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]

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].