Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company has shown steady growth with a revenue increase of 10.3% and a net profit increase of 31.5% in the first half of 2024, achieving revenues of 1.25 billion and net profits of 180 million [1]. - The company continues to focus on high dividend payouts, with a dividend per share of 0.0538 RMB, corresponding to a payout ratio of 40% [1]. - The home care segment has solidified its market position, while the pet business is developing with a focus on high-quality products [2]. - The company is actively expanding its online and offline channels, with online revenue growing by 18.9% to 410 million, accounting for 32.5% of total revenue [1]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 1.25 billion, up 10.3%, and a net profit of 180 million, up 31.5% [1]. - The gross margin improved by 5.1 percentage points to 46.4%, and the net profit margin increased by 2.1 percentage points to 14.07% [1]. - The company expects revenues of 1.805 billion, 1.990 billion, and 2.181 billion for 2024, 2025, and 2026, respectively, with growth rates of 11.7%, 10.3%, and 9.6% [2]. Business Segments - Home care products generated 1.16 billion in revenue, up 11.5%, with significant growth in mosquito repellent products [1]. - The pet segment generated 48 million, up 5.3%, with a focus on developing functional pet snacks and fresh food [1]. - Personal care products saw a decline in revenue, down 18.4% to 35 million [1]. Channel Strategy - Online sales increased by 18.9% to 410 million, with a strong performance on platforms like Douyin [1]. - Offline sales reached 840 million, up 6.5%, with efforts to expand into new retail channels [1].
朝云集团：公司稳步巩固市场地位，坚持高比例派息