Aupu(603551) 申万宏源·2024-08-22 10:10Investment Rating - Maintain "Outperform" rating [5] Core Views - The company's H1 2024 performance met expectations, with a proposed interim dividend highlighting long-term value [5][7] - Revenue in H1 2024 was RMB 862 million, a slight increase of 0.03% YoY, while net profit attributable to shareholders was RMB 123 million, down 4.43% YoY [7] - The company announced a 2024 interim dividend plan, proposing a cash dividend of RMB 3.0 per 10 shares (tax included), totaling RMB 115,156,950 (tax included), accounting for 93.44% of H1 2024 net profit [7] - The company's high dividend yield is expected to remain at a high level, making it a valuable long-term investment [5][7] Financial Performance - Revenue in H1 2024 was RMB 862 million, with a net profit attributable to shareholders of RMB 123 million [7] - Gross margin in H1 2024 was 46.00%, down 0.53 percentage points YoY [8] - Net profit margin in H1 2024 was 14.55%, maintaining a stable level [8] - ROE in H1 2024 was 8.7%, with expected ROE of 19.7%, 21.2%, and 22.5% for 2024E, 2025E, and 2026E respectively [6] Business Strategy - The company is committed to building a nationwide dealer team and after-sales service network, optimizing product categories, and increasing market support to enhance market penetration [7] - Online channels leverage traditional e-commerce platforms like JD, Tmall, and Pinduoduo, as well as emerging platforms like Douyin and Xiaohongshu, to improve market share [7] - Despite a decline in real estate data affecting the engineering channel, the company continues strategic cooperation with leading home improvement companies to capture market share in key cities [7] Financial Forecast - Revenue for 2024E, 2025E, and 2026E is expected to be RMB 2,032 million, RMB 2,217 million, and RMB 2,386 million, with YoY growth rates of 1.8%, 9.1%, and 7.6% respectively [6] - Net profit attributable to shareholders for 2024E, 2025E, and 2026E is expected to be RMB 318 million, RMB 356 million, and RMB 396 million, with YoY growth rates of 2.9%, 11.8%, and 11.3% respectively [5][6] - EPS for 2024E, 2025E, and 2026E is expected to be RMB 0.79, RMB 0.89, and RMB 0.99 respectively [6]