Core Viewpoint - The company faced significant pressure in its 2024 performance, with a notable decline in revenue and profit, while continuing to optimize its channel structure [1][2][3][4] Group 1: Financial Performance - In 2024, the company achieved revenue of 4.631 billion yuan, a year-on-year decrease of 21.79%, and a net profit attributable to shareholders of 125 million yuan, down 53.06% year-on-year [1] - The fourth quarter alone saw revenue of 1.059 billion yuan, a decline of 23.05% year-on-year, with a net loss of 16 million yuan, although this represented a narrowing of losses [1] - The comprehensive gross margin for 2024 was 27.3%, a decrease of 2.19 percentage points year-on-year, while the net profit margin was 2.81%, down 2.55 percentage points year-on-year [3] Group 2: Business Segments - Revenue from various product segments in 2024 included 3.673 billion yuan from porcelain tiles, 250 million yuan from non-porcelain tiles, and 559 million yuan from ceramic boards, with year-on-year declines of 18.80%, 54.25%, and 18.70% respectively [2] - The gross margins for these segments were 27.18%, 21.51%, and 34.91%, with changes of -3.47, +1.67, and +3.96 percentage points year-on-year [2] Group 3: Channel Structure and Cash Flow - The company’s revenue from distribution and engineering channels in 2024 was 3.541 billion yuan and 1.090 billion yuan, reflecting year-on-year declines of 7.46% and 47.96% respectively, with the distribution channel's revenue share increasing by 11.84 percentage points to 76.47% [2] - Cash flow from operations (CFO) for 2024 was 807 million yuan, a decrease of 127 million yuan year-on-year, with a cash collection ratio of 115.02%, up 7.32 percentage points year-on-year [3] Group 4: Future Outlook - The company is expected to see net profits attributable to shareholders of 190 million yuan, 240 million yuan, and 320 million yuan for the years 2025 to 2027, indicating a cautious outlook for growth [4] - The company is viewed as having significant long-term growth potential, particularly if industry demand rebounds, which could enhance its market share [4]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6][18]. Core Views - The company is expected to face continued pressure on its performance in 2024, with a projected revenue of 4.63 billion yuan, down 21.79% year-on-year, and a net profit of 124.96 million yuan, down 53.06% year-on-year [1][4]. - The company is optimizing its channel structure, with a significant reduction in engineering business, which is expected to decrease accounts receivable impairment risks [2][3]. - The company is anticipated to improve its profitability and cash flow, with a cash flow from operations (CFO) of 807 million yuan in 2024, despite a decrease from the previous year [3]. Financial Performance Summary - In 2024, the company achieved a revenue of 46.31 billion yuan, with a net profit of 1.25 billion yuan, reflecting a decline in demand for tiles and a strategic decision to forgo certain low-margin projects [1]. - The revenue breakdown for different product lines in 2024 shows a decline in sales for porcelain tiles and ceramic boards, with respective revenues of 3.67 billion yuan and 559 million yuan, down 18.80% and 18.70% year-on-year [2]. - The overall gross margin for the company in 2024 was 27.3%, a decrease of 2.19 percentage points from the previous year, while the operating profit margin was significantly impacted by the decline in revenue [3][5]. Future Outlook - The company is projected to recover gradually, with expected net profits of 190 million yuan in 2025, 240 million yuan in 2026, and 320 million yuan in 2027, indicating a potential rebound in profitability [4][5]. - The report highlights the potential for market share growth if industry demand improves, positioning the company favorably in the long term [4].

