Huakai Yibai(SZ:300592) Changjiang Securities·2024-09-09 04:03Investment Rating - The investment rating for the company is "Buy" and is maintained [4][6]. Core Views - In the first half of 2024, the company achieved operating revenue of 3.52 billion yuan, a year-on-year increase of 18%, while the net profit attributable to the parent company decreased by 32% to 130 million yuan [2][3]. - The second quarter of 2024 saw operating revenue of 1.82 billion yuan, a year-on-year increase of 13%, but the net profit attributable to the parent company dropped by 56% to 50 million yuan [2][3]. - The company is actively expanding new channels, with the Yimai business maintaining a high growth rate, achieving a year-on-year increase of 54% [3]. - The company is incubating new businesses, with employee compensation and promotional expenses increasing by 23% and 35% respectively in the first half of 2024 [3]. - The second quarter's profit decline is attributed to significant non-operating expenses and losses, alongside high shipping costs and increased investment in new businesses [3][4]. Financial Performance Summary - For the first half of 2024, the company reported a revenue growth of 18%, with the general and premium product business growing by 13.2% and the Yimai business growing by 54% [3]. - The gross profit margin in Q2 2024 decreased by 1.6 percentage points, primarily due to the increasing proportion of the lower-margin Yimai business and rising shipping costs [3]. - The company expects core business profits to remain stable despite the reported declines, as new business initiatives are anticipated to contribute positively in the future [4]. - Forecasted net profits for the company are projected to be 400 million yuan in 2024, 600 million yuan in 2025, and 690 million yuan in 2026 [4].