BIEM(002832) 国泰君安·2024-09-01 00:06Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 24.44 CNY, down from the previous 37.73 CNY [4]. Core Insights - The company has shown steady revenue growth in H1 2024, with total revenue reaching 1.94 billion CNY, a year-on-year increase of 15.0%. The net profit attributable to shareholders was 480 million CNY, up 15.3% year-on-year [3]. - The company is expected to continue its high-quality growth trajectory, supported by a robust expansion strategy in the second half of the year [3]. - The report highlights the company's focus on high-end sports fashion and its steady channel expansion, which positions it to maintain industry leadership [3]. Financial Performance Summary - H1 2024 revenue breakdown: Direct sales revenue was 1.28 billion CNY (+2.4% YoY), franchise revenue was 520 million CNY (+56.5% YoY), and online revenue was 120 million CNY (+34.6% YoY) [3]. - Q2 2024 revenue was 670 million CNY, a 10.5% increase year-on-year, with a net profit of 120 million CNY, reflecting a 1.7% increase year-on-year [3]. - The gross margin improved by 1.6 percentage points year-on-year, indicating effective cost control measures [3]. Future Outlook - The company plans to expand its main brand and golf independent stores, focusing on internationalization and high-end branding, which is expected to create a second growth curve [3]. - The company has a strong cash position, which will support its expansion plans [3]. - Inventory as of H1 2024 was 760 million CNY, an 11% increase year-on-year, with inventory turnover days reduced by 27 days to 309 days [3].