aiyingshi(603214) 长江证券·2024-09-02 10:11Investment Rating - The investment rating for the company is "Buy" and is maintained [4][5]. Core Views - The company reported stable overall operations in the first half of 2024, with a revenue of 1.694 billion yuan, representing a year-on-year growth of 1.67%. The net profit attributable to shareholders was 42 million yuan, up 2.2%, while the net profit excluding non-recurring items increased by 28.3% to 31 million yuan [3][4]. - In the second quarter of 2024, the company experienced a revenue decline of 2.3% year-on-year, with a net profit of 36 million yuan, down 6.99%. However, the net profit excluding non-recurring items grew by 2.03% to 28 million yuan [3][4]. - The company plans to distribute a cash dividend of 1.09 yuan per 10 shares, totaling approximately 15.1 million yuan, which accounts for 35.59% of the net profit attributable to shareholders [3][4]. - The company is undergoing store adjustments, maintaining stability in offline store revenue. In the first half of 2024, 19 new stores were opened, and 25 were closed, resulting in a net closure of 6 stores, bringing the total to 463 [3][4]. - The sales growth in the store segment was 0.24% year-on-year, while the e-commerce channel saw a growth of 16.44%. However, the supplier service business experienced a double-digit decline, impacting overall revenue growth [3][4]. - The milk powder category showed a positive growth of 7.91%, while food and supplies categories experienced single-digit declines. The cotton and toy categories saw double-digit declines [3][4]. - The overall gross margin for the first half of 2024 was 26.45%, a decrease of 1.44 percentage points year-on-year, primarily due to a reduction in the gross margin of the milk powder category [3][4]. Financial Summary - For the first half of 2024, the company achieved total revenue of 1.694 billion yuan, with a gross profit of 449 million yuan, resulting in a gross margin of 26.45% [3][4]. - The company forecasts earnings per share (EPS) of 0.79, 0.87, and 0.99 yuan for the years 2024, 2025, and 2026, respectively [4][8]. - The company’s total revenue is projected to reach 3.531 billion yuan in 2024, with a gross profit of 989 million yuan, maintaining a gross margin of 28% [8].