BIEM(SZ:002832) KAIYUAN SECURITIES·2024-09-03 06:14Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is experiencing steady expansion in its franchise operations, with profitability showing a stable upward trend [2][3] - In H1 2024, the company achieved revenue of 1.94 billion yuan, representing a year-on-year increase of 15.0% [2] - The company’s net profit attributable to shareholders for H1 2024 was 480 million yuan, with a growth of 20.4% in Q1 and 1.7% in Q2 [2] Revenue Breakdown - Revenue from different product categories in H1 2024: - Tops: 990 million yuan (up 14.2%) - Bottoms: 450 million yuan (up 12.9%) - Outerwear: 290 million yuan (up 13.7%) - Others: 190 million yuan (up 26.1%) [2] - Revenue by channel in H1 2024: - Online: 120 million yuan (up 34.6%) - Direct sales: 1.28 billion yuan (up 2.4%) - Franchise: 520 million yuan (up 56.5%) [2] Store Expansion and Efficiency - The company added 8 stores in H1 2024, bringing the total to 1,263 stores, with direct and franchise stores increasing by 2 and 6 respectively [2] - The average revenue per direct store in H1 2024 was 2.098 million yuan, showing a slight decline of 2.6% year-on-year [2] Profitability and Operational Quality - Gross margin for H1 2024 was 77.9%, an increase of 0.7 percentage points year-on-year, with Q2 gross margin at 81.3% [3] - The net profit margin for H1 2024 was 24.7%, reflecting a slight increase of 0.05 percentage points year-on-year [3] - Inventory turnover days improved to 309 days, a reduction of 26 days year-on-year [3] Financial Forecast - Revenue projections for 2024-2026 are as follows: - 2024E: 4.086 billion yuan (up 15.6%) - 2025E: 4.722 billion yuan (up 15.6%) - 2026E: 5.416 billion yuan (up 14.7%) [4] - Net profit projections for the same period: - 2024E: 1.053 billion yuan (up 15.6%) - 2025E: 1.216 billion yuan (up 15.5%) - 2026E: 1.400 billion yuan (up 15.1%) [4]