牧高笛：品牌业务焕新升级

Investment Rating - The report maintains a "Buy" rating for the company with a target price set above the current price of 19.56 yuan [5]. Core Insights - The company reported a revenue of 480 million yuan in Q2 2024, a decrease of 7.4% year-on-year, and a net profit of 50 million yuan, down 30.2% year-on-year. For the first half of 2024, total revenue was 830 million yuan, a decline of 2.95%, with a net profit of 80 million yuan, down 18.4% year-on-year [1]. - The company has launched a new brand image "向野而生" (Towards the Wild), aiming to lead a new trend in outdoor culture in China, supported by the "荒野横断" (Wild Cross) plan to establish a robust outdoor brand based on the Hengduan Mountains [2]. - The company is enhancing operational efficiency through a diversified global production strategy, optimizing production plans, and improving employee productivity to mitigate risks from global trade fluctuations [3]. Financial Performance Summary - For H1 2024, the company's gross margin was 28.7%, an increase of 0.3 percentage points. The net profit margin was 9.5%, a decrease of 1.8 percentage points [1]. - The company adjusted its profit forecast for 2024-2026, expecting net profits of 101 million, 121 million, and 144 million yuan respectively, with corresponding P/E ratios of 18, 15, and 13 [4]. - The financial data indicates a projected revenue growth rate of 5.5% in 2024, with a slight decline in net profit expected [4][7].