2025中国房地产TOP500测评成果发布会暨房地产发展高峰论坛，于3月在京盛大启幕。 在设计上，蒙娜丽莎瓷砖持续探索空间美学与现代科技的融合，在品类、花色、规格上不断创新。2025 年，蒙娜丽莎瓷砖更是重磅推出了无极.石界、七星珍岩、时空石韵等全新系列，引入国际领先空间和材 料设计理念，创新质感工艺，实现了设计水准与硬度、止滑、耐污等安全、健康性能的提升。通过建筑陶 瓷艺术融合功能性创新，蒙娜丽莎瓷砖以高品质的创新产品，呼应着人们对"好房子"的期待，为提升居 住"幸福感"和实现"文化表达"展现了新的可能。 得益于蒙娜丽莎瓷砖对产品的高要求，蒙娜丽莎瓷砖成功占据行业领先位置，在与近百家大型房地产商建 立战略合作关系的同时，参与了北京奥运会八大场馆、广州亚运会十大场馆、港珠澳大桥、杭州亚运会亚 运村等重大国家级工程项目建设，代表民族品牌向用户和世界展现中国品牌实力。 领先技术和服务，奠定可靠品牌基础 三十余年的深耕，让蒙娜丽莎瓷砖积累了深厚的用户基础，而这些用户的支持背后，是蒙娜丽莎瓷砖对消 费者需求的深入洞察和对更高水准生产技术的不懈追求。 为充分保障品牌产品的高品质，蒙娜丽莎瓷砖在四大生产基地的基础上，搭建 ...

证券研究报告|公司点评报告 2025 年 04 月 24 日 蒙娜丽莎（002918.SZ） 行业竞争压力仍存，经销渠道持续提升 中游制造/建材 公司 2024 年实现营业总收入 46.31 亿元，同比下降 21.79%；归母净利润 1.25 亿元，同比下降 53.06%；扣非后归母净利润 1.03 亿元，同比下滑 57.53%；基 本 EPS 为 0.31 元/股，同比减少 51.56%；加权平均 ROE 为 3.64%，同比下降 4.31pct。 强烈推荐（维持） 目标估值：NA 当前股价：8.74 元 基础数据 | 总股本（百万股） | 415 | | --- | --- | | 已上市流通股（百万股） | 219 | | 总市值（十亿元） | 3.6 | | 流通市值（十亿元） | 1.9 | | 每股净资产（MRQ） | 8.0 | | ROE（TTM） | 3.7 | | 资产负债率 | 52.6% | | 主要股东 | 萧华 | 股价表现 % 1m 6m 12m 绝对表现 -8 0 -8 相对表现 -5 5 -16 资料来源：公司数据、招商证券 -40 -20 0 20 40 60 Apr/24 ...

证券研究报告|公司点评报告 2025 年 04 月 24 日 蒙娜丽莎（002918.SZ） 行业竞争压力仍存，经销渠道持续提升 中游制造/建材 公司 2024 年实现营业总收入 46.31 亿元，同比下降 21.79%；归母净利润 1.25 亿元，同比下降 53.06%；扣非后归母净利润 1.03 亿元，同比下滑 57.53%；基 本 EPS 为 0.31 元/股，同比减少 51.56%；加权平均 ROE 为 3.64%，同比下降 4.31pct。 强烈推荐（维持） 目标估值：NA 当前股价：8.74 元 基础数据 | 总股本（百万股） | 415 | | --- | --- | | 已上市流通股（百万股） | 219 | | 总市值（十亿元） | 3.6 | | 流通市值（十亿元） | 1.9 | | 每股净资产（MRQ） | 8.0 | | ROE（TTM） | 3.7 | | 资产负债率 | 52.6% | | 主要股东 | 萧华 | 股价表现 % 1m 6m 12m 绝对表现 -8 0 -8 相对表现 -5 5 -16 资料来源：公司数据、招商证券 -40 -20 0 20 40 60 Apr/24 ...

