Investment Rating - The report maintains an "Accumulate" rating for the company [2][9]. Core Insights - The company has achieved a revenue of 1.25 billion CNY in H1 2024, representing a year-on-year growth of 10.28%, and a net profit of 179 million CNY, up 31.47% year-on-year [3]. - The company is focusing on technological innovation to create a high-margin product matrix, particularly in home care products, which saw a revenue increase of 11.5% year-on-year [4]. - The online sales channel has grown significantly, with a revenue increase of 18.9% year-on-year, while offline sales also showed a growth of 6.5% year-on-year [4]. - The company has a strong pipeline of innovative products, with a total of over 149 patents as of H1 2024, enhancing its competitive edge [4]. Financial Performance - In H1 2024, the company achieved a gross profit margin of 46.35%, an increase of 5.06 percentage points year-on-year, and a net profit margin of 14.07%, up 2.10 percentage points year-on-year [5]. - The company is expected to generate revenues of 1.78 billion CNY, 1.97 billion CNY, and 2.20 billion CNY for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 184 million CNY, 194 million CNY, and 206 million CNY [7][8]. Market Position - The company has outperformed the Hang Seng Index with a 1-month return of 7.3%, a 3-month return of 5.3%, and a 12-month return of 24.8% [4]. - The company's current stock price is 1.92 HKD, with a market capitalization of 2.56 billion HKD [4].
朝云集团：2024年中报业绩点评：技术创新打造高毛利履带式爆品矩阵，看好宠物门店高质量拓店