M&G(SH:603899) Guoxin Securities·2024-09-02 13:00Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][11] Core Views - The company achieved a revenue of 11.05 billion (+10.9%) and a net profit of 630 million (+4.7%) in H1 2024, with a notable impact from stock incentive expenses related to KeliPu [1] - The traditional core business remains stable, while new business ventures are being actively developed, particularly in overseas markets [1] - The report highlights a steady growth in the retail large store segment, with H1 revenue reaching 730 million (+20.0%) [1] Financial Performance Summary - H1 2024 revenue from traditional business was 4.20 billion (+8.7%), with Q2 revenue at 2.04 billion (+5.7%) [1] - KeliPu's revenue in H1 2024 was 6.12 billion (+11.0%), but net profit decreased by 26.7% to 132 million due to stock incentive expenses [1] - The company’s gross margin remained stable at 18.7% in Q2, with a slight increase in expense ratios [1][12] Profit Forecast and Financial Metrics - The forecast for net profit for 2024-2026 is adjusted to 1.74 billion, 1.98 billion, and 2.36 billion respectively, with a year-on-year growth of 14% for each year [1][2] - The diluted EPS is projected to be 1.87, 2.14, and 2.54 for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 14, 13, and 11 [1][2][12]