BIYI(SH:603215) Guoxin Securities·2024-08-21 01:40Investment Rating - The investment rating for the company is "Outperform the Market" [3][9] Core Views - The company showed a recovery in revenue and a significant narrowing of profit decline in Q2 2024, with Q2 revenue reaching 540 million, up 14.3% quarter-on-quarter [1] - The core product, air fryers, experienced stable growth, with a 1.7% increase in revenue to 780 million in H1 2024, while domestic retail demand for air fryers declined significantly [1] - The company is actively expanding domestic and international production capacity and exploring new product categories, which are expected to contribute to revenue growth [1] Financial Performance Summary - In H1 2024, the company achieved revenue of 860 million, a 1.1% increase year-on-year, and a net profit of 68 million, down 46.5% year-on-year [1] - The gross profit margin in Q2 2024 was 19.1%, a decrease of 2.9 percentage points year-on-year, but showed improvement compared to Q1 2024 [1] - The company has adjusted its profit forecast for 2024-2026, expecting net profits of 160 million, 190 million, and 220 million respectively, with a corresponding PE of 18, 15, and 13 times [1][2]