Investment Rating - The investment rating for the company is "Buy" based on the strong performance and growth potential observed in the report [1]. Core Insights - The company reported a significant increase in revenue and net profit 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, a year-on-year increase of 308.7% [1]. - The gross margin improved to 76.5%, up 7.5 percentage points year-on-year, primarily due to an increase in direct-to-consumer (DTC) sales [1]. - The core brand, Han Shu, continues to lead in performance, contributing significantly to revenue growth, with a revenue of 2.927 billion yuan, a year-on-year increase of 184.7% [1]. Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 3.502 billion yuan and a net profit of 412 million yuan, with a gross margin of 76.5% [1]. - The company plans to distribute a cash dividend of 0.75 yuan per share, totaling 299 million yuan, which represents 72.33% of the net profit attributable to the parent company for the period [1]. - The revenue contribution from the three main brands (Han Shu, Yi Ye Zi, and Hong Se Xiao Xiang) was 3.226 billion yuan, accounting for 92.1% of total revenue [1]. Brand Performance - Han Shu's revenue for the first half of 2024 was 2.927 billion yuan, accounting for 83.6% of total revenue, with significant growth in online sales channels [1]. - Yi Ye Zi reported a revenue of 125 million yuan, a decrease of 38.6% year-on-year, as it undergoes a transformation to target younger consumers [1]. - New brand Newpage achieved a revenue of 161 million yuan, a year-on-year increase of 173.2%, with strong growth in both online and offline channels [1]. Channel Performance - Online channels were the main driver of growth, with online revenue reaching 3.171 billion yuan, a year-on-year increase of 146% [1]. - The company's self-operated online channels, particularly on platforms like Douyin, saw a revenue increase of 179% [1]. Profit Forecast - The company expects net profits for 2024, 2025, and 2026 to be 903 million yuan, 1.171 billion yuan, and 1.409 billion yuan, respectively, with year-on-year growth rates of 96%, 30%, and 20% [2][3].
上美股份：业绩亮眼，核心品牌韩束表现优异