Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company focuses on cultural and creative design while increasing collaboration with museums on silk culture, with rapid growth in the Douyin channel [1] - In H1 2024, the company achieved revenue of 238 million yuan, a year-on-year increase of 3.51%, while net profit attributable to the parent company was 11.18 million yuan, a year-on-year decline of 28.86% [3] - The company is optimistic about expanding marketing channels and gradually increasing market share, maintaining the "Accumulate" rating despite adjusting profit forecasts for 2024-2026 [3] Financial Performance Summary - In H1 2024, the company reported a gross margin of 40.30%, similar to H1 2023 [3] - The company’s revenue for 2024 is projected to be 594 million yuan, with a year-on-year growth of 11.8%, and net profit is expected to be 36 million yuan, reflecting a growth of 6.1% [4] - The company’s EPS for 2024 is estimated at 0.69 yuan per share, with corresponding P/E ratios of 13.4, 11.2, and 9.2 for 2024, 2025, and 2026 respectively [3][4] Marketing and Sales Strategy - The company is actively implementing marketing channel construction and brand upgrade projects, with sales expenses in H1 2024 amounting to 63.05 million yuan, a year-on-year increase of 10.69%, accounting for 26.44% of revenue [4] - The company has established a comprehensive sales model that includes both online and offline channels, with significant growth in the Douyin channel, which achieved revenue of 20.85 million yuan in H1 2024, a year-on-year increase of 80.32% [4] - The company has increased cross-industry collaborations with museums to enhance the cultural narrative of silk products [4]
太湖雪：北交所信息更新：注重文创设计加大与博物馆丝绸文化合作，抖音渠道增长较快