Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has entered a phase of "structural optimization and profit recovery," with an increase in the proportion of self-operated products and multi-channel layout expected to continue improving profitability [11] - The company reported a significant recovery in profitability, with a net profit of 239 million yuan in FY2026H1, compared to a loss of 96.5 million yuan in the same period last year [6][11] - The self-operated product strategy has become a core growth engine, contributing 2 billion yuan in revenue in FY2026H1, representing a year-on-year increase of 18.1% [8] Financial Performance Summary - For FY2026H1, the company achieved revenue of 2.31 billion yuan, a year-on-year increase of 5.7%, with GMV totaling approximately 4.1 billion yuan, reflecting a 16.4% growth after excluding one-time disturbances [6] - The gross profit for FY2026H1 was 840 million yuan, with a gross margin of 36.4%, an increase of 2.8 percentage points year-on-year, driven by an increase in the proportion of self-operated products and improved supply chain efficiency [6] - The company’s operating expenses have stabilized, with sales expense ratio, management expense ratio, and R&D expense ratio at approximately 19%, 3.6%, and 2.3% respectively, showing a significant decrease compared to the previous year [7] Future Projections - The company is projected to achieve revenues of 5.08 billion yuan, 6.05 billion yuan, and 7.19 billion yuan for FY2026, FY2027, and FY2028 respectively, with corresponding net profits of 445.26 million yuan, 528.04 million yuan, and 644.72 million yuan [10][11] - The expected P/E ratios for FY2026, FY2027, and FY2028 are approximately 50.14, 42.28, and 34.63 respectively, indicating a favorable valuation outlook [10][11]
东方甄选（01797）：——东方甄选（1797.HK）动态研究：自营放量盈利修复，费用管控释放业绩