BAIRUN CORPORATION(002568) 东吴证券·2024-07-31 01:31Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 1.63 billion and a net profit of 400 million for H1 2024, showing a year-on-year decline of 1.4% and 8.4% respectively. In Q2 2024, revenue and net profit were 830 million and 230 million, both down 7.3% year-on-year [3] - The company is focusing on steady sales growth and channel optimization, with a notable decline in online channel revenue due to stricter controls. The introduction of new products and packaging is expected to enhance consumer engagement [3][4] - The gross margin has improved significantly, with a Q2 gross margin increase of 5.5 percentage points year-on-year, attributed to product optimization and cost management [3] Financial Forecasts - The company’s revenue projections for 2024-2026 are adjusted to 34.3 billion, 39.6 billion, and 46.5 billion respectively, with year-on-year growth rates of 5%, 16%, and 17%. Net profit forecasts are set at 8.3 billion, 9.7 billion, and 11.8 billion, with growth rates of 2%, 18%, and 21% [4] - The report indicates a projected P/E ratio of approximately 21, 17, and 14 for the years 2024, 2025, and 2026 respectively [4] Market Data - The closing price of the stock is 16.21 yuan, with a market capitalization of 17.01 billion [5] - The company has a P/B ratio of 4.06 and a total A-share market value of 11.63 billion [5] Basic Data - The company has a net asset value per share of 3.99 yuan and a debt-to-asset ratio of 42.10% [6]