红豆股份：主营服装业务保持稳健，毛利率同比提升近4pct

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company's main apparel business remains stable, with a gross margin increase of nearly 4 percentage points year-on-year [2] - In the first half of 2024, the company achieved operating revenue of 1.081 billion yuan, a year-on-year decrease of 1.33%, while the net profit attributable to the parent company was 44 million yuan, down 5.77% year-on-year [1][2] - The company is focusing on a classic comfortable menswear strategy and enhancing product development to meet consumer demand [4] Financial Summary - Revenue and Profitability: - 2022A revenue was 2,341 million yuan, with a slight decline in 2023A to 2,330 million yuan, but expected to grow to 2,394 million yuan in 2024E [1][5] - The net profit attributable to the parent company is projected to increase from 30 million yuan in 2023A to 60 million yuan in 2024E, reflecting a 100% year-on-year growth [1][7] - Gross Margin and Expenses: - The gross margin for the first half of 2024 was 41.05%, an increase of 3.85 percentage points year-on-year [2] - The expense ratio for the same period was 39.27%, up 2.35 percentage points, leading to a net profit margin of 4.15%, down 0.29 percentage points year-on-year [2] - Earnings Per Share (EPS): - The latest diluted EPS is projected to be 0.03 yuan in 2024E, with further growth to 0.04 yuan in 2026E [1][4] Business Performance - Main Business Segments: - The apparel segment generated 1.019 billion yuan in revenue in the first half of 2024, a year-on-year increase of 0.64% [2] - Retail store revenue grew by 6.77% year-on-year to 556 million yuan [1][2] - Brand and Marketing Strategy: - The company is enhancing its multi-channel marketing strategy and leveraging social media platforms for brand promotion [2] - It is also focusing on developing core products and a flexible supply chain to improve profitability [2][4]