晨光股份：传统核心逆势稳健增长，科力普经营平稳，九木增长靓丽

Investment Rating - The report maintains a "Buy" rating for the company [4][2][3] Core Insights - The company achieved a revenue of 11.05 billion yuan in H1 2024, representing a year-on-year increase of 11.0%, with a net profit of 630 million yuan, up 4.7% year-on-year [1][2] - The traditional core business showed steady growth, with revenue of approximately 4.2 billion yuan in H1 2024, a 9% increase year-on-year, and a net profit margin of around 13% [1][2] - The company is focusing on product development and optimizing its product structure to enhance profitability amidst a challenging consumer environment [1][2] Financial Performance Summary - For H1 2024, the company reported a revenue of 11.05 billion yuan and a net profit of 630 million yuan, with Q2 revenue at 5.57 billion yuan and a net profit of 250 million yuan [1][2] - The traditional core business generated revenue of 4.2 billion yuan in H1 2024, with a net profit margin improvement of 1 percentage point year-on-year [1][2] - The company expects net profits for 2024, 2025, and 2026 to be 1.65 billion yuan, 1.90 billion yuan, and 2.18 billion yuan respectively, with corresponding P/E ratios of 14.5X, 12.6X, and 11.0X [2][3][11] Business Segment Performance - The report highlights that the company's subsidiary, Kelepu, achieved revenue of 6.12 billion yuan in H1 2024, a year-on-year increase of 11.4%, with a net profit margin of 2.2% [2][3] - The subsidiary Jiuwu reported revenue of 720 million yuan in H1 2024, a 20% increase year-on-year, with a total of 671 stores as of Q2 2024 [2][3] - The company is enhancing its digital capabilities and focusing on the energy and finance sectors to drive growth [2][3] Market Position and Strategy - The company is actively expanding its market presence in Africa and Southeast Asia by developing localized products [1][2] - The report emphasizes the importance of channel upgrades and digital empowerment to improve market share and efficiency [1][2] - The company is also focusing on direct sales and online channels to increase revenue contribution [1][2]