Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company reported a revenue of 1.249 billion RMB for the first half of 2024, representing a year-on-year growth of 10.3%, and a net profit of 179 million RMB, which is a 31.5% increase year-on-year [4] - Multiple business segments are showing steady growth, with home care products, pet products, and personal care products achieving revenues of 1.164 billion RMB, 47.63 million RMB, and 34.75 million RMB respectively, with year-on-year growth rates of +11.5%, +5.3%, and -18.4% [4] - The company's product innovation strategy has proven effective, enhancing brand strength and market share in pest control and home cleaning products [4] - Online sales channels are rapidly developing, with online revenue reaching 406 million RMB, a year-on-year increase of 18.9% [4] - The company's profitability has significantly improved, with a net profit margin of 14.37%, up by 2.32 percentage points year-on-year, and a gross profit margin of 46.35%, up by 5.05 percentage points year-on-year [4] Financial Summary - The company expects net profits for 2024, 2025, and 2026 to be 190 million RMB, 208 million RMB, and 227 million RMB, reflecting year-on-year growth rates of 8.8%, 9.1%, and 9.1% respectively [4] - The current closing price corresponds to a PE ratio of 13 and 12 times for 2024 and 2025, respectively [4] - The estimated reasonable value range for the company is between 2.14 to 2.29 RMB, or 2.36 to 2.51 HKD, based on a PE valuation of 15 to 16 times for 2024 [4]
朝云集团：公司公告点评：多项业务保持稳健增长，线上渠道发展迅猛