Investment Rating - The report indicates a positive outlook for the real estate sector, emphasizing its role in boosting domestic demand and stabilizing the market [1][12]. Core Insights - The real estate market is transitioning back to its residential function, with significant declines in new home sales and construction activities projected for 2022-2024 [1][12]. - The implementation of new policies on May 17, 2024, aims to support the real estate market, including adjustments to loan rates and down payment requirements [1][12]. - Infrastructure projects are also highlighted as key drivers of domestic demand, particularly in regions like Xinjiang and Guangxi, with significant investments underway [2][13]. - The "Belt and Road" initiative remains a focal point for international expansion, with ongoing collaborations between China and Vietnam to enhance infrastructure connectivity [2][13]. Summary by Sections Weekly Discussion - The report discusses the importance of real estate in stimulating domestic demand, noting a shift towards residential needs and a significant drop in key market indicators [1][12]. - It highlights the recent government meetings aimed at stabilizing the real estate market and the potential impact of new policies on housing loans [1][12]. Cyclical Linkage - Cement prices have shown a year-on-year increase, with the national average price at 395 RMB/t, while glass prices have also seen slight increases [3][14]. - The report notes a stable demand for aluminum and steel, with expectations for continued high supply levels [3][14]. National Subsidy Tracking - Various regions have successfully implemented consumer subsidies, such as Shanghai's 1.8 billion RMB for home appliance upgrades, significantly boosting sales [4][15]. - The report suggests focusing on companies related to subsidized products in the construction materials sector [4][15]. Important Developments - The report mentions the strengthening of the strategic partnership between China and Vietnam, along with significant stock purchases by major shareholders in various companies [5][16]. - It emphasizes the government's commitment to stabilizing the stock market and supporting the real estate sector [5][16]. Market Performance (April 14-18) - The construction materials index experienced a slight decline, with specific segments like refractory materials and pipes performing better than others [17]. Construction Material Price Changes - Cement prices have slightly decreased in certain regions, while glass prices have shown minor increases, indicating a mixed market response [29][39]. - The report provides detailed statistics on the pricing trends and inventory levels for various construction materials [29][39].

证券研究报告 | 行业周报 gszqdatemark 2025 04 20 年 月 日 建筑材料 关注内需刺激主线，等待政策落地 2025 年 4 月 14 日至 4 月 18 日建筑材料板块（SW）下跌 0.02%，其中 水泥（SW）下跌 0.09%，玻璃制造（SW）下跌 0.15%，玻纤制造（SW） 下跌 1.79%，装修建材（SW）上涨 0.73%，本周建材板块相对沪深 300 超额收益-0.38%。本期建筑材料板块（SW）资金净流入额为 0.02 亿元。 【周数据总结和观点】 本周国常会指出"要持续稳定股市，持续推动房地产市场平稳健康发展"， "扩大有效投资，大力提振民间投资积极性"等，后续内需刺激有望加码。 根据 wind 统计，2025 年 3 月地方政府债总发行量 9788.03 亿元，发行金 额同比 2024 年 3 月增长 55.5%，截至目前，2025 年一般债发行规模 0.47 万亿元，同比-0.10 万亿元，专项债发行规模 2.78 万亿元，同比+1.61 万 亿元。化债下加码政府财政压力有望减轻，企业资产负债表也存在修复的 空间，市政工程类项目有望加快推进，市政管网及减隔震实物工作量 ...

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 ...

蒙娜丽莎集团股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日在巨潮资讯网 （http://www.cninfo.com.cn）披露了《2024 年年度报告》及《2024 年年度报告摘要》。为 便于广大投资者更深入全面地了解公司经营情况，公司将举行 2024 年度网上业绩说明会， 现将有关事项公告如下： 一、业绩说明会安排 1、召开时间：2025 年 4 月 30 日（周三）下午 15:00-17:00。 | 证券代码：002918 | 证券简称：蒙娜丽莎 | 公告编号：2025-026 | | --- | --- | --- | | 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 关于举行 2024 年度网上业绩说明会并征集问题的公告 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。 间，投资者仍可登陆活动界面进行互动提问。欢迎广大投资者积极参与本次网上业绩说明 会。 特此公告。 2、召开方式：网络远程方式。 蒙娜丽莎集团股份有限公司董事会 3、出席人员：公司董事长、总裁萧礼标先生，董事、董事会秘书张旗康先生， ...

| 证券代码：002918 | 证券简称：蒙娜丽莎 | 公告编号：2025-020 | | --- | --- | --- | | 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 2025 年度对外担保额度预计的公告 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。 特别提示： 蒙娜丽莎集团股份有限公司（以下简称"蒙娜丽莎"或"公司"）2025 年度对外担 保额度预计金额超过公司最近一期经审计净资产 50%，被担保方广东绿屋建筑科技工程有 限公司、广东蒙娜丽莎智能家居科技有限公司资产负债率超过 70%，请投资者充分关注担 保风险。 公司于 2025 年 4 月 16 日召开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 2025 年度对外担保额度预计的议案》，该议案尚需提交公司股东 大会审议。现将有关事项公告如下： 一、担保情况概述 为满足控股子公司日常经营和业务发展资金需要，提高融资决策效率，公司2025年度 拟为控股子公司提供担保额度总计不超过人民币33亿元。担保范围包括但不限于申请综合 授信、 ...