东方雨虹：业绩阶段性承压，渠道优化持续推进

Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company's performance is under pressure in the short term, but channel optimization is ongoing [5] - The company reported a revenue of 15.218 billion yuan for the first half of 2024, a year-on-year decrease of 9.69%, and a net profit attributable to shareholders of 943 million yuan, down 29.31% year-on-year [1][2] - The company plans to distribute a cash dividend of 6 yuan per 10 shares to all shareholders [1] Financial Summary - Revenue (million yuan): 31,214 in 2022, 32,823 in 2023, expected 30,098 in 2024, 33,048 in 2025, and 36,485 in 2026 [1] - Net profit attributable to shareholders (million yuan): 2,121 in 2022, 2,273 in 2023, expected 1,874 in 2024, 2,236 in 2025, and 2,643 in 2026 [1] - Year-on-year growth rates for revenue: -2.3% in 2022, 5.2% in 2023, -8.3% in 2024, 9.8% in 2025, and 10.4% in 2026 [1] - Year-on-year growth rates for net profit: -49.5% in 2022, 7.2% in 2023, -17.6% in 2024, 19.3% in 2025, and 18.2% in 2026 [1] - The company's gross margin for the first half of the year was 29.22%, with a net profit margin of 6.11% [2] Business Performance - The company's retail business revenue reached 5.438 billion yuan in the first half of 2024, a year-on-year increase of 7.66%, accounting for 35.74% of total revenue [2] - The company has established over 1,200 service centers and community service stations across 31 provinces and municipalities in China [5] - The company is actively expanding its overseas presence, having set up local companies in multiple countries including Vietnam, Malaysia, and the United States [5]