比音勒芬：加盟单店高增，资产减值损失下降

Investment Rating - The investment rating for the company is "Buy" with a target price set at 108.38 billion [2][4]. Core Insights - The company's revenue and net profit for H1 2024 showed a year-on-year growth of 15.02% and 15.25%, respectively, driven primarily by increased sales from franchise stores [2][3]. - The company experienced a decrease in asset impairment losses by 23 million, contributing positively to its financial performance [2][3]. - The operating cash flow was reported at 5.33 billion, which is higher than net profit due to increased depreciation of right-of-use assets and a reduction in receivables [2][3]. Summary by Sections Financial Performance - For H1 2024, the company reported revenues of 19.36 billion, net profit of 4.79 billion, and operating cash flow of 5.33 billion, with revenue growth attributed to franchise store sales [2][3]. - In Q2 2024, revenues were 6.68 billion, with a net profit of 1.17 billion, reflecting a year-on-year growth of 10.5% [2][3]. Revenue Breakdown - Revenue from different channels in H1 2024 was as follows: online 1.25 billion (up 34.58%), direct sales 12.77 billion (up 2.41%), and franchise 5.17 billion (up 56.51%) [3]. - The number of direct and franchise stores at the end of H1 2024 was 609 and 654, respectively, with a net increase of 2 and 6 stores [3]. Profitability Metrics - The gross margin for H1 2024 was 77.9%, an increase of 0.7 percentage points year-on-year, while the net margin was 24.75%, up 0.1 percentage points [3]. - The company’s selling, general, and administrative expenses increased, impacting net profit margins [3]. Inventory and Receivables - The ending inventory for H1 2024 was 7.63 billion, with a year-on-year increase of 11%, and inventory turnover days improved by 27 days to 309 days [3]. - Accounts receivable stood at 2.80 billion, with turnover days remaining stable at 28 days [3]. Future Outlook - The company anticipates opening around 100 new stores throughout the year, with expectations for store efficiency to improve [4]. - The revenue forecasts for 2024-2026 have been adjusted downwards, with projected revenues of 38.81 billion, 43.67 billion, and 48.89 billion, respectively [4].