M&G(603899) 国海证券·2024-08-31 07:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][6] Core Insights - The company's traditional core business shows steady growth, with a clear growth trajectory for its new business segments, including Jiumu Zawushi [1][3][4] - In H1 2024, the company achieved a revenue of 11.05 billion yuan, a year-on-year increase of 10.95%, and a net profit of 633 million yuan, up 4.71% year-on-year [3][4] - The company is focusing on enhancing its core competitiveness and expanding its international market presence while leveraging digital tools for organizational upgrades [3][4] Summary by Sections Financial Performance - In H1 2024, the company's traditional core business generated approximately 3.72 billion yuan in revenue, a year-on-year increase of about 6.27% [3] - Jiumu Zawushi achieved a revenue of 690 million yuan in H1 2024, reflecting a year-on-year growth of 22% [3] - The company reported a gross margin of 19.41% and a net margin of 6.05% in H1 2024 [4][6] Business Segments - The company is actively expanding its retail presence, with a total of 709 retail stores nationwide, including 671 Jiumu Zawushi stores [3][4] - The new business segment, Jiumu Zawushi, is enhancing its product mix and operational standards, contributing to stable growth in offline channels [3][4] Future Projections - Revenue projections for 2024-2026 are estimated at 26.66 billion yuan, 31.01 billion yuan, and 36.16 billion yuan, respectively, with corresponding net profits of 1.70 billion yuan, 1.89 billion yuan, and 2.19 billion yuan [5][6] - The company is expected to maintain a P/E ratio of 15, 13, and 11 for the years 2024, 2025, and 2026, respectively [5][6]