第二季度公司业绩同比下降，但毛利率实现同环比提升今年第二季度，公司实现营收4.20 亿元，同比下降4.98%，归母净利润为8,799.80 万元，同比下降13.74%；第二季度综合毛利率为56.15%，同环比分别提升4.74 个百分点和4.21 个百分点；净利率为20.90%，同环比分别下降2.14 个百分点和提升1.92 个百分点。费用率方面，上半年公司期间费用率达到31.95%，同比提升6.05 个百分点，其中，销售费用率为23.27%，同比提升5.11 个百分点，管理费用率为6.25%，同比提升0.96 个百分点。费用率提升，在一定程度上影响净利率水平。Incidents:
The company announced its 2024 mid-year report. The first half of the year achieved revenue of 0.713 billion yuan, a year-on-year decrease of 0.86%, and net profit to mother of 0.144 billion yuan, a year-on-year decrease of 4.48%, with basic earnings per share of 0.36 yuan.
Comment:
The company's performance declined year on year in the second quarter, but gross margin increased year on month. In the second quarter of this year, the company achieved revenue of 0.42 billion yuan, down 4.98% year on year, and net profit to mother was 87.998 million yuan, down 13.74% year on year; consolidated gross margin for the second quarter was 56.15%, up 4.74 percentage points and 4.21 percentage points from the same month on month, respectively; net interest rate was 20.90%, down 2.14 percentage points and up 1.92 percentage points year on month, respectively. In terms of expense ratio, the company's expense ratio reached 31.95% in the first half of the year, up 6.05 percentage points year on year. Among them, the sales expense ratio was 23.27%, up 5.11 percentage points year on year, and the management expense ratio was 6.25%, up 0.96 percentage points year on year. The increase in the cost rate affects the net interest rate level to a certain extent.
Online and offline channels developed collaboratively, and brand power and product strength were steadily strengthened. In the first half of the year, the company accelerated the layout of the retail system and promoted the collaborative development of online and offline channels (in the first half of the year, online channel revenue 0.449 billion yuan, offline channel revenue 0.239 billion yuan), and consolidated the leading position of offline channels. On the online channel, the company uses new media marketing such as Douyin live streaming and short videos to increase customer stickiness and market coverage in online channels, and continues to rank first in the industry's sales volume in the 618 e-commerce promotion this year. The company continues to promote brand rejuvenation and has built a structured and integrated marketing communication matrix. Through accurate advertising on online platforms and high-speed rail stations, the company has effectively increased the brand's public domain traffic and conversion rate. On the product side, the company increased investment in product research and development. R&D expenses increased by 18.51% year-on-year in the first half of the year. Relying on big data to strengthen product planning capabilities, it achieved breakthroughs in many key technology fields, resulting in revenue of smart home products and clothes drying rack products of 0.598 billion yuan and 85.043 million yuan respectively.
Profit Forecasts and Ratings
As a leading enterprise in the industry, the company works in multiple dimensions such as products, production capacity, and channels, and has a good foundation for medium- to long-term growth. Based on the company's interim report, under a neutral scenario, we adjusted the 2024-2026 EPS forecast to be 0.94 yuan/1.14 yuan/1.34 yuan, which corresponds to a 2024 PE of 12.78 times, which is lower than the valuation of comparable companies and maintains an “incremental” rating.
Risk warning
Risk of fluctuations in raw material prices
Direct material costs account for a relatively high proportion of the company's production costs. Therefore, fluctuations in the purchase price of raw materials will have a great impact on the company's production costs. The company's main raw materials are divided into electronic components, hardware accessories, aluminum profiles, plastic products, etc., and their prices are affected by market price fluctuations for large raw materials such as non-ferrous metals and plastic raw materials. In the future, if the price of major raw materials rises sharply, it will increase the cost pressure on the company, which in turn will adversely affect the company's profitability.
Market competition and industry cross-border risks
The smart home industry has many product categories, with many different products and manufacturers of different types. Among them, small and micro enterprises account for a relatively high proportion, and the overall level of development of the industry is uneven. It is not ruled out that vicious competition disrupts the market order, such as suboptimal sales and counterfeit sales, which will have a negative impact on the growth of the industry and companies. Furthermore, as consumer requirements for smart home products and brand acceptance increase, smart home product penetration rates increase, and smart home pan-product manufacturers with a certain production scale, high design level, and strong marketing strength will emerge in the industry. At that time, the company will face a fierce competitive environment, which will adversely affect the company's production, operation and profit level.
Real estate market regulation risk
The company's business performance has a certain correlation with the development of the real estate industry. In recent years, in order to promote the steady and healthy development of the real estate market, the country introduced a series of regulatory measures, and the real estate market experienced shrinking demand and deep adjustments. Although the demand for home purchases brought about by the promotion of urbanization in the future and the need to upgrade existing housing will still guarantee that the company's home and building materials industries have large market demand, in a regulated environment in the real estate industry, changes in industry demand have led to uncertainty about the company's future performance growth.