Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Views - The company reported a revenue of 2.21 billion yuan in the first half of 2024, a year-on-year decrease of 3.9%, and a net profit attributable to shareholders of 150 million yuan, down 17.1% year-on-year [2]. - Retail business is under pressure, while bulk business benefits from construction growth. Retail revenue from direct sales and distribution was 170 million yuan and 1.17 billion yuan, down 8.2% and 10.9% year-on-year, respectively [2]. - The company opened 348 new stores, bringing the total to 4,931, indicating continued growth in store count [2]. - The overseas business generated 90 million yuan, a year-on-year increase of 42.7%, with significant growth in Q2 [2]. - The company expects to see improvements in profitability due to revenue recovery and cost control measures in the second half of the year [3]. Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of 1.39 billion yuan, down 6.9% year-on-year, and a net profit of 100 million yuan, down 20.5% year-on-year [2]. - The gross profit margin for H1 2024 was 36.7%, a slight decrease of 0.1 percentage points year-on-year [2]. - The company anticipates net profits of 560 million yuan, 600 million yuan, and 670 million yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 7.4, 6.9, and 6.1 times [3]. Business Segments - The bulk business revenue was 610 million yuan, up 8.2% year-on-year, benefiting from increased product categories and higher average transaction values [2]. - The overseas business continues to grow, with a focus on developing bulk business in Australia and the Americas, as well as opening stores in countries along the Belt and Road Initiative [2]. Product Categories - Revenue from cabinets and wardrobes decreased by 3.7% and 5.9% year-on-year, respectively, while the door segment saw a 6.9% increase [2]. - The company is focusing on enhancing product capabilities across its full range of home furnishing products [2].

Investment Rating - Strong Buy (Maintained) with a target price of 13.1 RMB [1] Core Views - Overseas business performed well, while domestic retail faced pressure in H1 2024 [1] - The company achieved revenue/attributable net profit/non-GAAP net profit of 2.21/0.15/0.13 billion RMB in H1 2024, down by 3.8%/17.0%/23.7% YoY respectively [1] - Excluding the impact of share-based payment expenses, the profit decline is expected to narrow [1] - In Q2 2024, revenue/attributable net profit/non-GAAP net profit were 1.39/0.10/0.09 billion RMB, down by 6.9%/20.5%/28.6% YoY respectively [1] Business Performance Product Breakdown - Overall cabinet/custom wardrobe/wooden door businesses achieved revenue of 0.97/0.93/0.14 billion RMB in H1 2024, with YoY changes of -3.7%/-5.9%/+6.9% respectively [1] - Gross margins for these products were 38.8%/40.9%/17.2%, with YoY changes of -0.5/+1.8/-0.7 percentage points [1] Channel Breakdown - Direct sales/distributor/bulk/overseas businesses achieved revenue of 0.17/1.17/0.61/0.09 billion RMB in H1 2024, with YoY changes of -8.2%/-10.9%/+8.2%/+42.7% respectively [1] - Gross margins for these channels were 69.3%/36.0%/35.5%/25.2%, with YoY changes of +0.1/-0.3/+2.2/+10.8 percentage points [1] Store Expansion - As of Q2 2024, the company had 1,798/1,993/1,120/20 stores for overall cabinets/custom wardrobes/wooden doors/direct sales, with net increases of +83/+143/+137/-15 stores compared to the beginning of the year [1] Financial Performance Profitability - Gross margin in H1 2024 was 36.7%, down by 0.1 percentage points YoY [1] - Sales/management/financial expense ratios were 16.9%/6.8%/-0.1%, up by 1.8/1.2/0.2 percentage points YoY, mainly due to increased advertising and equity incentive expenses [1] - Net profit margin attributable to shareholders was 6.7%, down by 1.1 percentage points YoY [1] Cash Flow & Operational Efficiency - Operating cash flow in H1 2024 was a net outflow of 0.26 billion RMB [1] - Inventory/accounts receivable/accounts payable turnover days were 176/22/74 days, up by 23/6/8 days YoY respectively [1] Financial Forecast - Revenue is expected to be 6.03/6.49/6.85 