Investment Rating - The report maintains a "Buy" rating for the company with a target price of 38.73 CNY, unchanged from the previous rating [5]. Core Insights - The company demonstrates stable overall operations, with significant growth in online channels, particularly on Douyin, indicating a solid foundation for refined operations. Future product lines in cosmetics, such as serums and masks, are expected to enhance performance [2][4]. Summary by Sections Financial Performance - The company forecasts EPS of 1.9, 2.08, and 2.42 CNY for 2024-2026, with a revenue of 9.4 billion CNY in H1 2024, reflecting an 8% year-on-year increase. The net profit attributable to shareholders is projected at 3.4 billion CNY, down 4% year-on-year, primarily due to increased sales expenses from a higher online sales ratio, depreciation from the new Northern Beauty Valley base, and ongoing R&D investments [4][10]. - The gross margin stands at 81.41%, a decrease of 1.4 percentage points year-on-year, while the net profit margin is 36.22%, an increase of 4.47 percentage points year-on-year [4]. Sales Channels - Online direct sales revenue reached 4.26 billion CNY, up 29% year-on-year, while distribution and agency sales fell by 26% to 0.46 billion CNY. Offline distribution revenue decreased by 2% to 4.67 billion CNY. The company anticipates continued growth in Douyin, projecting over 50% growth, while offline channels may face challenges due to overall traffic decline [4][10]. Product Development - The company is enhancing its online team and marketing investments, focusing on refined operations on Douyin with multiple accounts targeting different customer segments. The R&D strategy includes collaboration with institutions like the Kunming Institute of Botany and Jiangsu Juyuan to strengthen its research capabilities and develop new products in the medical and cosmetic sectors [4][10]. - The product portfolio includes medical dressings and functional skincare products, with a focus on high-end positioning in the mask category. New products such as emulsions and lactose acid masks have shown strong performance, with serums being a key focus for future development [4][10].
敷尔佳：线上快速增长，关注新品表现