Semir(SZ:002563) EBSCN·2025-08-26 02:37Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a steady revenue growth of 3.3% year-on-year in the first half of 2025, with total revenue reaching 6.15 billion yuan, while net profit attributable to shareholders decreased by 41.2% to 330 million yuan [5][9] - The company plans to distribute a cash dividend of 0.15 yuan per share, resulting in a payout ratio of 124% for the first half of the year [5] - The retail environment is expected to improve, with a focus on enhancing retail efficiency and opening new stores to drive performance [9] Revenue Performance - The company achieved a revenue of 6.15 billion yuan in the first half of 2025, with a year-on-year growth of 3.3% [5] - Revenue growth was driven by a 35% increase in direct store sales, while online sales remained flat and franchise revenue slightly declined by 3% [6] - The revenue breakdown shows that online and offline sales accounted for 44% and 54% of total revenue, respectively [6] Profitability Analysis - The gross profit margin for the first half of 2025 increased by 0.6 percentage points to 46.7% [7] - However, the operating cash flow showed a net outflow of 280 million yuan, which is a significant increase in outflow compared to the previous year [8] Store and Channel Dynamics - As of June 2025, the total number of stores was 8,236, reflecting a net decrease of 89 stores since the beginning of the year [6] - The company opened 19 new direct stores while franchise stores decreased by 66 [6] Financial Forecasts - The company’s projected net profit for 2025 is 928 million yuan, reflecting a decrease of 18.4% compared to the previous year [10] - The estimated revenue for 2025 is 15.595 billion yuan, with a growth rate of 6.6% [10] Valuation Metrics - The current price-to-earnings (P/E) ratio is projected to be 16 times for 2025 [10] - The company maintains a high dividend yield, which adds to its attractiveness for investors [9]