billion RMB in 2024E/2025E/2026E, with YoY growth rates of -1.4%/7.5%/5.6% [2] - Net profit attributable to shareholders is expected to be 0.57/0.62/0.66 billion RMB in 2024E/2025E/2026E, with YoY growth rates of -3.9%/8.0%/7.5% [2] - EPS is expected to be 1.31/1.41/1.52 RMB in 2024E/2025E/2026E [2] - P/E ratios are expected to be 7/7/6X in 2024E/2025E/2026E [2] Valuation & Investment Recommendation - The company is valued at 10X P/E for 2024E, corresponding to a target price of 13.1 RMB/share [1] - The company is expected to benefit from the industry trend of integrated home solutions and its multi-category development strategy [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][8] Core Views - The company released its 2024 mid-year report, which reflects a performance that is generally in line with expectations after adjusting for the impact of stock incentive payments. For the first half of 2024, the company achieved revenue of 2.212 billion yuan, a year-on-year decrease of 3.9%, and a net profit attributable to shareholders of 149 million yuan, down 17.1% year-on-year [2][8] - The report highlights that the cabinet segment continues to show stable growth, while new categories are expanding their store presence. The company is actively enhancing its large-scale and integrated channels to counteract the impact of channel diversion on retail sales [2][8] - The company is focusing on improving supply chain efficiency and reducing costs internally to offset the impact of price reductions, although the increase in stock incentive payments has led to a rise in expense ratios [2][8] Summary by Sections Financial Performance - For the first half of 2024, the company reported a net profit margin of 6.7%, a decrease of 1.1 percentage points year-on-year. The gross profit margin was 36.7%, a slight decrease of 0.1 percentage points year-on-year [2][8] - The company’s revenue for 2024 is projected to be 5.845 billion yuan, with a year-on-year decline of 4.4%, and a net profit of 564 million yuan, down 5.3% year-on-year [3][8] Product Categories - The cabinet segment generated revenue of 966 million yuan in the first half of 2024, a decrease of 3.7% year-on-year. The wardrobe segment reported revenue of 928 million yuan, down 5.9% year-on-year. The wood door and wall panel segment achieved revenue of 139 million yuan, an increase of 6.9% year-on-year [2][8] Sales Channels - The wholesale channel saw revenue growth of 8.2% year-on-year, reaching 606 million yuan in the first half of 2024. The overseas market showed significant growth, with revenue increasing by 42.7% year-on-year to 86 million yuan [2][8] Cost Management - The company’s operating expense ratio for the first half of 2024 was 29.4%, an increase of 3.4 percentage points year-on-year. The rise in management expenses was primarily due to increased stock incentive payments [2][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company achieved operating revenue of 2.21 billion yuan in H1 2024, a decrease of 3.8% year-on-year, and a net profit attributable to shareholders of 149 million yuan, down 17.0% year-on-year. After excluding stock incentive expenses, the net profit decreased by 6.2% year-on-year [3] - The report anticipates continued growth driven by domestic market improvements and strong overseas channel performance, despite uncertainties in the real estate market [3] - The company’s earnings forecast for 2024-2026 has been adjusted to 570 million, 617 million, and 670 million yuan respectively, with corresponding EPS of 1.31, 1.41, and 1.54 yuan [3] Revenue Breakdown - In H1 2024, the company faced pressure in retail channels, with revenue from wardrobes and cabinets declining, while the door and wall categories experienced strong growth. Revenue from kitchen cabinets, custom wardrobes, and wooden doors was 966 million, 928 million, and 139 million yuan, with year-on-year changes of -3.73%, -5.86%, and +6.88% respectively [4] - Revenue from direct stores, distribution stores, bulk business, and overseas markets was 175 million, 1.166 billion, 606 million, and 86 million yuan, with year-on-year changes