ELLASSAY(603808) 太平洋·2024-09-05 06:03Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the current market conditions [1]. Core Insights - The company's H1 2024 revenue reached 1.448 billion yuan, reflecting a year-on-year growth of 5.5%, while the net profit attributable to shareholders was 58.55 million yuan, down 46.6% year-on-year [1]. - The domestic business showed high-quality growth, with online sales increasing by 33%, while overseas business remains a concern [1]. - The main brand, ELLASSAY, reported a revenue increase of 21% to 580 million yuan, although its gross margin decreased by 1.1 percentage points to 69.2% [1]. - The company is focusing on multi-brand strategies and expects steady growth despite challenges in the overseas market [1]. Financial Summary - For 2024, the projected revenue is 3.131 billion yuan, with a growth rate of 7.4% [2]. - The net profit for 2024 is estimated at 151 million yuan, reflecting a growth rate of 4.83% [2]. - The diluted earnings per share for 2024 is projected to be 0.41 yuan, with a price-to-earnings ratio of 15.52 [2].