Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company's net profit increased by 309%, slightly exceeding expectations, driven by multi-brand and multi-category growth, indicating strong future growth momentum [5][6] - The gross margin rose to 76.5%, benefiting from an increase in direct-to-consumer (DTC) sales, while the net profit margin increased to 11.8% [5] - The company has established a joint venture for the online operation of the "Yiyezi" brand, with projected related transactions of 1.1 billion, 4.9 billion, and 7.4 billion yuan for 2024, 2025, and 2026 respectively [5] Financial Performance - For the first half of 2024, the company reported revenue of 3.5 billion yuan, a year-on-year increase of 121%, and a net profit of 410 million yuan, a year-on-year increase of 309% [5] - The company plans to distribute a mid-year dividend of 0.75 yuan per share, totaling 299 million yuan, with a payout ratio of 74.5% [5] - Revenue forecasts for 2024, 2025, and 2026 are 7.336 billion, 9.104 billion, and 10.993 billion yuan, respectively, with year-on-year growth rates of 75%, 24%, and 21% [5][7] Brand Performance - By brand, "Hanshu" accounted for 84% of revenue, with a significant year-on-year increase of 185%, while "Yiyezi" saw a decline of 39% [5] - "Hongse Xiaoxiang" and "Yiye" also showed varied performance, with "Hongse Xiaoxiang" declining by 8% and "Yiye" undergoing a brand refresh targeting younger consumers [5] - The company is focusing on expanding its product lines, including children's makeup and skincare products, to capture a broader market [5] Valuation and Forecast - The company is projected to achieve net profits of 867 million, 1.134 billion, and 1.432 billion yuan for 2024, 2025, and 2026, with growth rates of 88%, 31%, and 26% respectively [6] - The current market capitalization is approximately 132 billion HKD, with corresponding P/E ratios of 14, 11, and 9 for the next three years [6]
上美股份：24年中报点评：净利润+309%略超预期，多品牌多品类共驱，后续增长动力强劲