20240819-开源证券-报喜鸟-002154.SZ-公司信息更新报告_2024H1商务需求承压_乐飞叶亮眼_增加中期分红_10页_1mb

Summary

2024H1 Performance Overview:
Beiqiong (002154SZ) reported revenue of 24.79 billion yuan in the first half of 2024, representing a 0.36% year-on-year increase. Net profit attributable to shareholders was 34.4 billion yuan, a significant decline of 1560%, primarily due to reduced government subsidies. Adjusted net profit fell to 30.4 billion yuan, down 11.5%. The company increased its dividend payout, allocating approximately 30% of profits.

Brand-Specific Analysis:

• Beiqiong: Revenue declined by 36.9% YoY to 7.7 billion yuan. Store expansion accelerated to 807 outlets (+28% YoY), with a focus on large-format stores and digital marketing.
• Hazzys: Achieved strong growth (+2.5% YoY) with 467 stores (+84% YoY), emphasizing sustainable products and digital channel optimization.
• Lefeiye: Showed remarkable growth, up 3220% YoY, driven by product innovation and digital marketing.

Channel Performance:

• Hazzys drove store expansion through direct sales, increasing its share to 72% of the total.
• E-commerce and agency channels faced pressure, with net profit declines and a rising return rate.

Profitability:

• Gross profit margin rose to 67.0% (+15pp YoY), attributed to improvements across all channels.
• Higher SG&A expenses in Q2 hindered Q2 profitability.

Valuation & Recommendation:
Revised forecasts for 2024–2026 net profit range from 6.4 to 8.1 billion yuan, reflecting cautious outlook due to weaker demand. Maintained "Buy" rating, emphasizing Hazzys’ multi-product strategy and brand momentum.

Risks:
Slowdown in brand modernization and channel expansion risks may hinder growth.

This is a professional summary of the market research, presented in concise Chinese and English formats.