of -8.18%, -10.90%, +8.22%, and +42.69% respectively [4] Profitability - The gross margin for H1 2024 was 36.7%, a slight decrease of 0.1 percentage points, while the expense ratio increased to 29.4%, up 3.4 percentage points. The net profit margin was 6.7%, down 1.1 percentage points [5] - The company reported an operating cash flow of -260 million yuan in H1 2024, compared to +340 million yuan in H1 2023, primarily due to a decline in sales receipts and an increase in payments for materials, taxes, and project guarantees [5] Financial Forecast Summary - The company’s projected operating revenue for 2024 is 6.075 billion yuan, with a year-on-year change of -0.7%. The projected net profit attributable to shareholders is 570 million yuan, reflecting a year-on-year decrease of 4.2% [6] - The gross margin is expected to be 36.8% in 2024, with a net margin of 9.4% [6]

公司报告 | 半年报点评 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains an "Outperform" rating for ZBOM Home (603801 SH) [1][3] Core Views - ZBOM Home experienced a slight revenue decline in H1 2024, with net profit significantly impacted by share-based payment expenses [1] - The company achieved steady growth in bulk business and rapid expansion overseas, while retail channels faced pressure [1] - Door and wall products showed strong performance, while cabinet and wardrobe revenues declined [1] - Gross margin remained stable, but increased expenses affected profitability [1] Financial Performance Revenue and Profit - H1 2024 revenue reached 2 21 billion yuan (-3 8% YoY), with net profit attributable to parent company of 150 million yuan (-17 0% YoY) [1] - Q2 2024 revenue was 1 39 billion yuan (-6 9% YoY), with net profit of 100 million yuan (-20 5% YoY) [1] Business Segments - Bulk business revenue grew 8 2% YoY to 610 million yuan in H1 2024 [1] - Overseas revenue surged 42 7% YoY to 90 million yuan in H1 2024 [1] - Retail channels (direct sales and distribution) declined 8 2% and 10 9% respectively in H1 2024 [1] Product Performance - Cabinet revenue decreased 3 7% YoY to 970 million yuan in H1 2024 [1] - Wardrobe revenue fell 5 9% YoY to 930 million yuan in H1 2024 [1] - Door and wall products grew 6 9% YoY to 140 million yuan in H1 2024 [1] Financial Ratios - Q2 2024 gross margin was 36 4% (-0 4pct YoY) [1] - Q2 2024 net margin was 7 3% (-1 3pct YoY) [1] - Q2 2024 expense ratios: sales 15 7% (+2 0pct), management 5 5% (+0 9pct), R&D 5 3% (-0 2pct), financial 0 1% (+0 6pct) [1] Market Position and Strategy - The company has over 2,000 distributors and 4,931 stores nationwide [1] - It is expanding through partnerships with leading home decoration companies [1] - Overseas expansion includes successful bids for projects in the US, Canada, and Qatar [1] Future Outlook - Adjusted profit forecasts for 2024-2026: net profit of 560/620/690 million yuan [1] - Expected EPS for 2024-2026: 1 29/1 42/1 57 yuan [1] - Forward PE ratios for 2024-2026: 8x/7x/6x [1]

时间：2024 年 8 月 30 日、9 月 2 日 调研方式：电话会议交流 调研机构名称（排名不分先后）： 证券代码： 603801 证券简称：志邦家居 公告编号：2024-065 志邦家居股份有限公司 关于接待机构调研情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 志邦家居股份有限公司（以下简称"公司"）于 2024 年 8 月 30 日、9 月 2 日通过电话会议交流形式接待了机构调研，现将情况公告如下： 一、调研情况 答：今年 3 月以来，《推动大规模设备更新和消费品以旧换新行动方案》等 政策相继落地，多个省、市地方政府积极响应并启动消费品以旧换新行动，通过 财政补贴、打折让利等方式降低消费者的焕新成本，进一步满足居民和企业对消 费品以旧换新的需求和期盼，有利于加快家装厨卫等消费需求的释放。公司已针 对存量焕新市场进行相应布局，在产品研发和供应保障方面提前做了大量准备工 作，打造全流程、全价值链的服务能力，逐步完善相应资质认证，同时推进整合 各地加盟商资源积极参与消费焕新活动。 申银万国证券、广发证券 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a current stock price of 9.83 yuan [4][6]. Core Views - The company experienced a slight decline in revenue and net profit in the first half of 2024, with revenue of 2.212 billion yuan, a decrease of 3.85% year-on-year, and a net profit attributable to shareholders of 149 million yuan, down 17.05% year-on-year [3]. - The overseas business showed significant growth, with a 42.69% increase in revenue from overseas operations in the first half of 2024, while the domestic direct sales and distribution channels faced declines [3]. - The company is diversifying its product categories and expanding its overseas business, with