BIEM(002832) 东方证券·2024-09-02 11:09Investment Rating - The report maintains a "Buy" rating for the company with a target price of 28.95 CNY based on a 15x PE valuation for 2024 [2][4][7]. Core Insights - The company reported a revenue of 1.94 billion CNY for H1 2024, representing a 15% year-on-year growth, and a net profit of 480 million CNY, up 15.3% year-on-year, with a non-recurring profit of 460 million CNY, which is a 21% increase year-on-year [1]. - The growth was driven by franchise and online channels, with online revenue increasing by 35% year-on-year and gross margin rising by 15 percentage points to 77.6% [1]. - The company's profitability is improving, with a gross margin of 77.9% for H1 2024, up 0.7 percentage points year-on-year, and a net profit margin of 24.7%, an increase of 0.1 percentage points year-on-year [1]. - Inventory turnover days improved to 309 days, a decrease of 27 days year-on-year, indicating better inventory management [1]. - The company is expanding its brand portfolio, with new brands launched and a refreshed brand image showcased at major events [1]. Financial Summary - Revenue (in million CNY): 2022A: 2,885, 2023A: 3,536, 2024E: 4,138, 2025E: 4,783, 2026E: 5,397 [3]. - Net profit (in million CNY): 2022A: 728, 2023A: 911, 2024E: 1,103, 2025E: 1,303, 2026E: 1,499 [3]. - Earnings per share (in CNY): 2022A: 1.27, 2023A: 1.60, 2024E: 1.93, 2025E: 2.28, 2026E: 2.63 [3]. - Gross margin (%): 2022A: 77.4%, 2023A: 78.6%, 2024E: 78.8%, 2025E: 78.7%, 2026E: 78.6% [3]. - Net margin (%): 2022A: 25.2%, 2023A: 25.8%, 2024E: 26.6%, 2025E: 27.2%, 2026E: 27.8% [3].