Group 1: Company Strategy and Market Position - The company will maintain its strategic focus on large tiles, building materials, and home furnishings, without plans for a significant shift in direction [2] - The company is continuously optimizing its sales structure and enhancing the proportion of distribution channels, while emphasizing risk control and cash flow quality in its engineering business [2][3] - The ceramic industry is transitioning from a growth phase to a period of intense competition, characterized by a shift from incremental growth to a more challenging environment with reduced profit margins [3][4] Group 2: Financial Performance and Stock Management - The company reported a decline in performance in both the annual and quarterly reports, with a focus on improving operational efficiency and cost reduction to enhance profitability [3][4] - In 2022, the company executed a stock buyback, adhering to relevant regulations, and plans to continue this practice as necessary [3][4] - The company has made arrangements to adjust the conversion price of its convertible bonds, with 3.371 billion yuan still pending conversion [4] Group 3: Product Development and Innovation - The company emphasizes the importance of new product development and has plans to launch new products annually to meet customer demands [3][4] - The company is integrating advanced technologies, including AI and automation, into its production processes to enhance efficiency and innovation [4] Group 4: Industry Outlook and Challenges - The company acknowledges the challenges posed by the current real estate market downturn but remains optimistic about future opportunities driven by government policies aimed at stabilizing the market [3][4] - The industry is expected to see increased concentration, benefiting companies that prioritize innovation, quality, and management [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved an annual revenue of 4.6 billion yuan, a year-on-year decrease of 22%. The net profit attributable to shareholders was 120 million yuan, down 53% year-on-year, while the net profit excluding non-recurring items was approximately 100 million yuan, down 58% year-on-year [2][4]. - In the first quarter, the company reported a revenue of 700 million yuan, a year-on-year decline of 16%, with a net profit of -60 million yuan, a decrease of 715% year-on-year, and a net profit excluding non-recurring items of approximately -70 million yuan, down 870% year-on-year [2][4]. - The company is expected to achieve net profits of approximately 200 million yuan and 250 million yuan in 2025 and 2026, respectively, corresponding to valuations of 18 and 15 times [6]. Summary by Sections Revenue and Profitability - The company’s revenue for 2024 is projected to decline by 22% due to weak terminal demand and intensified price competition, with tile sales expected to drop by 16% to approximately 120 million square meters. The average price of tiles is anticipated to decrease by about 7% year-on-year, cumulatively down 19% compared to 2021 [10]. - The gross margin is expected to continue its downward trend, decreasing from 29.5% in 2023 to 27.3% in 2024, with the distribution channel gross margin declining from 28.3% to 25.7% [10]. - The company’s revenue from distribution channels is expected to be around 3.5 billion yuan, down 7% year-on-year, while revenue from engineering channels is projected to be about 1.1 billion yuan, down 48% year-on-year [10]. Cost and Expenses - The company’s period expense ratio is expected to increase by 0.6 percentage points year-on-year, with management expenses rising by 1.9 percentage points due to weakened scale effects, while financial expenses are expected to decrease by 1.3 percentage points [10]. - The net profit margin for 2024 is projected to be approximately 2.7%, a decrease of 1.8 percentage points year-on-year [10]. Cash Flow and Financial Health - The company has shown strong cash flow performance, with cash collection ratios over the past three years being 1.12, 1.08, and 1.15. The cash flow from operating activities for 2024 is expected to be 810 million yuan [10]. - By the end of 2024, accounts receivable and notes are expected to be 700 million yuan, primarily due to a high retail proportion and a continuous contraction in the real estate business [10]. Industry Outlook - The supply exit in the tile industry is significant, with the production of building ceramics expected to be around 5.91 billion square meters in 2024, a year-on-year decrease of 12% [10]. - The number of large-scale enterprises in the industry has decreased from 1,048 in 2021 to 993 in 2024, with approximately 55 enterprises exiting the market [10].