Core Viewpoint - Mona Lisa Group is facing an unprecedented survival crisis, with significant declines in revenue and net profit over the past three years, primarily due to overcapacity, bad debts, and cash flow issues [1][2][5] Group 1: Financial Performance - In 2024, the company's revenue was 4.631 billion yuan, a year-on-year decline of 22%, and net profit was 125 million yuan, down 53% [1] - The net profit margin fell to 2.7%, the lowest since its listing, while the gross profit margin decreased to 27.32%, the second lowest since listing [1] Group 2: Industry Challenges - The ceramic industry is experiencing a severe downturn, with national ceramic tile production in 2024 at 5.91 billion square meters, a year-on-year decrease of 12.18% [2] - The industry faces overcapacity, with an annual production capacity of 12.2 billion square meters but actual production around 6 billion square meters, leading to frequent production line stoppages [2] Group 3: Accounts Receivable Issues - The company has signed debt-to-equity agreements with real estate companies amounting to 1.325 billion yuan, alongside 892 million yuan in uncollected accounts receivable [3] - As of August 2024, the company recorded a bad debt loss of 118 million yuan, with concerns about further impairment risks as real estate debt restructuring progresses [3] Group 4: Distribution Network Challenges - The company's distribution network has been severely impacted, with 2024 seeing a significant decline in new store openings and dealer expansion [4] - The accounts receivable turnover rate dropped to 6.14, the second lowest in history, exacerbating bad debt risks and cash flow pressures [4] Group 5: Debt Crisis - By the end of 2024, the company's debt-to-asset ratio rose to 52.59%, with total interest-bearing debt reaching 1.906 billion yuan, accounting for 57% of net assets [5] - The company faces significant short-term repayment pressures, with 451 million yuan in non-current liabilities due within one year and 279 million yuan in short-term loans [5] Group 6: Strategic Challenges - The company attempted strategic transformation with a focus on high-end products, but these efforts have not reversed the downward trend amid industry challenges [6] - The structural contradictions in the ceramic industry, such as overcapacity versus shrinking demand, highlight the need for companies to find new growth drivers [7] Group 7: Future Outlook - The company's ability to recover from its crisis will depend on its strategic adjustments, debt restructuring, and technological innovations [8] - The current situation serves as a warning for all companies in the industry, emphasizing the necessity for innovation to overcome the challenges of overcapacity [8]

Core Viewpoint - Mona Lisa has faced a continuous decline in performance for three consecutive years, with significant drops in both revenue and net profit due to challenges in the real estate sector and intensified competition in the ceramic industry [1][5]. Company Performance - In 2024, Mona Lisa reported revenue of 4.631 billion yuan, a year-on-year decrease of 22%, and a net profit of 125 million yuan, down 53% compared to the previous year [1]. - The company's net profit margin for 2024 was 2.7%, the lowest since its listing, while the gross profit margin was 27.32%, the second lowest in its history [6]. Industry Challenges - The ceramic industry is experiencing severe overcapacity, with a national ceramic tile production capacity of 12.2 billion square meters and an actual output of around 6 billion square meters, resulting in a utilization rate of less than 50% [1]. - The overall production of ceramic tiles in China decreased by 12.18% in 2024, with a total output of 5.91 billion square meters [1]. Financial Strain - Mona Lisa's financial situation is precarious, with a debt-to-asset ratio of 52.59% and significant short-term liabilities, including 4.51 billion yuan in non-current liabilities due within one year [7]. - The company has 1.806 billion yuan in receivables that are at risk, including 1.325 billion yuan in agreements with real estate companies for debt settlement [5][7]. Market Competition - The ceramic market is facing intensified competition, with a 12.8% decline in revenue for the main business of ceramic enterprises in the first eleven months of 2024, totaling 287.1 billion yuan [3]. - The production of ceramic tiles and sanitary ceramics has seen a year-on-year decline of 2.8% and 1.2%, respectively, indicating a challenging market environment [3]. Operational Challenges - The company has reduced sales to high-risk real estate clients and is facing difficulties in expanding its dealer network, reflecting a lack of confidence in future market conditions [5]. - The cash flow situation is worsening, with a receivables turnover rate of 6.14, the second lowest in history, exacerbating the risk of bad debts [7].

