收入端：营收小幅下滑，进一步推进线上线下协同2024H1 公司主营业务收入6.89 亿元，同比-3.24%。按产品分类，公司智能家居产品营业收入5.98 亿元，占主营业务收入86.83%。晾衣架产品营业收入0.85 亿元，占主营业务收入12.35%。其他产品营业收入0.06 亿元，占主营业务收入0.82%；按销售模式分类，公司线上模式主营业务收入4.49 亿元，占主营业务收入65.17%。线下模式主营业务收入2.39 亿元，占主营业务收入34.83%；其中线下模式中，公司南区主营业务收入1.29 亿元，占主营业务收入18.72%。公司北区主营业务收入1.10 亿元，占主营业务收入15.97%。主营业务收入下降我们判断主要系经济处于下行周期，线下渠道销量受阻，线上电商平台整体采取低价策略，产品均价有一定程度下滑所致，看好后续公司进一步整合线下渠道，加快线下渠道零售转型。Incident Overview
Mrs. Good released the 2024 semi-annual report: H1 achieved revenue of 0.713 billion yuan, -0.86% year on year; net profit to mother 0.144 billion yuan, -4.48% year on year; net profit after deduction of 0.143 billion yuan to mother, -3.96% year on year; in terms of cash flow, H1 Company's net operating cash flow in 2024 was 0.06 billion yuan, or -75.24% year on year. Looking at a single quarter, the company achieved revenue of 0.42 billion yuan in 2024, or -4.98%, and realized net profit to mother of 0.088 billion yuan, or -13.73% year-on-year.
Analytical judgment:
Revenue side: Revenue declined slightly, further promoting online and offline collaboration 2024H1's main business revenue of 0.689 billion yuan, or -3.24% over the same period last year. By product classification, the company's smart home product revenue was 0.598 billion yuan, accounting for 86.83% of the main business revenue. The operating income of clothes drying rack products was 0.085 billion yuan, accounting for 12.35% of the main business revenue. The revenue of other products was 0.006 billion yuan, accounting for 0.82% of the main business revenue; according to the sales model, the company's online model main business revenue was 0.449 billion yuan, accounting for 65.17% of the main business revenue. The main business revenue of the offline model was 0.239 billion yuan, accounting for 34.83% of the main business revenue; in the offline model, the company's main business revenue in Southern District was 0.129 billion yuan, accounting for 18.72% of the main business revenue. The company's main business revenue in North District was 0.11 billion yuan, accounting for 15.97% of the main business revenue. We judge that the decline in revenue from the main business is mainly due to the economy in a downward cycle, sales through offline channels being blocked, and online e-commerce platforms as a whole adopting a low price strategy. The average price of products has declined to a certain extent. We are optimistic that subsequent companies will further integrate offline channels and accelerate the transformation of offline channel retail.
Profit side: Gross profit continues to rise, and sales expenses have further increased.
In terms of profitability, the company's H1 gross profit margin in 2024 was 54.42% and 20.19%, respectively, +5.2 pct and -0.7 pct year-on-year, respectively. Looking at a single quarter, the company's gross profit margin and net interest rate in Q2 2024 were 56.15%, 20.90%, +4.74pct, -2.14pct, and +4.21pct and +1.92pct month-on-month, respectively; in terms of expenses, the 2024 Q2 company's expense ratio was 32.14%, +0.64pct yoy, of which the sales/management/R&D/finance expense ratios were 24.29%/5.48%/3.33%/-0.95%, respectively +6.41pct/+1.18pct/ +0.39pct/-0.73pct. We believe that the increase in gross profit is mainly due to stable prices of bulk materials. At the same time, the company's production-side technological reforms and production line energy efficiency improvements; the large increase in sales expenses was mainly due to an increase in e-commerce platform promotion costs, advertising expenses, etc. during the reporting period.
Investment advice
The company's clothes drying rack products continue to be upgraded, and retail channel changes enhance the company's ability to control terminals. E-commerce channels continue to develop rapidly, and large-scale engineering channels are actively expanding. In addition, other new categories such as smart door locks are poised to launch. Due to weaker demand than expected, we lowered our profit forecast. The company's revenue for 24-26 was 1.773/1.957/2.194 billion yuan (previous value 2.058, 2.415, 2.823 billion yuan), and EPS for 24-26 was 0.87/0.98/1.12 yuan (previous value 0.98, 1.14, 1.33 yuan), corresponding to the closing price of 11.83 yuan/share on August 29, 2024, PE was 14/12/11 times, respectively, taking into account We maintain a “buy” rating due to the rapid development of the smart home circuit where the company is located and is expected to fully benefit from it as a leader.
Risk warning
Risk of fluctuations in the real estate industry; risk of large fluctuations in prices of major raw materials; sales of smart door locks falling short of expectations; dealer model risk.
