AUPU(SH:603551) Huachuang Securities·2024-08-27 10:44Investment Rating - The report maintains a "Recommend" rating for the company with a target price of 13.5 yuan, compared to the current price of 9.65 yuan [1]. Core Insights - The company reported a stable revenue growth with a total revenue of 862 million yuan for the first half of 2024, reflecting a year-on-year increase of 0.03%. However, the second quarter revenue was 481 million yuan, down 6.71% year-on-year, primarily due to the sluggish real estate market affecting overall demand [1]. - The company's net profit attributable to shareholders for the first half of 2024 was 123 million yuan, a decrease of 4.43% year-on-year. The gross profit margin stood at 46%, down 0.53 percentage points year-on-year [1]. - The company is focusing on channel development, with offline channels covering major urban areas and actively seeking growth in lower-tier markets. Online sales through platforms like Tmall, JD, and Douyin reached 476 million yuan, an increase of 19.87% year-on-year [1]. - The company plans to distribute a cash dividend of 0.3 yuan per share, totaling 115 million yuan, which represents 93.44% of the net profit for the first half of 2024, indicating a stable dividend policy [1]. - Product innovation remains a key focus, with new product launches such as a beauty cabin shower and an air manager shower that enhances odor removal efficiency. This innovation is expected to drive sustained growth [1]. Financial Summary - For the first half of 2024, the company achieved a revenue of 862 million yuan and a net profit of 123 million yuan. The revenue for 2024 is projected to be 2.03 billion yuan, with a net profit of 311 million yuan, reflecting a growth rate of 0.5% year-on-year [2][6]. - The company’s earnings per share (EPS) is expected to remain stable at 0.77 yuan for 2024, with a price-to-earnings (P/E) ratio of 12 [2][6]. - The total assets of the company are projected to be 2.51 billion yuan in 2024, with a debt-to-asset ratio of 33.9% [6].