Investment Rating - The report downgrades the investment rating from "Buy" to "Outperform" [3][8]. Core Views - The company reported a revenue of 3.31 billion RMB for the first half of 2024, a year-on-year decrease of 1.0%, and a net profit of 280 million RMB, down 36.0% year-on-year, which aligns with expectations [3]. - The decline in net profit is attributed to a weak retail environment, high direct sales channel proportion leading to negative operating leverage, increased marketing expenses, and a one-time stock incentive expense of 99.48 million RMB [3]. - Excluding the stock incentive impact, the actual net profit would be 370 million RMB, representing a 19% decline compared to the comparable period in 2023 [3]. Summary by Sections Financial Performance - Revenue for FY2024E is projected at 6.95 billion RMB, with a year-on-year growth rate of 1% [4]. - Net profit for FY2024E is estimated at 614 million RMB, reflecting a year-on-year decrease of 27% [4]. - The company’s gross margin improved to 76.3%, while the net profit margin decreased to 8.4% [5][9]. Brand Performance - The main brand Koradior saw a revenue decline of 6.2% to 1.06 billion RMB, accounting for 32% of total revenue [6]. - NAERSI experienced a 4.3% revenue increase to 730 million RMB, representing 22% of total revenue [6]. - NEXY.CO's revenue grew by 5.1% to 500 million RMB, making up 15% of total revenue [6]. Store Operations - The total number of stores decreased by 68 to 1912, with direct stores accounting for 78% of the total [3]. - Direct store revenue decreased by 3.7% to 2.63 billion RMB, while online sales grew by 18% to 550 million RMB, representing 16% of total revenue [3][7]. Market Valuation - The company is currently valued at 62.3 billion RMB, with a projected PE ratio of 10 times for FY2024, indicating an 11% upside potential compared to the current market value [3][8].
赢家时尚：短期费用加大拖累业绩，线下直营效率仍在提升