24H1 公司综合毛利率为36.69%，同减0.11pct。期间费用率为29.44%，同增3.38pct。其中，销售/管理/研发/财务费用率分别为16.86%/6.82%/5.86%/-0.10%，同比变化+1.83pct/+1.20pct/+0.11pct/+0.25pct。Key points of investment:
Incident: The company released its semi-annual report. 24H1 achieved operating income of 2.212 billion yuan, a year-on-year decrease of 3.85%; realized net profit of 0.149 billion yuan, a year-on-year decrease of 17.05%; and realized net profit deducted from non-mother of 0.126 billion yuan, a year-on-year decrease of 23.74%.
Looking at a single quarter, 24Q2 achieved operating income of 1.392 billion yuan, a year-on-year decrease of 6.88%; realized net profit of 0.102 billion yuan, a year-on-year decrease of 20.54%; realized net profit deducted from non-mother 0.087 billion yuan, a year-on-year decrease of 28.63%.
24H1's consolidated gross margin was 36.69%, down 0.11pct. The cost rate for the period was 29.44%, an increase of 3.38pct. Among them, the sales/management/R&D/finance expense ratios were 16.86%/6.82%/5.86%/-0.10%, and the year-on-year change was +1.83pct/+1.20pct/+0.11pct/+0.25pct.
By product, overall kitchen cabinets/custom closets/wooden doors achieved revenue of 0.973/0.944/0.139 billion yuan respectively, a year-on-year change of -3.04%/-4.3%/+6.88%. The gross margin was 39.21%/41.83%/17.20%, respectively, with year-on-year changes of -0.03pct/+2.79pct/-0.67pct.
By channel, direct-run stores/dealerships/bulk businesses achieved revenue of 0.175/1.166/0.606 billion yuan respectively, a year-on-year change of -8.18%/-10.90%/+8.22%. The gross margin was 69.25%/35.99%/35.52%, respectively, with a year-on-year change of 0.11pct/-0.31pct/+2.22pct.
Since 2010, the company has set up B2B business for domestic refined real estate projects in a division system. Since 2015, it has introduced the American PMBOK (Project Management Knowledge System) and project management software, and has accumulated rich experience in professional project management, installation and delivery, customer service and risk control in general residential/apartment, cultural tourism, hotels, and the elderly. The company's major business involves North America, the Middle East, Australia, Southeast Asia and other regions, and has a good reputation among engineering contractors in many countries. It has received many outstanding projects in Australia and won bids for benchmark projects in the US, Canada, Qatar, etc. It is the designated custom home furnishing supplier for The Ritz-Carlton, Australia and Rosewood Qatar.
Profit forecast and rating: We lowered the company's 24/25 net profit from 0.64/0.74 billion yuan to 0.56/0.59 billion yuan, corresponding to 7.1/6.9xPE. Referring to comparable companies, 10-12xPE for 24 years, the reasonable value range is 12.9-15.4 yuan/share, giving a “superior to the market” rating.
Risk warning: Industry competition increases risk, real estate sales decline risk, terminal demand falls short of expectations, risk of raw material price fluctuations.