MCLON(300945) 民生证券·2024-08-31 07:00Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Insights - The company achieved a revenue of 1.227 billion yuan in H1 2024, representing a year-on-year increase of 47.92%, with a net profit attributable to shareholders of 57 million yuan, up 11.30% year-on-year [2]. - Online sales channels showed significant growth, with e-commerce revenue accounting for 54.44% of total revenue, a year-on-year increase of 14.93 percentage points [2]. - The company is expanding its offline presence, with a total of 224 stores as of H1 2024, having added 6 new stores during the period [2]. - The gross profit margin decreased to 13.47%, down 4.64 percentage points year-on-year, while the net profit margin was 4.62%, down 1.50 percentage points year-on-year [2]. - The company is expected to achieve revenues of 2.532 billion, 3.214 billion, and 3.727 billion yuan in 2024, 2025, and 2026, respectively, with corresponding net profits of 100 million, 120 million, and 136 million yuan [2][3]. Financial Summary - For H1 2024, the company reported a gross profit margin of 13.47%, with a net profit margin of 4.62% [2]. - The projected revenue growth rates for 2024, 2025, and 2026 are 31.7%, 26.9%, and 16.0%, respectively [3]. - The projected net profit growth rates for the same years are 24.5%, 20.0%, and 13.3% [3]. - The price-to-earnings (PE) ratio is projected to be 22, 19, and 16 for 2024, 2025, and 2026, respectively [3].