Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation of performance exceeding the market by over 20% [4]. Core Insights - The company reported a significant increase in performance for the first half of 2024, with revenue reaching 3.502 billion yuan, a year-on-year increase of 120.7%, and net profit of 412 million yuan, up 308.7% [4]. - The gross margin improved to 76.5%, primarily due to an increase in direct-to-consumer (DTC) sales, while the net profit margin rose to 11.78% [4]. - The company is benefiting from a favorable consumption environment and a trend towards domestic product substitution, with a strong multi-brand strategy and a focus on the hair care segment [5]. Summary by Category Financial Performance - For H1 2024, the company achieved a revenue of 3.502 billion yuan, with a net profit of 412 million yuan, reflecting substantial growth [4]. - The gross margin was reported at 76.5%, with a net profit margin of 11.78% [4]. - The company has a history of increasing dividends, with a total payout of 780 million yuan since its listing, and a dividend per share of 0.75 yuan for H1 2024, resulting in a payout ratio of 74.4% [4]. Brand Performance - The brand "韩束" generated revenue of 2.927 billion yuan, a year-on-year increase of 184.7%, accounting for 83.6% of total revenue [4]. - "一叶子" reported a decline in revenue to 125 million yuan, down 38.6%, as it undergoes a transformation [4]. - "红色小象" and "NewPage" showed mixed results, with "红色小象" at 174 million yuan (-7.9%) and "NewPage" at 161 million yuan (+173.2%) [4]. Channel Performance - Online sales surged by 145.62% to 3.172 billion yuan, making up 90.6% of total revenue, while offline sales increased by 12% to 300 million yuan [5]. - The company has successfully captured market trends, particularly in online beauty sales, and is expanding its offline presence [5]. Future Outlook - The company is projected to achieve net profits of 925 million yuan, 1.24 billion yuan, and 1.507 billion yuan for 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of 101%, 34%, and 22% [6]. - The price-to-earnings (PE) ratios are expected to be 14, 10, and 9 for the next three years, indicating a favorable valuation [6].
申万宏源-上美股份-2145.HK-业绩高增，看好洗护品类爆发及多品牌曲线-240823