projected net profits for 2024-2026 expected to be 573 million, 623 million, and 672 million yuan, respectively [4]. Financial Summary - In the first half of 2024, the company reported revenues of 2.212 billion yuan, with a net profit of 149 million yuan and a non-recurring net profit of 126 million yuan, reflecting year-on-year decreases of 3.85%, 17.05%, and 23.74% respectively [3]. - The gross profit margin for the first half of 2024 was 36.69%, slightly down from the previous year, with product-specific margins for cabinets, wardrobes, and wooden doors at 38.77%, 40.86%, and 17.20% respectively [3]. - The company’s sales, management, R&D, and financial expense ratios increased in the first half of 2024, primarily due to heightened market competition and increased advertising and management costs [3]. Revenue Breakdown - Revenue from cabinets, wardrobes, and wooden doors in the first half of 2024 was 966 million, 928 million, and 139 million yuan, with year-on-year changes of -3.73%, -5.86%, and +6.88% respectively [3]. - The company’s revenue from direct stores, distribution stores, bulk business, overseas business, and other channels in the first half of 2024 was 175 million, 1.166 billion, 606 million, 86 million, and 178 million yuan, with year-on-year changes of -8.18%, -10.90%, +8.22%, +42.69%, and -1.23% respectively [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 9.83 [1][9] Core Views - The company experienced a decline in revenue and net profit in Q2 due to industry competition and high base effects, with a total revenue of 2.212 billion yuan, down 3.85% year-on-year, and a net profit of 149 million yuan, down 17.05% year-on-year [3] - Despite the pressures, the company's distribution channels maintained steady growth, with significant performance in the door and wall segments [3] - The increase in operating expenses has led to a decline in profitability, with a gross margin of 36.69% and a net profit margin of 6.72% in the first half of 2024 [3][4] - The company is implementing a full-space integrated home strategy, which is expected to drive growth despite the industry pressures [4] Financial Performance Summary - Revenue for 2021 was 5,389 million yuan, with a growth rate of 4.6%, and is projected to reach 6,799 million yuan by 2025, with a growth rate of 4.9% [1] - Net profit for 2021 was 537 million yuan, with a growth rate of 6.2%, projected to increase to 719 million yuan by 2025, with a growth rate of 12.8% [1] - Earnings per share (EPS) for 2021 was 1.23 yuan, expected to rise to 1.65 yuan by 2025 [1] - The company’s price-to-earnings (P/E) ratio is projected to decrease from 8 in 2023 to 6 in 2025 [1] Cash Flow and Efficiency - The company reported an operating cash flow of -257 million yuan in the first half of 2024, indicating short-term cash flow pressure [4] - The net operating cycle increased to 123.61 days, with inventory turnover days rising to 175.87 days [4]

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company reported a revenue of 2.212 billion yuan for H1 2024, a decrease of 3.9% year-on-year, and a net profit attributable to shareholders of 149 million yuan, down 17.1% year-on-year, with a narrower decline of 6.2% after excluding stock incentive payment impacts [1]. - The company is actively pursuing its whole-home strategy and accelerating its overseas brand expansion, with significant growth in overseas revenue [2]. Financial Performance Summary - For H1 2024, the revenue breakdown is as follows: kitchen cabinets 966 million yuan (down 3.7%), wardrobes 928 million yuan (down 5.9%), wooden doors 139 million yuan (up 6.9%), and other categories 178 million yuan (down 1.2%) [1]. - The gross margin for kitchen cabinets, wardrobes, wooden doors, and other categories for H1 2024 was 38.8%, 40.9%, 17.2%, and 18.9% respectively [1]. - The company’s Q2 2024 gross margin was 36.4%, with a net profit margin of 7.3% [2]. Revenue and Profit Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 570 million yuan, 620 million yuan, and 680 million yuan respectively, with corresponding P/E ratios of 7.5X, 6.9X, and 6.3X [2][3].