Investment Rating - The report maintains a "Recommended" rating for the company [1][2] Core Views - The company achieved a revenue of 1.25 billion HKD in the first half of 2024, representing a year-on-year growth of 10.3%, and a net profit of 180 million HKD, up 31.5% year-on-year [1] - The company plans to declare an interim dividend of 0.0538 HKD per share, with a stable payout ratio of 40% [1] - The home care segment showed steady growth, with revenue of 1.16 billion HKD, a year-on-year increase of 11.5%, and a gross margin of 46.4%, up 5.2 percentage points year-on-year [1] - The pet segment generated revenue of 48 million HKD, growing 5.3% year-on-year, with a gross margin of 49.5%, an increase of 4.1 percentage points year-on-year [1] - The company has opened 46 new pet stores across major cities, enhancing its service offerings [1] - Online sales grew significantly, with revenue of 410 million HKD, an 18.9% year-on-year increase, and a gross margin of 54.4%, up 6.3 percentage points year-on-year [1] - The company is focused on maintaining its market share in the home care industry and plans to accelerate mergers and acquisitions in the pet and fast-moving consumer goods sectors [1] - The revenue forecasts for 2024-2025 have been adjusted to 1.78 billion HKD and 1.97 billion HKD respectively, with a new forecast for 2026 set at 2.18 billion HKD [1] Financial Summary - Total revenue for 2023 is projected at 1.616 billion HKD, with a growth rate of 12.0% [3] - The net profit for 2023 is estimated at 175 million HKD, with a significant growth rate of 170.4% [3] - The earnings per share (EPS) for 2024 is projected at 0.14 HKD, with a price-to-earnings (P/E) ratio of 12.7 [3]
朝云集团：2024年中报点评：盈利能力提升，宠物门店高质量发展