家具零售市场仍相对疲软，公司客户表现优于行业。2024 年1-5 月，美国家具和家居用品零售商销售额同比下降7.9%，零售市场仍相对疲软，但公司客户表现出超越行业的韧性。2024H1 公司前30 大客户中有22 家与公司业务规模保持增长。店中店模式有序推进，截至目前，公司已在美国零售客户门店内建成100 多个小规模店中店，迈出在海外建设自主品牌的第一步。Incident: The company released its 2024 semi-annual report. 2024H1 achieved revenue of 1.21 billion yuan, +28% of the year on year, +42% of the year on year, net profit of 0.26 billion yuan, +48% year on year; of these, Q2 achieved revenue of 0.65 billion yuan, +25% year on year, net profit to mother 0.16 billion yuan, +32% year over year, net profit of 0.14 billion yuan year on year, +29% year on year.
By product, 2024H1's smart electric sofa revenue was 0.94 billion yuan, +36% year on year, gross profit margin of 33.9%, year on year +1.7 pct; smart electric bed revenue was 0.16 billion yuan, +11% year on year, gross profit margin 33.3%, +0.8 pct year on year; accessories revenue was 0.09 billion yuan, +0.8% year on year, gross profit margin of 27.8%, year-on-year +7.2 pct.
High-quality customers are gradually expanding, and the company's ability to acquire customers is continuously verified. 2024H1, the company's top ten customers are all US customers, 70% are retailers. Most customers have seen an increase in transaction amounts with the company, ranging from 7.37% to 747.06%. 2024H1, the company received a total of 49 new customers, all retailers, of which 6 were “the top 100 furniture retailers in the US.” 2024H1, the number of retail customers in the US accounted for 78.43% of the total number of furniture customers in the US, and sales to US retailer customers accounted for 56.19% of the company's revenue.
The furniture retail market is still relatively weak, and the company's customers are outperforming the industry. From January to May 2024, sales of US furniture and household goods retailers fell 7.9% year over year. The retail market was still relatively weak, but the company's customers showed resilience that surpassed the industry. Of 2024H1's top 30 customers, 22 have continued to grow in size with the company's business. The store-to-store model is progressing in an orderly manner. Up to now, the company has built more than 100 small-scale store-to-store stores in US retail customer stores, taking the first step in building its own brand overseas.
Profit prediction and rating: We are optimistic that the company will steadily advance the new “store-to-store” model to drive up the share of OBM revenue. Rapid iteration of new products will drive product structure optimization, and Xintuo customers are expected to continue to contribute to growth. The net profit for 2024-2026 is 0.503 billion yuan, 0.625 billion yuan, and 0.768 billion yuan respectively. The corresponding PE is 17x, 13x, and 11x, respectively, maintaining the company's “recommended” rating.
Risk warning: Overseas terminal demand falls short of expectations; channel expansion falls short of expectations; raw material prices fluctuate; industry competition intensifies; shipping rate fluctuations; trade policy risks; exchange rate fluctuations, etc.
