%% %% 丨证券研究报告丨 公司研究丨点评报告丨蒙娜丽莎（002918.SZ） [Table_Title] 现金流显著改善 | --- | --- | --- | --- | |-------------------------------------------------------------------------|----------------|-------------------------|-------| | | | | | | 报告要点 | | | | | [Table_Summary] 2024 年上半年实现收入约 23 亿元，同比下降 20% | ，归属净利润约 | 亿元，同比下降 50% ， | | 分析师及联系人 [Table_Author] 范超 张佩 SAC：S0490513080001 SAC：S0490518080002 SFC：BQK473 请阅读最后评级说明和重要声明 蒙娜丽莎（002918.SZ） cjzqdt11111 2024-08-26 [Table_Title2] 现金流显著改善公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 相关研究 [ ...

证券研究报告·公司点评报告·家居用品 蒙娜丽莎（002918） 2024年半年报点评：行业需求低迷收入承压， 现金流改善显著 2024 年 08 月 26 日 增持（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|----------|--------|---------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 6229 | 5921 | 4925 | 5340 | 5716 | | 同比（ % ） | (10.85) | (4.94) | (16.83) | 8.44 | 7.03 | | 归母净利润（百万元） | (380.70) | 266.24 | 265.53 | 357.07 | 423.13 | | 同比（ % ） | (220.92) | 169.93 | (0.27) | 34.47 | 18.50 | | EPS- 最新摊薄（元 / 股） ...

公司报告 | 半年报点评 业绩延续承压态势，现金流改善明显 工程渠道业务收缩，收入业绩延续承压 公司发布 24 年半年报，24H1 实现营业收入 23.35 亿元，同比-19.78%，实 现归母净利润 0.83 亿元，同比-49.77%，扣非归母净利润 0.69 亿元，同比 -58.68%，24Q2 单季度收入、归母净利润分别为 15.16、0.73 亿元，同比分 别-16.16%、-53.69%，总体符合此前披露业绩预告的预期。受制于瓷砖需 求整体偏弱，以及公司主动放弃了部分账期长、收款风险大、毛利水平低 的工程订单，收入和利润有所承压。从中长期来看，公司渠道结构仍在持 续优化，经销占比稳步提升，我们认为盈利能力及现金流仍有改善空间。 渠道结构持续优化，经销占比稳步提升 分业务来看，24H1 公司瓷质有釉砖、非瓷质有釉砖、陶瓷板及薄型陶瓷砖 收入分别为 18.6、1.4、2.6 亿元，同比分别-16.2%、-54.8%、-18.1%；毛利 率分别为 26.9%、19.9%、34.6%，同比分别-2.1、+0.5、+6.8pct；从原材料 角度来看，24Q3 我们跟踪的液化天然气、瓦楞纸市场价格同比分别+15 ...

[Table_Main] 证券研究报告 | 公司点评 蒙娜丽莎(002918.SZ) 2024 年 08 月 23 日 | --- | --- | |-------------------------------|------------------------------| | 增持（维持） 蒙娜丽莎（ | 002918.SZ ）：经销业务持续发 | | | | | 所属行业：轻工制造 / 家居用品 | 力，期待业绩触底回升 | | 当前价格 ( 元 ) ： 7.43 | | 证券分析师 闫广 资格编号：S0120521060002 邮箱：yanguang＠tebon.com.cn 王逸枫 资格编号：S0120524010004 邮箱：wangyf6＠tebon.com.cn 研究助理 市场表现 -43% -29% -14% 0% 14% 蒙娜丽莎 沪深300 -57% | --- | --- | --- | --- | |--------------------------------|---------|---------|---------| | -71% \n2023-08 | 2023-12 | ...

证券研究报告 蒙娜丽莎 (002918 CH) 渠道转型稳推进，销售费用管控佳 华泰研究 中报点评 2024 年 8 月 23 日│中国内地 陶瓷 24H1 收入/归母净利同比-19.8%/-49.8%，维持"买入" 蒙娜丽莎发布半年报，24H1 实现营收 23.35 亿元（yoy-19.78%），归母净 利 8260.21 万元（yoy-49.77%）。其中 Q2 实现营收 15.16 亿元（yoy-16.16%， qoq+85.35%），归母净利 7296.71 万元（yoy-53.69%，qoq+657.31%）。 考虑到行业价格竞争影响公司毛利率承压，下调公司 2024-2026 年 EPS 预 测值为 0.51/0.87/1.26 元（前值 1.01/1.15/1.30 元）。可比公司 24 年 Wind 一致预期 PE 均值为 16 倍，之前公司收缩战略工程渠道收入承压，考虑到 工渠已收窄至一定规模，公司整体库存结构持续优化，多措并举促进回款， 给予公司 24 年 20 倍 PE，目标价 10.14 元（前值 12.12 元），维持"买入"。 24H1 价格影响综合毛利率承压，渠道快速转型 24H ...

