Jiangshan Oupai(SH:603208) Haitong Securities·2024-08-23 00:06Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company reported a revenue of 1.44 billion yuan for the first half of 2024, a year-on-year decrease of 9.95%, and a net profit attributable to shareholders of 100 million yuan, down 26.06% year-on-year [5] - The comprehensive gross margin for the first half of 2024 was 22.23%, a decrease of 1.3 percentage points [5] - The company added 15,860 new franchise dealers, bringing the total to 52,368 as of the first half of 2024 [5] - The forecast for net profit for 2024 and 2025 has been revised down to 280 million yuan and 310 million yuan, respectively, reflecting a year-on-year change of -27% and +10% [5] Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 1.44 billion yuan, with a net profit of 100 million yuan and a net profit excluding non-recurring items of 80 million yuan [5] - In the second quarter of 2024, the revenue was 820 million yuan, a decrease of 11.28% year-on-year, with a net profit of 80 million yuan, down 8.71% year-on-year [5] - The revenue from different product categories showed a decline, with panel doors, solid wood composite doors, and cabinet products generating 810 million yuan, 250 million yuan, and 90 million yuan, respectively, reflecting decreases of 13.73%, 23.52%, and 21.06% year-on-year [5] - The revenue from distribution and bulk channels was 330 million yuan and 1 billion yuan, respectively, with year-on-year decreases of 24.66% and 7.96% [5] Profitability and Valuation - The company’s price-to-earnings ratio (PE) for 2024 is projected to be 11 times, with a reasonable valuation range of 20.84 to 24.04 yuan based on a PE of 13-15 times [5] - The gross margin for the first half of 2024 was 22.23%, down from the previous year [5] - The net profit margin for 2024 is expected to be 8.2%, with a return on equity of 15.6% [8]