ELLASSAY(603808) 长城证券·2024-09-09 04:03Investment Rating - The investment rating for the company is "Accumulate" [1][5] Core Views - The company's overseas business has negatively impacted overall performance, while the main brand, ELLASSAY, continues to grow rapidly [1][5] - The company is expected to improve profitability as consumer demand gradually recovers and consumption promotion policies are implemented [5] Financial Performance Summary - In H1 2024, the company's revenue was 1.448 billion yuan, a year-on-year increase of 5.49%, while net profit attributable to shareholders was 59 million yuan, a decrease of 46.60% [1] - The gross margin for H1 2024 was 69.24%, an increase of 1.75 percentage points year-on-year [2] - The net profit margin for H1 2024 was 5.98%, a decrease of 4.26 percentage points year-on-year [2] Brand Performance Summary - Revenue from various brands in H1 2024: ELLASSAY 579 million yuan (+21.32%), Laurel 196 million yuan (+27.53%), Ed Hardy 130 million yuan (-19.72%), Ed Hardy X 291 million yuan (-17.11%), IRO Paris 236 million yuan (+12.46%) [3] - Online sales reached 256 million yuan, a year-on-year increase of 33.25%, with ELLASSAY brand achieving a 63% increase on Tmall [3] Future Earnings Forecast - The company forecasts EPS for 2024, 2025, and 2026 to be 0.45 yuan, 0.61 yuan, and 0.79 yuan respectively, with corresponding P/E ratios of 14.0X, 10.5X, and 8.1X [5]