HAERS(002615) 国泰君安·2024-08-29 03:42Investment Rating - The investment rating for the company is "Buy" with a target price of 9.53 CNY, down from the previous forecast of 10.25 CNY [2][4]. Core Views - The company's performance exceeded expectations, confirming the logic of internal team reforms and operational benefits. The expansion of tiered customers in the second half of the year is promising [3][4]. Summary by Sections Earnings Forecast - The earnings forecast for 2024-2026 has been raised, with expected EPS of 0.64, 0.74, and 0.84 CNY respectively, up from previous estimates of 0.61, 0.71, and 0.80 CNY [4]. Revenue Growth - The company reported significant revenue growth, with overseas and domestic revenue growth rates of 54.53% and 20.81% respectively for H1 2024. The self-owned brand revenue is expected to grow by approximately 20% year-on-year in Q2 2024, with the overseas SIGG brand growing over 20% [4]. Profitability - The gross margin for Q2 2024 was 31.7%, an increase of 0.7 percentage points year-on-year and 4.0 percentage points quarter-on-quarter. The net profit margin attributable to the parent company was 11.6%, up 2.9 percentage points year-on-year and 6.2 percentage points quarter-on-quarter [4]. Cost Management - The company has managed to dilute expenses through scale effects, with sales, management, R&D, and financial expenses at 8.3%, 6.3%, 4.0%, and -2.0% respectively, showing a year-on-year decrease [4]. Internal Reforms - The strong performance in Q2 2024 validates the benefits of internal team reforms implemented from 2021 to 2023, including organizational optimization and the establishment of a professional management system [4].