裕元集团：公司半年报点评：24Q2制造产能利用率进一步提升，净利润增157.8%

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company has shown significant profit growth in Q2 2024, with net profit increasing by 157.8% to $80 million, despite a slight revenue decline of 1.7$2.01 billion [4] - The manufacturing capacity utilization rate has improved to 92%, indicating operational efficiency and potential for continued profit growth in the second half of 2024 [4] - The retail segment has experienced a revenue decline of 10.5% to $4.58 billion, but effective cost control measures have led to a gross margin increase of 2 percentage points to 35.4$367 million, $406 million, and$449 million respectively, with a price-to-earnings (PE) valuation of 10-12 times for 2024 [5] Summary by Sections Financial Performance - Q2 2024 revenue decreased by 1.7% to $2.01 billion, while gross margin slightly increased to 23.5$1.38 billion, with a net profit margin of 5.1% [4] - Retail revenue decreased by 10.5% to $4.58 billion, with a net profit margin of 3.5$367 million in 2024, with a growth rate of 34% year-over-year [6] - The gross margin is projected to improve to 25.19% in 2024, indicating better cost management [6] - The expected earnings per share (EPS) for 2024 is $0.23, with a projected dividend of 0.90 HKD [8] Valuation - The estimated fair value range for the stock is between 17.82 and 21.38 HKD per share based on a PE ratio of 10-12 times for 2024 [5] - The average PE ratio for comparable companies is around 20.04 for 2023 [7] Market Comparison - The company's stock has shown a relative performance of -8.8% over the past month compared to the Hang Seng Index [2] - The stock's price has fluctuated between 6.98 and 16.18 HKD over the past year [1]