开润股份：上半年收入增长18%，代工业务快速增长

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][10]. Core Views - The company experienced an 18% revenue growth in the first half of the year, driven by a rapid increase in its OEM (Original Equipment Manufacturer) business, particularly in bag production for well-known brands like Nike and Decathlon [1]. - The acquisition of a controlling stake in Shanghai Jiale contributed a one-time gain of 0.96 billion RMB, leading to a 230.1% year-on-year increase in net profit to 2.5 billion RMB [1]. - The gross margin improved by 2.3 percentage points to 23.9%, attributed to changes in customer structure, enhanced management efficiency, and increased overseas production capacity [1]. - The company expects continued double-digit revenue growth in the second quarter, with net profit increasing by 341.1% year-on-year to 1.8 billion RMB [1]. Summary by Sections Financial Performance - Revenue for the first half of the year reached 1.83 billion RMB, a year-on-year increase of 17.6% [1]. - The net profit attributable to shareholders rose to 2.5 billion RMB, with a non-recurring net profit of 1.6 billion RMB, reflecting an 85.0% year-on-year growth [1]. - The second quarter revenue was 9.2 billion RMB, up 12.8% year-on-year, with net profit reaching 1.8 billion RMB [1][2]. Business Segments - OEM Business: Revenue from bag OEM increased by 22.0% to 1.26 billion RMB, while garment OEM revenue grew by 19.9% to 270 million RMB [1]. - Brand Business: Revenue declined by 2.5% to 280 million RMB due to last year's high base and weak consumer demand [1]. Future Outlook - The company anticipates rapid growth in OEM revenue in 2024, supported by inventory replenishment from existing clients and new client acquisitions [1][9]. - The forecast for net profit for 2024-2026 is adjusted to 2.9 billion RMB, 3.4 billion RMB, and 3.9 billion RMB, respectively, excluding the one-time gain from the acquisition [1][9].