| 证券代码：002918 | 证券简称：蒙娜丽莎 | 公告编号：2024-055 | | --- | --- | --- | | 债券代码：127044 | 债券简称：蒙娜转债 | | 第四届董事会第二次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 一、董事会会议召开情况 蒙娜丽莎集团股份有限公司（以下简称"公司"）第四届董事会第二次会议于 2024 年 8 月 22 日在公司办公楼会议室以现场方式召开，会议通知已于 2024 年 8 月 9 日通过专 人送达、传真、电子邮件、电话等方式发出。本次会议由董事长萧礼标先生主持，应出席 会议董事 9 名，实际出席会议董事 9 名，公司全体监事、高级管理人员列席了会议。会议 的召集、召开符合《公司法》《公司章程》及有关法律、行政法规、部门规章、规范性文 件的规定，会议合法有效。 二、董事会会议审议情况 蒙娜丽莎集团股份有限公司 经与会董事审议，以记名投票表决方式审议通过了以下议案： 1、审议通过了《关于 2024 年半年度报告及摘要的议案》 《2024 年半年度报告》详见 2024 年 8 月 23 ...

| 证券代码：002918 | 证券简称：蒙娜丽莎 | 公告编号：2024-059 | | --- | --- | --- | | 债券代码：127044 | 债券简称：蒙娜转债 | | 蒙娜丽莎集团股份有限公司 经中国证券监督管理委员会《关于核准蒙娜丽莎集团股份有限公司公开发行可转换 公司债券的批复》（证监许可[2021]2510 号）核准，公司公开发行可转换公司债券 116,893 万元，期限 6 年，每张面值 100 元，募集资金总额为人民币 1,168,930,000 元，扣除不含 税发行费用 13,109,638.21 元后，实际募集资金净额为人民币 1,155,820,361.79 元。上述 募集资金净额已到账并经天健会计师事务所（特殊普通合伙）审验，于 2021 年 8 月 21 日出具了《验证报告》（天健验[2021]7-82 号）。公司及控股子公司对募集资金的存放 和使用进行专户管理，并与保荐机构、募集资金存放银行签订了《募集资金三方监管协 议》。 （二）募投项目的基本情况 关于变更募集资金用途并将剩余募集资金永久补充流动资金的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， ...

蒙娜丽莎集团股份有限公司 | | | 广东绿屋建 | | 其他应 | | | | | | 代付会 | 非经营 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 筑科技工程 | 子公司 | 收款 | 0 | 10.77 | 0 | 0 | 10.77 | 展服务 | 性往来 | | | | 有限公司 | | | | | | | | 费 | | | | | 广东蒙娜丽 莎投资管理 | 子公司 | 其他应 | | | | | | 以房抵 | 非经营 | | | | 有限公司 | | 收款 | 40,329.45 | 10,643.88 | 0 | 1,226.22 | 49,747.11 | 债款 | 性往来 | | | | 广东清远蒙 | | 其他应 | | | | | | 代付职 工薪 | 非经营 | | | | 娜丽莎建陶 | 子公司 | 收款 | 0.18 | 4.42 | 0 | 2.72 | 1.88 | 酬、通 | 性往来 | | | | 有限公司 | | | | | | | | 讯费 | ...

| 证券代码：002918 | 证券简称：蒙娜丽莎 | 公告编号：2024-060 | | --- | --- | --- | | 债券代码：127044 | 债券简称：蒙娜转债 | | 蒙娜丽莎集团股份有限公司 关于召开 2024 年第二次临时股东大会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 蒙娜丽莎集团股份有限公司（以下简称"公司"）于 2024 年 8 月 22 日召开了公司第 四届董事会第二次会议，董事会决定以现场表决与网络投票相结合的方式召开公司 2024 年第二次临时股东大会（以下简称"本次会议"或"本次股东大会"）。现将会议的有关 情况通知如下： 一、召开会议的基本情况 1、股东大会届次：2024 年第二次临时股东大会 2、股东大会的召集人：公司董事会 3、会议召开的合法、合规性：公司 2024 年 8 月 22 日召开第四届董事会第二次会议 审议通过了《关于召开 2024 年第二次临时股东大会的议案》。本次股东大会召开符合有 关法律、行政法规、部门规章、规范性文件及公司章程的规定。 4、会议召开的日期、时间： （1）现场会议召开时 ...

