Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 2.927 billion yuan in H1 2024, representing a year-on-year growth of 11.9%, while the net profit attributable to shareholders was 308 million yuan, down 13.8% year-on-year [3] - The company is actively responding to the trend of high cost-performance consumption, with strong growth in third-party business and an accelerated expansion into e-commerce, third-party B-end, and overseas channels [3] - Due to operational pressures from affiliated parties, the profitability of the company is under pressure, leading to a downward adjustment in profit forecasts for 2024-2026 [3] Financial Forecast and Valuation - Revenue projections for 2024-2026 are 68.30 billion yuan, 76.59 billion yuan, and 83.65 billion yuan, respectively, with net profits of 8.24 billion yuan, 9.82 billion yuan, and 11.00 billion yuan [3] - Earnings per share (EPS) are expected to be 0.79 yuan, 0.95 yuan, and 1.06 yuan for the years 2024, 2025, and 2026, respectively [1][3] - The price-to-earnings (P/E) ratios are projected to be 13.0, 10.9, and 9.7 for the same years [1][3] Market Performance - The company's stock price is currently at 11.30 HKD, with a market capitalization of 11.715 million HKD [1] - The company has a total share capital of 1,037 million shares, all of which are tradable [1] Key Financial Metrics - The company reported a gross margin of 30.0% in H1 2024, a decrease of 0.5 percentage points year-on-year [3] - The return on equity (ROE) is projected to be 16% for 2024, with a net profit margin of 12.1% [1][3] - The company's sales expense ratio increased significantly due to higher advertising and freight costs [3]
颐海国际：第三方收入回暖，销售费用上升拖累盈利