江山欧派：Q2经营延续承压，持续推进渠道多元化

Investment Rating - The report maintains a "Buy" rating for Jiangshan Oupai (603208.SH) [3] Core Views - The company reported a revenue of 1.442 billion yuan for H1 2024, a year-on-year decrease of 10.0%, and a net profit attributable to shareholders of 105 million yuan, down 26.1% year-on-year [1] - The overall industry is experiencing a downturn, with the company's Q2 revenue and profit continuing to decline, while the diversification of channels is being actively pursued [1] - The AAM business continues to contribute incremental growth [1] Financial Performance Summary - For Q2 2024, the company achieved revenues of 816 million yuan, a decrease of 11.3% year-on-year, and a net profit of 76 million yuan, down 8.7% year-on-year [1] - The revenue from distribution, engineering, and agency channels for Q2 2024 was 200 million yuan, 220 million yuan, and 300 million yuan respectively, with year-on-year changes of -25.2%, -31.2%, and +15.7% [1] - The gross profit margins for these channels were 19.8%, 27.5%, and 19.1% respectively [1] Business Segment Performance - The wood door business is under pressure, with revenues for Q2 2024 from various product lines being 440 million yuan for laminated doors, 160 million yuan for solid composite doors, 40 million yuan for cabinets, and 100 million yuan for others, showing year-on-year changes of -22.5%, -1.8%, -17.9%, and +16.1% respectively [1] - The company is expanding into multiple categories such as windows, wall panels, flooring, bathroom products, and hardware, with other product revenues continuing to grow [1] Profitability and Efficiency - The gross margin for Q2 2024 was 24.9%, remaining stable year-on-year, while the net profit margin was 9.34%, an increase of 0.3 percentage points year-on-year [1] - The company’s accounts receivable turnover days increased to 112 days, up 28 days year-on-year, while accounts payable turnover days increased to 82 days, up 11 days year-on-year [1] Earnings Forecast - The net profit forecasts for 2024, 2025, and 2026 have been adjusted to 350 million yuan, 390 million yuan, and 430 million yuan respectively, with corresponding P/E ratios of 8.4X, 7.6X, and 6.9X [1]