美凯龙(601828)2024年年报点评：品类布局持续优化 期待国补政策提振效果

Group 1 - The company reported a 32.08% year-on-year decrease in revenue for 2024, with a net profit attributable to shareholders of -2.98 billion yuan [1] - In Q4 2024, the company achieved revenue of 1.72 billion yuan, a 39.57% year-on-year decline, and a net profit of -1.1 billion yuan [1] - The gross margin for Q4 2024 was 54.1%, showing a year-on-year increase of 0.6 percentage points, while the expense ratio rose by 24.9 percentage points to 70.6% [1] Group 2 - The company is deepening its multi-format layout by introducing high-frequency consumption formats in its home furnishing malls, enhancing consumer experience [2] - As a leading offline home furnishing mall channel, the company benefits from government subsidies for replacing old home appliances, with 249 malls nationwide by the end of 2024 [2] - The company has adjusted its earnings forecast for 2025 and 2026, predicting EPS of 0.01 and 0.06 yuan respectively, while maintaining an "overweight" rating due to expected industry recovery [3]