Investment Rating - The report maintains a rating of "Accumulate" for the company [4][7][23] Core Views - The company has prioritized risk control and has seen continuous improvement in operational quality despite facing challenges in the market [5][6][7] - The company reported a significant decline in revenue and net profit for 2024, with revenue at 4.631 billion yuan, down 21.79% year-on-year, and net profit at 125 million yuan, down 53.06% year-on-year [5][6] - The company is focusing on enhancing its distribution channels and has seen a shift towards more stable distribution revenue, which accounted for 76.47% of total revenue in 2024 [6][7] Financial Performance Summary - The company achieved operating revenue of 46.31 billion yuan in 2024, a decrease of 21.79% year-on-year, and a net profit of 1.25 billion yuan, down 53.06% year-on-year [5] - The fourth quarter of 2024 saw revenue of 10.59 billion yuan, a decline of 23.05% year-on-year, with a net loss of 0.16 billion yuan [5] - The company’s gross margin for 2024 was 27.32%, a decrease of 2.19 percentage points compared to the previous year [6] Operational Strategy - The company is actively adjusting its channel structure to mitigate risks and has implemented cost reduction and efficiency improvement measures [6][7] - The focus for 2025 includes optimizing production management, enhancing product quality, and increasing new product development efforts [7] - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares, reflecting a commitment to shareholder returns despite challenging market conditions [6][7] Future Outlook - The company is expected to benefit from an improved industry landscape and demand recovery, with projected net profits of 242 million yuan, 338 million yuan, and 417 million yuan for 2025, 2026, and 2027 respectively [7] - The current stock price corresponds to a P/E ratio of 15.1 for 2025, indicating potential for growth as operational efficiencies improve [7]

Core Viewpoint - Mona Lisa has experienced significant revenue decline, falling behind local competitors in the ceramic industry, with a notable drop in both revenue and employee count in recent years [1][2][4]. Group 1: Financial Performance - In 2021, Mona Lisa achieved a revenue peak of nearly 7 billion yuan, but reported a revenue of 4.631 billion yuan in the last year, a year-on-year decrease of 21.79% [1][2]. - The company's net profit attributable to shareholders was 125 million yuan, down 53.06% year-on-year [1]. - Revenue from distribution channels was 3.541 billion yuan, while revenue from strategic engineering channels was 1.09 billion yuan, representing declines of 7.46% and 47.96% respectively [2]. - The revenue distribution has shifted, with distribution channels accounting for 76.47% and engineering channels for 23.53% of total revenue in the last year [2]. Group 2: Employee Count and Compensation - The total number of employees at Mona Lisa decreased from 6,664 in 2021 to 4,453 in 2024, reflecting a year-on-year decline of 13.18% [1][7]. - Despite the decline in performance, the total compensation for the board of directors and senior management increased to 18.6224 million yuan in 2024, up from 17.9096 million yuan in 2023 [5][6]. - Four major shareholders collectively received 9.0032 million yuan in compensation, accounting for 48.35% of the total [6]. Group 3: Competitive Position - Mona Lisa's revenue has significantly lagged behind local competitors, with Arrow Home and Dongpeng Holdings projected to achieve revenues of approximately 7.149 billion yuan and 6.470 billion yuan respectively in 2024 [4]. - The gap in revenue between Mona Lisa and its competitors has widened to around 2 billion yuan [4].