Core Viewpoint - The company reported a significant decline in revenue and net profit for 2024, reflecting the challenging conditions in the ceramic industry due to the real estate market adjustment [1][2]. Financial Performance - In 2024, the company achieved revenue of 4.63 billion yuan, a year-on-year decrease of 21.8% - The net profit attributable to shareholders was 120 million yuan, down 53.1% year-on-year - The net profit after deducting non-recurring items was 100 million yuan, a decline of 57.5% year-on-year - In Q4 2024, the company reported revenue of 1.06 billion yuan, a decrease of 23.0% year-on-year, with a net loss of 20 million yuan [1]. Industry Context - The ceramic industry is under pressure, with a 12.18% decline in national ceramic tile production to 5.91 billion square meters in 2024 - The number of large-scale enterprises in the building ceramic industry decreased to 993, down by 29 from 2023 - The number of production lines in the national building ceramic sector fell to 2,193, a reduction from 2,485 in 2022, indicating an exit rate of 11.75% [2]. Revenue Breakdown - The company's revenue from building ceramic products was 4.55 billion yuan, down 22.6% year-on-year - The volume and price of products decreased by 16.3% and 7.5% respectively - Revenue from distribution and strategic engineering channels was 3.54 billion yuan and 1.09 billion yuan, down 7.5% and 48.0% year-on-year, with gross margins of 25.7% and 32.6% respectively [2]. Profitability and Cost Management - The company's gross margin was 27.3%, a decrease of 2.2 percentage points year-on-year - The sales, management, and financial expense ratios were 6.4%, 9.5%, and 0.2% respectively, with management expenses increasing by 1.9 percentage points - The company recorded asset and credit impairment losses totaling 150 million yuan, impacting profitability and reducing the net profit margin to 2.7%, down 1.8 percentage points year-on-year [3]. Strategic Initiatives - The company is enhancing its operational efficiency through a comprehensive channel layout and optimizing management practices - It is focusing on developing new retail and integrated market businesses while establishing deep partnerships with major decoration companies - Cost reduction and efficiency improvement measures are being systematically implemented to optimize channel operations [3]. Investment Outlook - The company is positioned as a leader in the tile industry with a robust channel layout and strong product competitiveness - Given the ongoing competitive pressures in the tile industry, projected net profits for 2025-2027 are 201 million, 249 million, and 285 million yuan respectively - The company is expected to maintain a steady market share, with a target price of 10.16 yuan based on a 21x PE for 2025 [4].

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 10.16 CNY, while the current price is 8.84 CNY [4][8]. Core Views - The company reported a significant decline in revenue and net profit for 2024, with total revenue of 4.63 billion CNY, a year-on-year decrease of 21.8%, and a net profit of 125 million CNY, down 53.1% [2][4]. - The company is actively adjusting its customer structure to mitigate risks, particularly in response to the challenges faced by the ceramics industry due to the real estate sector's downturn [8]. - The company has implemented measures to enhance operational efficiency and reduce costs, which are expected to improve channel management and overall competitiveness [8]. Financial Performance Summary - In 2024, the company achieved total revenue of 4.63 billion CNY, with a year-on-year growth rate of -21.8%. The projected revenue for 2025 is 4.76 billion CNY, indicating a recovery with a growth rate of 2.8% [4]. - The net profit for 2024 was 125 million CNY, with a projected increase to 201 million CNY in 2025, reflecting a growth rate of 60.8% [4]. - The company's gross margin for 2024 was 27.3%, a decrease of 2.2 percentage points year-on-year, while the operating profit is expected to improve in the following years [8]. Market and Industry Context - The ceramics industry is facing increased competition and a decline in production, with national ceramic tile output in 2024 at 5.91 billion square meters, down 12.18% from 2023 [8]. - The company is positioned as a leader in the tile industry, with a well-established channel layout and strong product competitiveness, which is expected to help it gain market share despite the challenging environment [8].

调研纪要：蒙娜丽莎在2024年面对贸易环境变化、房地产调整等多重挑战，采取了一系列应对措施。贸 易壁垒导致建陶行业出口量、额、价齐跌，企业转向新兴市场；公司营业收入下降，销售量同比下降 16.34%，销售结构变化影响价格；营业成本下降20.72%，主要由直接材料和燃料动力成本下降引起； 降本增效措施效果显现，但未来空间有限；公司经营活动现金流良好，将继续通过现金分红回报投资 者；对部分房地产客户应收账款进行信用减值损失单项计提，将持续关注并评估；展望2025年，行业面 临需求减弱等挑战，但城镇化推进、存量房改造等带来新机遇。 机构简介： 深圳正圆投资2015年成立于深圳前海自贸区，并于当年获得私募证券投资基金牌照。正圆拥有专业的投 研团队，丰富的投资经验，完善的风险管理制度。 立足于中国经济结构转型升级，服务于中国实体经 济发展。依赖团队专业的投研能力，致力于成为社会资本与优质产业之间的纽带，通过将客户资产配置 于符合发展趋势的优质公司，实现客户资产的保值增值。 以上内容为证券之星据公开信息整理，由智能算法生成（网信算备310104345710301240019号），不构成投资建议。 根据市场公开信息及4月2 ...

机构简介： 上海富善投资有限公司(简称"富善投资")2013年成立于上海。富善投资由国内量化领域资深专业人士和 国内著名阳光私募基金公司上海朱雀投资共同发起成立。富善投资致力于吸收和引进全球领先金融机构 在量化投资领域的成熟经验和技术，结合中国市场的实际情况，探索研究适合中国资本市场特色的量化 投资领域的投资策略、研发体系、风控体系和交易体系，致力于成为国内量化投资领域的品牌企业。富 善企业文化：透明、信任、激情、分享。 以上内容为证券之星据公开信息整理，由智能算法生成（网信算备310104345710301240019号），不构成投资建议。 1）蒙娜丽莎 （富善投资参与公司特定对象调研&电话会议） 调研纪要：蒙娜丽莎在2024年面对贸易环境变化、房地产调整等多重挑战，采取了一系列应对措施。贸 易壁垒导致建陶行业出口量、额、价齐跌，企业转向新兴市场；公司营业收入下降，销售量同比下降 16.34%，销售结构变化影响价格；营业成本下降20.72%，主要由直接材料和燃料动力成本下降引起； 降本增效措施效果显现，但未来空间有限；公司经营活动现金流良好，将继续通过现金分红回报投资 者；对部分房地产客户应收账款进行信用减 ...

