GUJING(000596) Xinda Securities·2024-09-02 10:00Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company reported a revenue of 13.806 billion (up 22% year-on-year) and a net profit attributable to shareholders of 3.573 billion (up 29%) for the first half of 2024 [2] - The product structure continues to optimize, with a gross margin of 80.50% (up 2.7 percentage points) and a net profit margin of 28.14% (up 1.7 percentage points) in Q2 2024 [2] - The company plans to achieve a revenue of 24.45 billion (up 21%) and a total profit of 7.95 billion (up 25.6%) for the full year 2024 [2] Summary by Sections Financial Performance - Q2 2024 revenue was 5.519 billion (up 17%) with a net profit of 1.507 billion (up 25%) [2] - The sales expenses increased to 1.36 billion (up 18%), while management expenses rose to 274 million (up 23%) [2] - The company reported a cash collection of 5.879 billion (up 13%) with a cash collection ratio of 103% [2] Product and Market Expansion - The revenue from the premium product line reached 10.78 billion (up 23%), accounting for 80% of total revenue [2] - The company expanded its market presence in North China, with revenue growth of 35% in that region [2] - The total number of distributors increased to 4,782, with significant growth in Central and North China [2] Profitability Forecast - The earnings per share (EPS) forecast for 2024-2026 is set at 10.96, 13.30, and 16.19 yuan respectively [3] - The report anticipates a gross margin of 80.0% for 2024, increasing to 82.1% by 2026 [3]