Semir(SZ:002563) Great Wall Securities·2024-09-05 01:09Investment Rating - The report maintains an "Accumulate" rating for the company [1][4] Core Views - The company achieved steady growth in the first half of 2024, with revenue reaching 5.955 billion yuan, a year-on-year increase of 7.11%, and net profit of 553 million yuan, also up 7.14% year-on-year [1][2] - The gross margin improved to 46.11%, up 1.47 percentage points year-on-year, while the net profit margin remained stable at 9.25% [2] - The company is focusing on brand upgrades and market expansion, particularly in Southeast Asia, where it has opened seven stores in Vietnam and entered the Shopee e-commerce platform [2] Financial Performance - Revenue for 2022 was 13.331 billion yuan, with a projected increase to 14.896 billion yuan in 2024, reflecting a growth rate of 9.0% [1][5] - The net profit for 2022 was 637 million yuan, expected to rise to 1.236 billion yuan by 2024, indicating a growth rate of 10.2% [1][5] - The company's return on equity (ROE) improved from 5.6% in 2022 to a projected 10.2% in 2024 [1][5] Business Segments - In the first half of 2024, revenue from leisure apparel, children's apparel, and other segments were 1.814 billion yuan, 4.070 billion yuan, and 71 million yuan, respectively, with year-on-year growth rates of 7.66%, 6.43%, and 39.80% [2] - Online sales contributed 2.695 billion yuan, while direct sales, franchise sales, and joint sales generated 703 million yuan, 2.401 billion yuan, and 85 million yuan, respectively, with all channels showing stable growth [2] Future Outlook - The company forecasts earnings per share (EPS) of 0.46 yuan in 2024, 0.53 yuan in 2025, and 0.60 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 9.7X, 8.4X, and 7.5X [4][5]