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 公司发布24年年报及25年一季报,24年公司实现营业收入/归母净利润/扣非归母净利润46.3/1.2/1.0亿元，同 比-21.8%/-53.1%/-57.5%。25Q1公司实现营业收入/归母净利润/扣非归母净利润6.9/-0.6/-0.7亿元，同 比-16.1%/转亏/转亏。 点评： 陶瓷行业低迷，公司经营承压 受房地产行业调整影响，市场竞争加剧，陶瓷行业持续承压，24年全国陶瓷砖产量为 59.1 亿平方米，同比 下降12.2%。在较为低迷的行业背景下，公司经营持续承压，24年营收及利润均同比下滑，25Q1营收仍有 所下滑并出现亏损。毛利率的下降、管理费用率的提升及资产减值损失（应收坏账准备、存货跌价准备以 及工抵房 ...

2025年4月26日 公司研究 行业低迷业绩承压,渠道结构持续优化 ―蒙娜丽莎（002918.SZ）2024 年年报及 2025 年一季报点评 要点 本报告来源于"慧博投研",请勿外传! 事件:公司发布 24 年年报及 25 年一季报.24 年公司实现营业收入/归母净利润/ 扣非归母净利润 46.3/1.2/1.0 亿元，同比-21.8%/-53.1%/-57.5%。25Q1 公司实 现营业收入/归母净利润/扣非归母净利润 6.9/-0.6/-0.7 亿元，同比-16.1%/转亏/ 转亏。 点评: 陶瓷行业低迷,公司经营承压:受房地产行业调整影响,市场竞争加剧,陶瓷行 业持续承压,24年全国陶瓷砖产量为 59.1 亿平方米,同比下降 12.2%。在较 为低迷的行业背景下,公司经营持续承压,24年营收及利润均同比下滑,2501 营收仍有所下滑并出现亏损。毛利率的下降、管理费用率的提升及资产减值损失 (应收坏账准备、存货跌价准备以及工抵房减值准备) 的增加,导致公司 24年 利润同比降幅明显高于收入，也导致 25Q1 出现亏损。 经销渠道占比提升,库存结构持续优化:公司稳健经营,加强经销,主动减少部 分经营风险较 ...

Core Viewpoint - Mona Lisa Group emphasizes corporate social responsibility, leading product innovation through technological breakthroughs, promoting quality transformation via standards, facilitating low-carbon transformation through a green revolution, and defining consumer value through service innovation, thereby achieving robust development and contributing to the high-quality development of China's building ceramics industry [1] Quality Leadership - Mona Lisa Group relies on a comprehensive quality control system that covers the entire lifecycle of products, ensuring quality foundations [2] - The company's testing center is CNAS certified and conducts thorough inspections of raw materials, in-process products, and finished goods, ensuring compliance with industry standards and achieving advanced levels in key indicators [2][4] - The integration of information technology optimizes the quality management system, ensuring product consistency and stability across four production bases [4] Technological Leadership - In 2007, Mona Lisa Group established the first domestic dry-pressing ceramic thin plate production line, marking a significant technological milestone [5] - The company has continuously broken size barriers in ceramic products, with innovations such as the 1.0mm ceramic thin plate in 2022 and the 9-meter super large plate in 2021, enhancing the market perception of high-end building decoration products [6] Green Transformation - The company is set to launch a zero-carbon ammonia-hydrogen combustion technology production line in September 2024, aiming to eliminate CO2 emissions and reduce carbon output by 5,200 tons annually [7] - The establishment of a large-scale distributed photovoltaic system at the production base is expected to save 32,700 tons of standard coal and reduce carbon emissions by 81,400 tons annually [9] Service Innovation - Mona Lisa Group has developed a comprehensive service delivery system that enhances user experience through a full-process quality delivery plan [10] - The implementation of intelligent customer service systems has improved service request handling efficiency by 40%, creating a positive feedback loop for quality upgrades [10][11]

