Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company reported a robust revenue growth of 10.27% year-on-year, achieving a total revenue of 1.249 billion yuan for the first half of 2024, with a net profit increase of 29.60% to 176 million yuan [3]. - The company has a strong cash position with 2.665 billion yuan in cash and equivalents as of June 30, 2024, and maintains a high dividend payout ratio of 40% [3]. - The home care segment shows steady growth, with online sales channels increasing their contribution to 32.49%, up 2.36 percentage points year-on-year [3]. - Profitability improved with gross and net profit margins rising to 46.35% and 14.08%, respectively, benefiting from product mix optimization and supply chain reforms [3]. - The company is expanding its pet product offerings and has successfully transformed its pet stores, increasing the number of locations to 46 in major cities [3]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved revenues of 1.164 billion yuan in home care, 35 million yuan in personal care, and 48 million yuan in pet products, with respective year-on-year changes of +11.47%, -18.41%, and +5.28% [3]. - Online sales generated 406 million yuan, growing by 18.92%, while offline sales reached 843 million yuan, up 6.55% [3]. Profitability - The gross profit margin for home care, personal care, and pet products stood at 46.42%, 42.35%, and 49.55%, with year-on-year changes of +5.23, -0.29, and +4.12 percentage points, respectively [3]. - Selling and distribution expenses accounted for 25.44% of revenue, while administrative expenses were 6.95%, reflecting a year-on-year increase of 2.06 and a decrease of 0.52 percentage points, respectively [3]. Growth Strategy - The company is focusing on creating blockbuster products in the home care segment while expanding its pet business through investments in technology and store renovations [3]. - The revenue projections for 2024-2026 are estimated at 1.788 billion, 1.980 billion, and 2.196 billion yuan, with net profits of 186 million, 206 million, and 229 million yuan, respectively [3].
朝云集团2024年半年度业绩点评：业绩稳健增长，宠物版图持续扩张