好太太：线上销量保持领先，毛利率提升显著

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company reported a revenue of 713 million yuan for H1 2024, a decrease of 0.9% year-on-year, with a net profit of 144 million yuan, down 4.5% year-on-year. Q2 2024 revenue was 420 million yuan, down 5.0% year-on-year, and net profit was 88 million yuan, down 13.7% year-on-year. The online sales performance is expected to remain stable, while offline sales are under pressure due to a weak real estate market [1] - The company continues to lead in online sales, leveraging popular products and partnerships with major real estate companies to expand its market presence. The e-commerce channel generated 449 million yuan in revenue for H1 2024, with expectations for steady growth, while offline sales reached 239 million yuan, facing short-term challenges [1] - The gross margin improved significantly to 56.2% in Q2 2024, up 4.7 percentage points year-on-year, attributed to product mix changes and cost management initiatives. However, the net profit margin decreased to 20.9%, down 2.1 percentage points year-on-year, due to increased expenses [1] - Cash flow from operations was under pressure, with a net operating cash flow of 85 million yuan in Q2 2024, down 119 million yuan year-on-year. The company's operational efficiency is improving, as indicated by a decrease in accounts receivable turnover days [1] Financial Summary - Revenue for 2024 is projected at 1.77 billion yuan, with a growth rate of 4.9%. Net profit is expected to be 334 million yuan, reflecting a year-on-year growth of 2.1% [2] - The company’s P/E ratios for 2024, 2025, and 2026 are projected at 14.6X, 12.5X, and 10.8X respectively [2] - The company’s total market capitalization is approximately 4.88 billion yuan, with a closing price of 12.07 yuan as of August 30, 2024 [3]