MTM(SH:688029) Guoxin Securities·2024-09-09 03:00Investment Rating - The investment rating for the company is "Outperform the Market" [1][10][13] Core Views - The company has shown robust performance with a revenue of 1.334 billion yuan (+16.28%) and a net profit of 310 million yuan (+17.47%) in the first half of 2024, indicating a strategic shift from scale growth to value growth due to domestic market pressures [1][5] - The international market revenue reached 624 million yuan, growing by 39.72%, which reflects the successful expansion of overseas channels and brand promotion [1][7] - The gross margin improved to 67.94% (+4.19pp), primarily due to the increased share of overseas sales and ongoing cost reduction measures [2][8] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 1.334 billion yuan, with a net profit of 310 million yuan, and a non-recurring net profit of 306 million yuan [1][5] - The Q2 2024 revenue was 714 million yuan (+19.55%), with a net profit of 167 million yuan (+2.57%) [1][5] - The domestic market revenue was 706 million yuan (+1.73%), while the international market revenue was 624 million yuan (+39.72%) [1][7] Cost Management - The company’s gross margin increased to 67.94% due to a higher proportion of overseas sales and effective cost management strategies [2][8] - The sales expense ratio was 22.73% (+0.69pp), while the management expense ratio decreased to 12.43% (-0.84pp) [2][8] Future Projections - Revenue forecasts for 2024-2026 are adjusted to 2.86 billion, 3.21 billion, and 3.63 billion yuan, with expected growth rates of 19%, 12%, and 13% respectively [2][10] - The projected net profit for the same period is 600 million, 690 million, and 800 million yuan, with growth rates of 23%, 15%, and 16% respectively [2][10]