深圳商报·读创客户端记者 朱峰 去年营收净利双双下滑的蒙娜丽莎（002918），董监高薪酬增加了70多万元。 蒙娜丽莎（002918）4月17日晚间发布2024年年报。报告显示，公司2024年营业收入为46.31亿元，同比 下降21.79%；归母净利润为1.25亿元，同比下降53.06%；扣非归母净利润为1.03亿元，同比下降 57.53%。受房地产行业调整影响，市场竞争加剧，全年营业收入与净利润同比下降。 2024年，受房地产行业调整影响，市场竞争加剧，陶瓷行业从增量红利时代，步入存量甚至缩量的微利 激烈竞争时代。根据中国建筑卫生陶瓷协会统计，2024年，全国陶瓷砖产量为59.1亿平方米，较2023年 下降12.18%。 蒙娜丽莎表示，2024年公司主动减少了部分经营风险较大的房地产客户的销售规模，落实多项提质增效 措施，但仍未能覆盖销量及售价下降带来的影响。此外部分资产出现减值迹象，公司按照企业会计准则 对可能发生减值损失的各类资产计提减值准备，导致净利润同比下降。 值得一提的是，蒙娜丽莎营收已连续三年下滑，2022年和2023年营收同比变动幅度分别为-10.85% 和-4.94%。 研发方面，2024年 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 10.78 RMB [8][9]. Core Views - The company achieved a revenue of 4.631 billion RMB in 2024, a year-on-year decrease of 21.79%, and a net profit attributable to the parent company of 125 million RMB, down 53.06% year-on-year. The fourth quarter revenue was 1.059 billion RMB, down 23.05% year-on-year and 14.46% quarter-on-quarter, with a net profit of -15.56 million RMB [1]. - The company is actively managing costs and has effectively reduced expenses to counteract price pressures in the market. The gross margin for the year decreased by 2.19 percentage points to 27.32% [2]. - The company has signed agreements to offset debts with real estate, amounting to 310 million RMB, indicating proactive asset protection measures [3]. - The real estate market is showing signs of recovery, which may stabilize demand for the company's products, as the decline in real estate sales is expected to narrow [4]. - The earnings per share (EPS) forecast for 2025-2027 is adjusted to 0.49, 0.61, and 0.70 RMB respectively, reflecting a downward revision due to ongoing market pressures [5]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 4.631 billion RMB, a decline of 21.79% from the previous year. The net profit attributable to the parent company was 125 million RMB, down 53.06% year-on-year. The fourth quarter saw a revenue of 1.059 billion RMB, with a net loss of 15.56 million RMB [1][7]. - The company’s sales volume of ceramic products decreased by 16.34% year-on-year, with an average price per square meter dropping by 7.8% to 36 RMB [2]. Cost Management - The company has implemented effective cost control measures, resulting in a gross margin of 27.32%, down from the previous year [2]. - The management expenses increased slightly, with a total period expense ratio of 19.78%, reflecting a 0.59 percentage point increase year-on-year [3]. Market Outlook - The real estate sector is showing signs of recovery, with a potential stabilization in demand for building materials driven by government policies aimed at boosting consumption [4]. - The company anticipates that the decline in product demand will also stabilize as the real estate market improves [4]. Earnings Forecast - The EPS for 2025 is projected at 0.49 RMB, with subsequent years showing gradual improvement to 0.61 RMB in 2026 and 0.70 RMB in 2027. This reflects a downward adjustment from previous estimates due to ongoing market challenges [5][14].

2025年4月18日，蒙娜丽莎(002918.SZ)发布2024年年度报告。截至2025年4月17日，共有30个机构投资 者披露持有蒙娜丽莎A股股份，合计持股量达2332.22万股，占蒙娜丽莎总股本的5.62%。其中，前十大 机构投资者包括佛山市美尔奇投资管理合伙企业(有限合伙)、中国农业银行股份有限公司-工银瑞信战略 转型主题股票型证券投资基金、玄元私募基金投资管理(广东)有限公司-玄元科新172号私募证券投资基 金、香港中央结算有限公司、中信建投证券-中信银行-中信建投价值增长混合型集合资产管理计划、华 夏策略混合、广发中证全指建筑材料指数A、国泰中证全指建筑材料ETF、创金合信竞争优势混合A、 广发价值领先混合A，前十大机构投资者合计持股比例达5.54%。相较于上一季度，前十大机构持股比 例合计下跌了1.17个百分点。 公募基金方面本期较上一季度持股减少的公募基金共计1个，即工银战略转型股票A，持股减少占比达 0.16%。本期较上一季度新披露的公募基金共计26个，主要包括中信建投价值增长A、华夏策略混合、 广发中证全指建筑材料指数A、国泰中证全指建筑材料ETF、创金合信竞争优势混合A等。本期较上一 季未 ...

| 证券代码：002918 | 证券简称：蒙娜丽莎 | 公告编号：2025-021 | | --- | --- | --- | | 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 关于开展应收账款保理业务的公告 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，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2025年4月16日召开了第四届董 事会第八次会议、第四届监事会第五次会议，分别审议通过了《关于开展应收账款保理业 务的议案》，根据实际经营需要，公司及控股子公司拟与国内商业银行、商业保理公司等 具备相关业务资格的机构开展应收账款保理业务，保理融资金额总计不超过人民币10亿 元，保理业务申请期限自审议本议案董事会决议通过之日起12个月内，具体每笔保理业务 期限以保理合同约定期限为准，董事会授权管理层办理相关业务并签署相关法律文件。 公司及控股子公司拟与国内商业银行、商业保理公司等具备相关业务资格的机构开展 保理业务，具体合作机构将由董事会授权的管理层根据合作关系、综合资金成本、融资期 限、服务能力等综合因素选择。 合作机构与公 ...