Perfect(SH:603059) Guoyuan Securities·2024-09-03 00:13Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [9]. Core Insights - The company's revenue for the first half of 2024 reached 620 million yuan, representing a year-on-year growth of 28.6%. However, the net profit attributable to the parent company decreased by 9.36% to 33 million yuan, primarily due to losses from an associate company [3][4]. - Excluding the impact of the associate company, the net profit for the first half of 2024 would have increased by 46.8% year-on-year [3]. - The gross margin for the first half of 2024 was 25.27%, an increase of 2.56 percentage points compared to the previous year, while the net margin decreased by 2.43 percentage points to 5.15% [3]. Revenue Breakdown - In terms of product categories, toothbrush products generated 250 million yuan in revenue, up 20.16% year-on-year, with a gross margin of 26.48%. Wet wipes achieved revenue of 199 million yuan, a growth of 32.57%, with a gross margin of 22.45% [4]. - From a business perspective, export sales amounted to 382 million yuan, a year-on-year increase of 26.48%, while domestic sales reached 238 million yuan, growing by 32.14% [4]. Strategic Developments - The company is focusing on expanding its customer base and has established partnerships with major clients such as Chongqing Dengkang, Weimeizi, Yunnan Baiyao, Watsons, Medline, and Cardinal Health [4]. - In April 2024, the company acquired a 52% stake in Shanenkang, which specializes in the full industry chain of probiotics. This acquisition is expected to contribute to the company's growth trajectory [4]. Financial Forecast - The company is projected to achieve net profits of 117 million yuan, 154 million yuan, and 181 million yuan for the years 2024, 2025, and 2026, respectively. The corresponding earnings per share (EPS) are expected to be 1.16 yuan, 1.54 yuan, and 1.80 yuan, with price-to-earnings (P/E) ratios of 17, 13, and 11 times [4][5].