Revenue and Profit - The total operating revenue of the company in Q1 2025 was 686 million yuan, a decrease of 16.12% compared to the same period last year [1] - The net profit attributable to the parent company recorded a loss of 59.28 million yuan, a year-on-year decline of 715.27%, while the net profit excluding non-recurring items was -67.50 million yuan, down 869.73% year-on-year [1] Profitability - The gross profit margin was 21.54%, a decrease of 18.75 percentage points compared to the same period last year [2] - The net profit margin was -8.47%, a year-on-year decrease of 1016.95 percentage points, indicating challenges in cost control and profitability [2] Expense Control - Total selling, administrative, and financial expenses reached 167 million yuan, accounting for 24.39% of operating revenue, an increase of 11.58% year-on-year [3] Cash Flow and Asset Status - The operating cash flow per share was -0.27 yuan, a decrease of 507.65% year-on-year, indicating increased cash outflow from operating activities [4] - Monetary funds amounted to 1.509 billion yuan, a decrease of 28.82% compared to the same period last year, while accounts receivable were 664 million yuan, down 26.54% year-on-year [4] - Accounts receivable accounted for 531.16% of the latest annual net profit attributable to the parent company, suggesting a significant risk of bad debts [4] Debt Situation - Interest-bearing liabilities were 2.077 billion yuan, a year-on-year decrease of 31.29%, but the interest-bearing asset-liability ratio remained at 27.54%, necessitating ongoing attention to debt repayment capacity [5] Summary - Overall, the company's performance in Q1 2025 was weak, particularly in terms of profitability and cash flow. There is a need for improved cost and expense management, as well as cash flow improvement, while closely monitoring accounts receivable and debt levels to ensure financial health [6]

| 证券代码：002918 | 证券简称：蒙娜丽莎 | 公告编号：2025-028 | | --- | --- | --- | | 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 第四届监事会第六次会议决议公告 本公司及监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、监事会会议召开情况 蒙娜丽莎集团股份有限公司（以下简称"公司"）第四届监事会第六次会议于 2025 年 4 月 25 日在公司办公楼会议室以现场方式召开。会议通知已于 2025 年 4 月 21 日以专人 送达、传真、电子邮件、电话相结合方式送达全体监事。本次会议由监事会主席蔡莉莉女 士召集并主持，应出席监事 3 名，实际出席监事 3 名，公司董事会秘书列席了会议。会议 的召集、召开程序符合《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、监事会会议审议情况 经与会监事认真审议，以记名投票表决方式通过了如下议案： 1、审议通过了《关于 2025 年第一季度报告的议案》 经审核，公司监事会认为：董事会编制和审核公司 2025 ...

| 证券代码：002918 | 证券简称：蒙娜丽莎 | 公告编号：2025-027 | | --- | --- | --- | | 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 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。 三、备查文件 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"）第四届董事会第九次会议于 2025 年 4 月 25 日在公司办公楼会议室以现场方式召开，会议通知已于 2025 年 4 月 21 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 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 2025 年第一季度报告的议案》 具体内容详见公司 于 2025 年 4 月 26 日在信息披露媒体巨潮资讯网 ...

