Investment Rating - The report assigns a "Buy" rating to the company [1][2]. Core Insights - The company is positioned as a leading one-stop multi-category platform for home care, personal care, and pet products in China, with a solid foundation in home care and promising growth in the pet segment, supported by a dividend yield of approximately 7%-8% [1][10]. - The company achieved a revenue of 1.249 billion RMB in H1 2024, representing a year-on-year growth of 10.3%, and a net profit of 179 million RMB, reflecting a year-on-year increase of 31.5% [1][15]. - The company has established a strong market presence in various segments, including pest control, home cleaning, and air care, and is actively expanding its pet business through offline store services [1][10][11]. Summary by Sections Overview - The company offers a comprehensive range of home care, personal care, and pet products, covering various categories such as insect repellent, home cleaning, air care, hand sanitizers, and pet food [1][10]. - It has maintained the leading market share in the insect repellent sector for nine consecutive years and ranks second in home cleaning and air care markets [1][10]. Pet Business - The company has significantly invested in the pet segment, launching brands like "Stubborn Tail" for pet care products and "Stubborn Mouth" for high-end pet food, establishing a dual-track strategy in pet supplies and food [1][11]. - The pet business has shown remarkable growth, with revenue increasing from 0.02 billion RMB in 2019 to 0.77 billion RMB in 2023, achieving a CAGR of 158.1% [15][17]. Home Care Business - The home care segment remains the core revenue driver, contributing 93.1% of total revenue in H1 2024, with a year-on-year growth of 11.5% [15][17]. - The company has optimized its product structure and enhanced its online and offline sales channels to boost profitability [1][10]. Financial Forecast and Investment Recommendations - Revenue projections for 2024-2026 are estimated at 1.813 billion RMB, 2.002 billion RMB, and 2.194 billion RMB, with respective year-on-year growth rates of 12%, 10%, and 10% [1][2]. - Net profit forecasts for the same period are 213 million RMB, 237 million RMB, and 262 million RMB, with year-on-year growth rates of 22%, 11%, and 11% [2][15].
朝云集团：家居护理基石稳固，宠物线下实体门店服务业态助力高增长，高股息率保障股东权益