 was 22.23%, with a slight decline compared to the previous year, while the net profit margin improved to 7.28% in the first half of 2024 [1]. - The company expects revenues to reach 3.679 billion yuan in 2024, with a slight decline of 1.6% compared to 2023, followed by growth in subsequent years [3][5].