YLT(600197) 国泰君安·2024-08-28 03:30Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company focused on channel organization, marketing structure adjustment, and new product sampling in Q2 2024, laying the groundwork for future market expansion and recruitment [1]. - Due to weak industry demand, the EPS forecasts for 2024-2026 have been revised downwards to 0.82 (-0.13), 1.00 (-0.22), and 1.18 (-0.27) yuan respectively, with a target price adjusted to 20.5 yuan based on a 25X PE for 2024 [3][4]. - The company's H1 2024 performance met expectations, with revenue of 1.33 billion yuan, a year-on-year increase of 8.94%, and a net profit of 198 million yuan, up 12.13% year-on-year [3][4]. Financial Summary - In Q2 2024, the company achieved revenue of 498 million yuan, a year-on-year increase of 3.64%, and a net profit of 39 million yuan, up 38.92% year-on-year [3]. - The gross margin in Q2 2024 improved by 6.1 percentage points to 48.2%, while the net profit margin increased by 2.0 percentage points to 7.8% [3]. - The company’s contract liabilities at the end of H1 2024 were 62 million yuan, reflecting a year-on-year increase of 10.7% [3]. Product and Regional Performance - In Q2 2024, sales revenue by product tier showed high-end products at 300 million yuan (up 1.0% YoY), mid-range products at 148 million yuan (up 24.33% YoY), and low-end products at 44 million yuan (up 8.46% YoY) [3]. - Regional sales in Q2 2024 indicated a decline in Xinjiang (327 million yuan, down 1.14% YoY) but a significant increase in outside Xinjiang (165 million yuan, up 31.11% YoY) [3]. Marketing and Reform Initiatives - The company is gradually advancing its marketing reforms, optimizing its organizational structure and adjusting sales personnel incentive schemes [3]. - In H1 2024, the company integrated brand operation functions and achieved sales revenue of 44.85 million yuan from its Sichuan subsidiary [3].