24H1 设计业务维持增长，行业竞争加剧毛利率同比下滑24H1 公司综合毛利率13.67%，同比-1.8pct，24Q2 毛利率14.08%，同比-2.48pct，环比+0.83pct。分业务，装饰/幕墙/设计实现营收72/7.8/7.1 亿元，同比18.4%/-20.1%/+9.1%，其中装饰业务毛利率为12.61%，同比-1.73pct，主要是行业竞争加剧。分地区，24H1 公司省内/省外实现营收29.5/63.5 亿元，同比-17.4%/-9.4%，毛利率14.16%/13.45%，同比-1.61/-1.87pct。24H1 revenue/net profit to mother ratio -12.1%/-43.8%, maintaining the “additional” rating company 24H1 achieved revenue/net profit of 93/0.344 billion yuan, -12.08%/-43.83% year over year, 24Q2 achieved revenue of 4.8 billion yuan, -13.29% year on year, 0.141 billion yuan, 58.49% year on year, lower than our expectations (0.212 billion yuan), mainly due to a decline in gross margin and a decline in revenue Due to the cost rate.
Considering slowing industry demand and increased competition, and revenue and gross margin are still under pressure, we adjusted the company's 24-26 net profit forecast to 0.78/0.75/0.76 billion yuan (previous value: 0.97/1/1.05 billion yuan).
Comparatively, the company's 24-year Wind unanimously expected average of 13xPE. Considering that the company is an industry leader and has strong operational resilience when the industry slows down and competitive pressure increases, the company was given 13xPE for 24 years, adjusted the target price to 3.84 yuan (previous value 4.73 yuan), and maintained an “gain” rating.
The 24H1 design business continued to grow, and industry competition intensified the year-on-year decline in gross margin 24H1's comprehensive gross profit margin of 13.67%, -1.8 pct year over year, 14.08% of 24Q2 gross profit margin, -2.48 pct year on year, and +0.83 pct month-on-month. By business, Decoration/Façade/Design achieved revenue of 7.2/0.78/0.71 billion yuan, with a year-on-year ratio of 18.4%/-20.1%/+9.1%. Among them, the gross margin of the decoration business was 12.61%, -1.73 pct year-on-year, mainly due to increased competition in the industry. By region, 24H1 achieved revenue of 2.95/6.35 billion yuan in and outside the province, -17.4%/-9.4% year-on-year, gross profit margin of 14.16%/13.45%, and -1.61/-1.87pct year on year.
The decline in revenue raised the cost rate during the period, and the increase in the pay-to-cash ratio dragged down the cash flow rate by 7.89%, +0.21pct year over year. Among them, the sales/management/R&D/finance expenses ratio was 1.73%/3.06%/2.81%/0.28%, +0.09/+0.41/-0.25/-0.04pct compared to +0.09/+0.41/-0.04pct, mainly due to the decline in revenue. The share of impairment expenses was +0.13pct to 1.42% year on year. Under the combined influence, 24H1 net interest rate was 3.70%, -2.09pct year on year, 2.97% for 24Q2, -3.23pct year on year, and -1.51 pct month-on-month. 24H1 net operating cash flow -1.19 billion yuan, with a year-on-year increase of 0.85 billion yuan, mainly due to a significant increase in the pay-as-you-go ratio. The payment/payout ratio was 107.6%/109.0%, and -0.3/+5.6 pct year over year.
24H1 new orders were +1.2% year over year, and has maintained positive growth for 5 consecutive quarters. 24H1's new orders were 12.2 billion yuan, compared to +1.2% year over year. Public fit/residential/design signed 10.4/1/0.8 billion yuan, respectively, and +6.3%/-26.5%/-13.2% year over year. The company's new orders have maintained positive growth for 5 consecutive quarters since 23Q2, reflecting the resilience of leading operations. The number of new orders signed in the 23Q2-24Q2 single quarter was +36.6%/+14.8%/+4.3%/+0.6%/+1.8%, respectively. At the end of 24H1, the company has signed a total of 22.9 billion yuan of unfinished orders, which is 1.1 times the revenue for 23 years and provides a safety cushion for revenue.
Risk warning: Order growth falls short of expectations; project payback falls short of expectations.