华帝股份：营收逆势增长，下沉渠道铺开

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [3][11]. Core Insights - The company achieved a revenue of 3.101 billion, representing a year-on-year increase of 7.68%, and a net profit attributable to shareholders of 300 million, up 14.77% year-on-year for the first half of 2024 [1]. - The company is focusing on brand image enhancement and channel management, with a strong emphasis on new product launches across various channels, which is expected to drive growth [1]. - The company has expanded its retail presence significantly, with over 20,000 active stores on platforms like JD.com, Tmall, and Suning, and has added more than 3,000 new retail outlets in the new retail sector [1]. Financial Performance Summary - For the first half of 2024, the company reported a gross margin of 40.7%, a slight increase of 0.1 percentage points year-on-year [1]. - The company’s revenue for the second quarter of 2024 was 1.720 billion, a year-on-year increase of 2.07%, with a net profit of 176 million, up 3.95% year-on-year [1]. - The projected net profit for the years 2024 to 2026 is estimated at 590 million, 678 million, and 777 million respectively, with corresponding P/E ratios of 9.0x, 7.8x, and 6.8x [1][2]. Revenue and Profitability - The company’s revenue growth is driven by its kitchen and bathroom appliances segment, with specific product categories showing significant growth: range hoods at 1.3 billion (up 14.6%), stoves at 720 million (up 3.2%), and water heaters at 660 million (up 24.7%) for the first half of 2024 [1]. - Domestic revenue reached 2.68 billion, a 4.1% increase year-on-year, while overseas revenue surged to 380 million, reflecting a 35.3% increase [1]. Market Position and Strategy - The company is positioned to capitalize on the growing demand in the kitchen appliance market, which saw a slight increase in retail volume but a decrease in retail value, indicating a price-driven market [1]. - The company’s strategy includes enhancing operational management at retail outlets and adopting a flat channel structure to improve efficiency and profitability [1].