Financial Performance - Mona Lisa Group reported a revenue of 1.2 billion RMB for the first half of 2024, representing a year-on-year increase of 15%[6]. - The company's operating revenue for the first half of 2024 was ¥2,334,520,095.12, a decrease of 19.78% compared to the same period last year[11]. - Net profit attributable to shareholders was ¥82,602,101.24, down 49.77% year-on-year[11]. - The net profit after deducting non-recurring gains and losses was ¥68,734,632.24, a decline of 58.68% compared to the previous year[11]. - The company reported a total revenue of CNY 1,004,884,520 for the first half of 2024, reflecting a decrease of 9.56% compared to the previous period[145]. - The net profit attributable to shareholders for the same period was CNY -61,320,041.25, indicating a significant loss[145]. - The company reported a total comprehensive income for the first half of 2024 was CNY 81,281,123.76, significantly lower than CNY 184,523,097.15 in the previous year[130]. Market Strategy and Expansion - The company plans to expand its market presence by increasing production capacity by 20% in the next fiscal year[6]. - Mona Lisa Group anticipates a revenue growth target of 10% for the second half of 2024, driven by new product launches and market expansion strategies[6]. - The company plans to enhance brand construction and continue expanding distribution channels while implementing cost reduction and efficiency improvement measures[23]. - The company aims to lead in the green and low-carbon development of the building materials industry, aligning with national carbon neutrality goals[28]. - Mona Lisa Group aims to enter new international markets, targeting a 10% revenue contribution from overseas sales by 2025[68]. - The company has initiated a strategic acquisition of a local competitor, expected to enhance market share by 5%[68]. Research and Development - The company has invested 100 million RMB in R&D for new product lines, focusing on smart home technologies[6]. - Research and development investments increased by 10% to 150 million RMB, focusing on smart ceramic technologies[68]. - The company has launched several new products, including classic stone patterns and luxury minimalist designs, showcasing its strong R&D capabilities[34]. - The company holds a total of 1,201 patents, including 325 invention patents (12 of which are foreign), 187 utility model patents, and 689 design patents[25]. Financial Management and Investments - The company has no plans to distribute cash dividends or issue bonus shares for the current fiscal year[2]. - The company has made significant investments in green development, including the use of photovoltaic technology and zero-carbon combustion processes[25]. - The company has utilized 437,570,590.00 yuan of raised funds to replace self-raised funds for project investments and issuance costs[53]. - The company reported a net cash flow from investing activities of -¥33,311,281.22, an improvement of 77.00% compared to -¥144,810,200.06 in the previous year[38]. Operational Efficiency - The company has established a new logistics subsidiary to improve distribution efficiency and reduce costs[6]. - The company has strengthened its logistics and supply chain management to optimize costs and improve service levels[27]. - The company has implemented a digital transformation strategy, enhancing data standardization and real-time collaboration, which has improved production scheduling and sales efficiency[26]. Environmental Initiatives - The company has invested a total of 28.5636 million yuan in environmental protection measures in the first half of 2024[72]. - The company has implemented pollution control facilities that have passed environmental acceptance inspections and are operating according to regulations[70]. - The company is classified as a key pollutant discharge unit and adheres to various environmental protection laws and standards[65]. - The company has established emergency response plans for environmental incidents and has updated them in accordance with local regulations[71]. Challenges and Risks - The company is facing potential risks related to supply chain disruptions, which could impact production timelines[2]. - The overall ceramic tile industry is facing severe challenges, with a significant reduction in demand and profit margins due to various external factors[28]. - The continuous decline in tile prices has led to a risk of profit reduction for the company due to shrinking demand and increased industry competition[59]. - The company faces risks related to the recovery of receivables, particularly from real estate clients, with potential issues in asset disposal and realization[61]. Shareholder Information - The top five shareholders collectively hold 62.76% of the company's shares, with the largest shareholder, Xiao Hua, owning 30.13%[105]. - The company has a total of 23,596 common shareholders at the end of the reporting period[103]. - The proportion of restricted shares remains at 47.14%, while unrestricted shares account for 52.86% of the total[101]. Corporate Governance - The financial statements were approved by the board on August 22, 2024, and cover the period from January 1, 2024, to June 30, 2024[146]. - The company has not experienced any violations regarding external guarantees during the reporting period[77]. - There were no significant litigation or arbitration matters reported during the period[79].