Semir(002563) 开源证券·2024-09-01 02:39Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved a revenue of 5.95 billion yuan in H1 2024, representing a year-on-year increase of 7.1%. The net profit attributable to the parent company is 550 million yuan, also up by 7.1% [4] - The report anticipates continued growth in the second half of 2024 due to channel expansion, despite a downward adjustment in profit forecasts for 2024-2026 [4] - The company is focusing on optimizing its channel structure and seizing new growth opportunities in the market [5] Financial Performance Summary - H1 2024 revenue breakdown: - Casual wear revenue: 1.81 billion yuan (up 7.66%) - Children's wear revenue: 4.07 billion yuan (up 6.43%) - Online sales: 2.69 billion yuan (up 3.36%) - Offline sales: Direct sales: 700 million yuan (up 4.96%), Franchise sales: 2.4 billion yuan (up 11.82%) [5] - The total number of stores as of H1 2024 is 8,140, with a net increase of 203 stores since the beginning of the year [5] - The overall gross margin for H1 2024 is 46.1%, an increase of 1.5 percentage points year-on-year [5] - The net profit margin for H1 2024 is 9.3%, remaining stable compared to the previous year [5] Earnings Forecast - The forecasted net profit for 2024-2026 is 1.23 billion yuan, 1.39 billion yuan, and 1.53 billion yuan respectively, with corresponding EPS of 0.46 yuan, 0.52 yuan, and 0.57 yuan [4] - The current price-to-earnings ratio (PE) is projected to be 9.9, 8.8, and 8.0 for the years 2024, 2025, and 2026 respectively [4]