Jinwu Financial News | According to Tianfeng Securities Research, 361 (01361) 24H1 revenue was 5.14 billion yuan, up 19.2%; net profit to mother was 0.79 billion yuan, up 12.2%; gross profit margin was 41.3%, down 0.4 pct; net profit to mother was 15.4%, down 0.9 pct. Basic profit per share was RMB 38.2 cents, up 12.4% from the same period. The dividend was HK16.5 cents, and the dividend ratio was 40.3%. According to the bank, 24H1's e-commerce business revenue was 1.25 billion yuan, an increase of 16.1% over the same period, accounting for 24.4%. In terms of e-commerce business, the company's e-commerce channel sales increased 94% year on year during the “618” promotion, ranking third among domestic brands. E-commerce channel sales increased 99%, ranking first in the industry; the decline in overseas market revenue during the period was due to weak local economies in some South American countries, leading to a decline in demand.
The bank continued that around the differentiated needs of consumers from different channels, the company comprehensively stimulates the dual effects of online retail channel construction and online brand image promotion on e-commerce platforms, and comprehensively promotes the integrated development of online and offline. By the end of the period, the company had 5,740 stores in mainland China, including 1,112 stores in the east, accounting for 19.4%; 649 in the south, accounting for 11.3%; 1305 in the west, accounting for 22.7%; and 2,674 in the north, accounting for 46.6%.
The bank said that the company's e-commerce channel construction and brand building were very effective. The results were remarkable during the “618” period, and sales increased rapidly. The bank is optimistic that the company will continue to benefit e-commerce channel growth and product development upgrades, and is expected to benefit from overseas markets in the future. Based on the semi-annual report, gross margin and net profit margin were slightly lower than the same period last year, and the bank slightly adjusted the 361 profit forecast; the bank expected the company's 24-26 revenue to be 10.09 billion yuan, 11.69 billion yuan, and 13.45 billion yuan respectively; net profit to mother was 1.11 billion yuan, 1.29 billion yuan, and 1.53 billion yuan respectively (the original value was 1.16 billion yuan and 1.42 billion yuan) RMB billion, RMB 1.61 billion); corresponding EPS is RMB 0.54 per share, RMB 0.62 per share, RMB 0.74 per share (original values were RMB 0.56 per share, RMB 0.69 per share, RMB 0.78 per share, respectively); corresponding PE is 6/5/4X, respectively. Maintain a buy rating.