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.1500 | 0.0200 | -850 | 0.0200 | | 每股净资产（元） | 7.75 | 7.89 | -1.77 | 7.38 | | 每股公积金(元) | 3.32 | 3.3 | 0.61 | 3.3 | | 每股未分配利润(元) | 3.23 | 3.47 | -6.92 | 2.97 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 6.86 | 8.18 | -16.14 | 11.01 | | 净利润(亿元) | -0.59 | 0.1 | -690 | 0.07 | | 净资产收益率(%) | -1.79 | 0.28 | -739.29 | 0.21 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 9164.19万股，累计占流通股比： 41.75%， ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥686,252,768.61, a decrease of 16.12% compared to ¥818,125,953.51 in the same period last year[5]. - The net profit attributable to shareholders was a loss of ¥59,281,371.77, representing a decline of 715.27% from a profit of ¥9,635,007.32 in the previous year[5]. - The net cash flow from operating activities was negative at ¥113,615,159.07, a decrease of 507.66% compared to ¥27,870,404.71 in the same period last year[5]. - Total operating revenue for the current period was ¥686,252,768.61, a decrease of 16.1% compared to ¥818,125,953.51 in the previous period[21]. - Net profit for the current period was a loss of ¥58,093,399.69, compared to a profit of ¥7,552,998.04 in the previous period, representing a significant decline[22]. - The company reported an operating profit of -¥58,009,612.83, a significant drop from ¥12,258,371.56 in the previous period[22]. - The company incurred credit impairment losses of -¥6,803,048.11, compared to -¥2,326,596.40 in the previous period, showing an increase in losses[22]. - Other income for the current period was ¥7,425,387.80, down from ¥9,649,328.84 in the previous period, reflecting a decrease of 23.0%[21]. Assets and Liabilities - The total assets at the end of the reporting period were ¥7,542,344,082.22, down 2.18% from ¥7,710,231,542.38 at the end of the previous year[5]. - The company's total equity decreased to ¥3,597,202,909.16 from ¥3,655,270,907.45, reflecting a reduction of approximately 1.6%[20]. - The company's current liabilities totaled RMB 2,663,280,193.70, down from RMB 2,794,761,845.95[19]. - The non-current liabilities increased slightly to RMB 1,281,860,979.36 from RMB 1,260,198,788.98[19]. - The total liabilities of the company were RMB 3,945,141,173.06, compared to RMB 4,054,960,634.93 previously[19]. - The total liabilities and equity amounted to ¥7,542,344,082.22, down from ¥7,710,231,542.38, indicating a decrease of approximately 2.2%[20]. Cash Flow - The net cash flow from financing activities increased by 436.50% to ¥16,545.74 million, mainly due to an increase in cash received from borrowings[12]. - Cash flow from operating activities was ¥789,522,787.37, down from ¥986,071,477.13 in the previous period, indicating a decline of 20%[23]. - Total cash inflow from operating activities amounted to 917,684,080.85, while cash outflow was 1,031,299,239.92, resulting in a net cash outflow of 113,615,159.07[24]. - Cash inflow from investment activities was 10,361,225.56, with cash outflow totaling 33,403,793.51, leading to a net cash outflow of 23,042,567.95[24]. - Cash inflow from financing activities reached 417,000,000.00, while cash outflow was 251,542,569.73, resulting in a net cash inflow of 165,457,430.27[24]. - The ending cash and cash equivalents balance was 1,361,945,390.68, down from 1,952,433,816.33 in the previous period[24]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 32,779[13]. - The largest shareholder, Xiao Hua, holds 30.13% of the shares, amounting to 125,080,560 shares[14]. Inventory and Receivables - The company's inventory decreased to RMB 913,266,329.88 from RMB 1,003,528,336.03[18]. - The company’s accounts receivable increased to RMB 663,741,942.81 from RMB 655,659,946.40[18]. - The company’s short-term borrowings rose to RMB 314,000,000.00 from RMB 279,125,430.56[19]. Legal Matters - The company reported a total of RMB 37,912.37 million in new litigation and arbitration cases, representing 10.97% of the latest audited net assets[17]. Other Financial Metrics - The weighted average return on equity was -1.79%, a decrease of 2.07% from 0.28% in the previous year[5]. - Basic and diluted earnings per share for the current period were both -¥0.15, compared to ¥0.02 in the previous period[22]. - The company reported a significant increase in prepayments, which rose by 114.58% to ¥4,760.35 million due to increased advance payments for energy and materials[10]. - The company experienced a 443.18% increase in other operating income, which reached ¥565.89 million, primarily due to an increase in contract breach penalty income[11].