Investment Rating - The report assigns a "Buy" rating to the company, with a revised rating to "Add" [4]. Core Views - The company is undergoing a platform transformation, with a focus on optimizing existing stores and rapidly expanding partner stores. The new "community space" model is being validated, and strong supply chain capabilities are expected to support performance recovery as the consumption environment improves [2][4]. Financial Performance Summary - For the first half of 2024, the company reported revenue of 441 million yuan, a year-on-year decrease of 37.8%, and a net profit attributable to shareholders of 70 million yuan, down 55.8% year-on-year. Adjusted net profit was 90 million yuan, reflecting a 49.1% decline [1]. - The number of stores at the end of the reporting period was 537, with a net increase of 58 stores compared to the beginning of the year, but a decrease of 116 stores compared to the same period last year [1]. - The average daily sales for direct-operated and franchised stores were 7,500 yuan, showing an overall decline of 8.5% year-on-year [1]. Future Projections - Revenue projections for 2024 to 2026 are 892 million yuan, 1.019 billion yuan, and 1.209 billion yuan, respectively. Net profit projections for the same period are 135 million yuan, 169 million yuan, and 240 million yuan, respectively [3][4]. - The current stock price corresponds to a price-to-earnings ratio (P/E) of 12x for 2024, 10x for 2025, and 7x for 2026 [2][4]. Strategic Initiatives - The company is enhancing its supply chain management capabilities and has launched several high-margin new products. The gross margin for direct stores remained at 70% despite significant promotional activities [2]. - The company is iterating its store environment using new technologies to improve consumer experience, with the "community space" model expected to generate diverse revenue streams [2].
海伦司：日销承压，平台化转型持续