Group 1: Guobo Electronics - Guobo Electronics has improved its gross margin through cost control and product structure adjustments, despite revenue fluctuations due to macroeconomic factors [1] - The company reported a normal increase in inventory as part of production reserves, with stable prices for mainstream products and good capacity utilization [1] - Guobo is actively participating in key projects and is expanding into satellite and low-altitude fields, with RF chips already applied in drone products to meet the demands of next-generation mobile communication technologies [1] Group 2: Lege Co., Ltd. - In 2024, Lege Co., Ltd. faced a challenging environment with a revenue growth of 45.33% but a net profit decline of 46.99%, primarily due to reduced non-recurring income and increased R&D investment [2] - The company has expanded its overseas warehouse operations to 662,100 square meters, serving 1,175 enterprises and shipping over 11 million items, with a capacity utilization rate of 60%-70% [2] - Lege plans to maintain steady progress in 2025, focusing on smart home and overseas warehouse dual main businesses while enhancing brand building and talent optimization [2] Group 3: Baike Biotech - Baike Biotech experienced significant declines in performance in 2024 and the first quarter of 2025, with decreases of 32.64% and 39.96% respectively, mainly due to the impact on shingles vaccine sales [3] - The company aims to enhance market awareness of the shingles vaccine and solidify its position in the chickenpox vaccine market while expanding into international markets [3] - Baike anticipates an increase in R&D investment and sales expense ratios in 2025, followed by a gradual decrease [3] Group 4: Mona Lisa - Mona Lisa is facing multiple challenges in 2024 due to changes in trade environments and real estate adjustments, leading to a 16.34% decline in sales volume and revenue [4] - The company has seen a 20.72% decrease in operating costs, primarily due to lower direct material and fuel costs, and has implemented cost reduction and efficiency measures [4] - Looking ahead to 2025, the industry faces challenges from weakened demand, but urbanization and stock housing renovations present new opportunities [4]

Core Viewpoint - Mona Lisa has experienced a significant decline in revenue and profit over the past three years, with 2024 marking the largest drop in revenue to date [1][2]. Revenue Performance - In 2021, Mona Lisa achieved nearly 7 billion yuan in revenue, but this figure fell to 4.631 billion yuan in 2023, representing a year-on-year decrease of 21.79% [1][2]. - The company's revenue breakdown for 2023 shows that distribution channel revenue was 3.541 billion yuan, while strategic engineering channel revenue was 1.09 billion yuan, reflecting declines of 7.46% and 47.96% respectively [2]. - The reliance on engineering channels has decreased over the years, with the revenue share from distribution channels increasing from 57.87% in 2022 to 76.47% in 2023 [2]. Employee Count and Compensation - The total number of employees at Mona Lisa has decreased by 13.18% from the previous year, dropping from 5,129 in 2023 to 4,453 in 2024 [1][6]. - Despite the decline in revenue and employee count, the total compensation for the company's directors and senior management increased to 18.6224 million yuan in 2024, up from 17.9096 million yuan in 2023 [5][6]. - The four controlling shareholders received a combined total of 9.0032 million yuan in 2024, accounting for 48.35% of the total compensation for directors and senior management [5]. Management Compensation Trends - The compensation for some key executives has increased, with the highest increase seen in the Secretary of the Board, whose salary rose from 2.5975 million yuan in 2023 to 2.7570 million yuan in 2024 [4]. - The overall trend indicates that while some executives received raises, others experienced salary reductions, particularly those who left or changed positions [4][5].

Financial Performance - In 2024, the company's consolidated revenue was CNY 463.08 million, a year-on-year decrease of 21.79% [2] - The net profit attributable to shareholders was CNY 12.50 million, down 53.06% year-on-year, primarily due to the impact of the real estate industry adjustment and increased market competition [2] Trade Environment Impact - The export volume of ceramic tiles in 2024 was 599 million square meters, a decline of 2.11% year-on-year, with export value dropping to USD 3.21 billion, down 27.8% [3] - The average export price fell to USD 5.36 per square meter, a decrease of 26.17% year-on-year, indicating a simultaneous drop in export volume, value, and price [3] Sales Structure and Cost Management - The revenue from distribution channels increased to 76.47%, while strategic engineering channel revenue accounted for 23.53% [3] - The sales volume decreased by 16.34% year-on-year, reflecting the challenges in maintaining sales amidst a declining market [3] - The manufacturing cost of building ceramic products was CNY 3.29 billion, down 20.72% from the previous year, with direct material costs decreasing by 19.34% and fuel costs by 24.37% [3] Future Outlook - The company anticipates continued pressure from reduced market demand, implementation of dual carbon energy policies, and changes in the trade environment in 2025 [4] - The ceramic industry is expected to face challenges but also opportunities for transformation and high-quality development driven by urbanization and renovation of existing buildings [4]