红豆股份：毛利率持续提升，男装业务经营韧性凸显

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 2.79 CNY per share, compared to the current price of 2.09 CNY per share [4][8]. Core Insights - The company's main apparel business shows stable revenue growth, with a slight year-on-year decrease of 1.3% in revenue to 1.08 billion CNY in H1 2024. The net profit attributable to shareholders decreased by 5.8% to 40 million CNY. The men's clothing segment demonstrated resilience, achieving a revenue increase of 3.0% to 790 million CNY in H1 2024 [1][3]. - The gross margin continues to improve, increasing by 3.8 percentage points year-on-year, attributed to a rise in offline channel gross margin and a higher proportion of direct sales revenue [1][3]. - The company is focusing on upgrading its men's clothing brand towards a high-end positioning, with plans for share buybacks and stock purchases by major shareholders to bolster confidence in long-term development [1][3]. Financial Summary - Revenue for 2024 is projected to reach 2.54 billion CNY, with a growth rate of 9.0%, followed by 2.75 billion CNY in 2025 and 2.97 billion CNY in 2026, with growth rates of 8.4% and 8.1% respectively [6][8]. - The earnings per share (EPS) for 2024-2026 is expected to be 0.03 CNY per share for each year [1][8]. - The company’s EBITDA is forecasted to grow from 303 million CNY in 2024 to 437 million CNY in 2026 [3][6]. Revenue Breakdown - The revenue from the men's clothing segment is expected to grow from 1.30 billion CNY in 2024 to 2.04 billion CNY in 2026, while the OEM clothing sales revenue is projected to increase from 741 million CNY in 2024 to 617 million CNY in 2026 [6][8]. Valuation Metrics - The report uses a discounted cash flow (DCF) valuation method, estimating the company's fair value at 2.79 CNY per share, with a projected enterprise value of 7.585 billion CNY [9][8]. - The report highlights a significant improvement in the company's return on equity (ROE), expected to rise from 1.0% in 2023 to 2.5% in 2026 [3][12]. Market Performance - The company's stock has underperformed relative to the market, with a decline of 32% compared to the CSI 300 index over the past year [5].