渠道精细化运作，线上线下融合发展。1）分产品看，24H1 公司智能家居/晾衣架产品分别实现营收6.0/0.9 亿元，占主营业务收入87%/12%。2）分渠道看，公司坚持全渠道运作，线上注重新品类培育，通过科技家居博主强化智能晾衣机专业智能形象，公司在618 大促中连续保持行业销量第一，上半年公司电商渠道实现收入4.5 亿元。线下渠道通过“开疆焕新”和“零售标杆城市打造”行动，精准招商，加快渠道下沉；同时深化家电渠道、京东万商、新零售等新渠道布局，深度赋能经销商，提升终端零售运营质量；上半年公司线下渠道实现收入2.4 亿元。展望未来，公司将聚焦线下终端与单店质量提升，线上挖掘新兴电商潜力，持续完善全渠道布局。Matters:
The company released its 2024 mid-year report. In the first half of the year, the company achieved revenue/net profit attributable to mothers/net profit excluding non-return to mother of 0.71/0.14/0.14 billion yuan, -0.9%/-4.5%/-4.0% year-on-year. In the second quarter of a single quarter, the company achieved revenue/net profit attributable to mothers/net profit excluding non-attributable net profit of 0.42/0.09/0.09 billion yuan, -5.0%/-13.7%/-13.3% year-on-year.
Commentary:
Refined channel operation, integrated development of online and offline. 1) By product, 24H1's smart home/clothes rack products achieved revenue of 0.6/0.09 billion yuan respectively, accounting for 87%/12% of the main business revenue. 2) By channel, the company adheres to omni-channel operation, focuses on cultivating new categories online, and strengthens the professional intelligent image of smart clothes dryers through technology and home bloggers. The company continued to rank first in sales in the industry during the 618 promotion. The company's e-commerce channel achieved revenue of 0.45 billion yuan in the first half of the year. Through “pioneering the new frontier” and “building a benchmark retail city”, offline channels accurately attracted investment and accelerated channel decline; at the same time, the layout of new channels such as home appliance channels, JD Wanshang, and new retail was deepened to deeply empower dealers and improve the quality of terminal retail operations; in the first half of the year, the company's offline channels achieved revenue of 0.24 billion yuan. Looking forward to the future, the company will focus on improving the quality of offline terminals and single stores, explore the potential of emerging e-commerce online, and continue to improve the omni-channel layout.
Profitability continues to increase, and the increase in Q2 fees dragged down profit margins. In 24Q2, the company achieved a gross profit margin of 56.1%, +4.7 pcts/month-on-month +4.2 pcts. The increase in gross margin was mainly due to cost savings brought about by the company's homemade components and internal management efficiency. On the cost side, the company achieved a sales/management/finance expense ratio of 24.2%/5.6%/-0.9%, compared with +6.4/+1.2/-0.8pcts. Among them, the increase in the sales expense ratio was mainly due to an increase in the company's e-commerce platform promotion expenses, advertising expenses, etc.; the increase in the management cost ratio was mainly due to an increase in employee remuneration, intermediary agency fees, and engineering repair costs. Taken together, the company's net profit margin for the second quarter was -2.1pcts to 20.9% year-on-year.
Investment suggestion: As a leading enterprise in the field of smart drying, the company is speeding up the smart door lock circuit layout and is expected to continue to build a second growth curve. Considering weak downstream demand and the company's increased cost investment, we slightly lowered our profit forecast. We expect the company to achieve net profit of 0.35/0.399/0.451 billion yuan in 24-26 (the original value was 0.395/0.467/0.549 billion yuan in 24-26), and the PE corresponding to the current stock price is 13/12/10X, respectively; referring to the relative valuation method, the corresponding target price is 14.73 yuan for 24-26, maintaining the “strong push” rating.
Risk warning: Prices of raw materials have risen sharply, demand for home furnishings falls short of expectations, real estate sales fall short of expectations, etc.
