Investment Rating - The report maintains a "Buy" rating for Tongda Chuangzhi (001368.SZ) [1] Core Views - The company has shown a recovery in sports and outdoor orders, indicating a mid-term growth potential. The revenue for the first half of 2024 reached 470 million RMB, a year-on-year increase of 21%, with a net profit of 62 million RMB, up 13% year-on-year. The second quarter of 2024 saw revenue of 229 million RMB, a 28% increase year-on-year, and a net profit of 30 million RMB, also up 28% year-on-year, aligning with expectations [1][3] - The company plans to distribute cash dividends in the third quarter of 2024, amounting to no more than 90% of the net profit attributable to shareholders [1] Revenue and Profit Analysis - The revenue growth rates for Q1 and Q2 of 2024 were 14.4% and 27.9%, respectively, indicating a sequential recovery trend. By product category, sports and outdoor, home living, and health care generated revenues of 22 million, 21 million, and 2.7 million RMB, with year-on-year growth of 38%, 1%, and 82.8%, respectively. This growth is attributed to the steady recovery of major clients such as Decathlon and IKEA, as well as the introduction of new products and clients [1] - The gross margin for the first half of 2024 was 28.7%, a slight increase of 0.3 percentage points. The gross margins for sports and outdoor and home living were 33.1% and 25.1%, respectively [1] Business Expansion and Market Position - The company is expanding its product categories, which opens up incremental growth opportunities. Its Southeast Asia layout is considered industry-leading. As a quality outdoor and home goods OEM platform, the company has strong partnerships with global leaders like Decathlon and IKEA, enhancing its "product design + smart manufacturing" system [1] - The company is expected to achieve stable and high-quality growth in the mid-term, driven by its ability to assist clients in growth through product stability and personalized service capabilities [1] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 is 132 million, 160 million, and 202 million RMB, representing year-on-year growth of 30.4%, 21.4%, and 26.1%, respectively. The current stock price corresponds to a PE ratio of 15, 12, and 10 times for 2024-2026 [1][3]
通达创智：体育户外订单如期修复，拓客户打开中期成长空间