寿仙谷：24Q2营收承压，渠道拓展有序推进

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [4][11]. Core Views - The company has shown steady revenue performance in Q3, although profits are slightly under pressure. The revenue for H1 2024 was 350 million yuan, a year-on-year decrease of 5.1%, while the net profit attributable to shareholders was 100 million yuan, an increase of 11.8% year-on-year [1][2]. - The company is experiencing a decline in revenue from major products due to insufficient consumer demand, but the domestic market remains stable. Revenue from key product categories such as Ganoderma lucidum spore powder and Dendrobium officinale has decreased by 6.6% and 6.0% respectively [2]. - The company is actively optimizing its marketing structure and expanding its channels, with the addition of 7 new specialty stores and 14 new channels in the first half of the year. This is expected to enhance product demand in the upcoming peak seasons [2][3]. Financial Summary - For the fiscal year 2022, the company reported a revenue of 829 million yuan, which is projected to decrease to 784 million yuan in 2023, followed by a recovery to 850 million yuan in 2024 [1][5]. - The net profit attributable to shareholders is expected to recover from 254 million yuan in 2023 to 284 million yuan in 2024, with a projected growth rate of 11.7% [1][5]. - The company's gross margin for H1 2024 was 81.3%, a slight decrease of 0.8 percentage points year-on-year, primarily due to reduced scale effects and the impact of new production areas [2][6]. Market and Product Insights - The company’s revenue from the domestic market was 250 million yuan, reflecting a year-on-year growth of 7.4%, while revenue from outside the province and online sales saw significant declines of 24.7% and 26.6% respectively [2]. - The report anticipates stable growth in the traditional Chinese medicine and health products industry, supported by the company's core competitive advantages and ongoing research and innovation efforts [2][3]. Future Projections - The company is expected to achieve net profits of 280 million yuan, 310 million yuan, and 350 million yuan for the years 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 14, 13, and 11 times [2][3].