Investment Rating - The investment rating for the company is "Accumulate" with a target price of RMB 37.57 [6]. Core Views - The company has shown stable revenue growth in H1 2024, with revenue reaching RMB 940 million, a year-on-year increase of 8.17%. However, net profit decreased by 3.71% to RMB 340 million [1]. - The rapid growth of online direct sales has significantly contributed to revenue, while profit margins have been pressured due to increased sales expenses and R&D investments [1][2]. - The medical device segment has outpaced the cosmetics segment in growth, with revenue of RMB 459 million in H1 2024, a year-on-year increase of 14.6% [3]. - The company is actively developing new products and raw materials, which are expected to contribute to future growth if approved [1]. Summary by Sections Revenue and Profitability - In H1 2024, the company's revenue was RMB 940 million, with a year-on-year growth of 8.17%. The net profit was RMB 340 million, down 3.71% year-on-year [1]. - The gross margin for H1 2024 was 81.41%, a decrease of 1.40 percentage points year-on-year, while the net profit margin was 36.22%, down 4.47 percentage points year-on-year [4]. Sales Channels - Online channel revenue reached RMB 472 million in H1 2024, growing 20.5% year-on-year and accounting for 50.26% of total revenue. Direct sales contributed RMB 426 million, up 29.2% year-on-year [2]. - Offline channel revenue was RMB 467 million, a slight decline of 1.9% year-on-year, indicating a narrowing drop compared to previous periods [2]. Product Segments - The medical device segment generated RMB 459 million in H1 2024, with a gross margin of 81.29%. The cosmetics segment had revenue of RMB 481 million, with a gross margin of 81.53% [3]. - The company is focusing on both medical dressings and functional skincare products, with a rich pipeline of projects in development [3]. Financial Projections - The company expects EPS of RMB 2.21, 2.43, and 2.61 for 2024, 2025, and 2026 respectively. The target PE for 2024 is set at 17 times, reflecting a slowdown in growth [1][5].
敷尔佳：线上直销较快增长