比音勒芬2024H1点评：加盟提货驱动增长，资产质量驱优

Investment Rating - The report maintains a "Buy" rating for the company, with a target price implying significant upside potential [2][6] Core Views - The company is well-positioned in the high-end sportswear and fashion sector, leveraging its brand philosophy of "three highs and one new" (high quality, high technology, high fashion, and innovation) to drive rapid growth through category expansion, channel expansion, and quality optimization [2] - The company has implemented strategic upgrades since 2022, including focusing on T-shirts as a core category, establishing a golf division to capture the high-end fashion sports market, and enhancing marketing through cultural collaborations, celebrity endorsements, and event sponsorships [2][5] - The acquisition of new brands in 2023 is expected to further strengthen the company's brand portfolio, positioning it as a high-end brand group [2][5] Financial Performance - In H1 2024, the company achieved revenue of 1.94 billion yuan, a 15% YoY increase, with net profit attributable to shareholders of 480 million yuan, up 15.3% YoY [4] - Q2 2024 revenue grew 10.5% YoY to 670 million yuan, with net profit attributable to shareholders increasing 1.7% YoY to 120 million yuan [4] - Gross margin improved by 0.7 percentage points to 77.9% in H1 2024, driven by strong performance in e-commerce and franchise channels [4] - Inventory turnover days decreased by 27 days to 309 days in H1 2024, reflecting improved inventory management [4] Channel Performance - Franchise channel revenue surged 57% YoY to 520 million yuan in H1 2024, driven by increased shipments to existing stores [4] - Direct-operated stores saw a modest 2% revenue growth to 1.27 billion yuan in H1 2024, with the number of stores increasing by 2 to 609 [4] - E-commerce revenue grew 35% YoY to 120 million yuan in H1 2024, supported by platform diversification [4] Future Outlook - The company is expected to achieve net profit attributable to shareholders of 1.04 billion yuan, 1.16 billion yuan, and 1.3 billion yuan in 2024, 2025, and 2026, respectively, representing a 14%, 12%, and 12% YoY growth [2][5] - The current price implies a PE ratio of 9x, 8x, and 7x for 2024, 2025, and 2026, respectively [2][5]