顾家家居：2024年中报点评：营收稳健，毛利率优化+汇兑承压，业绩符合预期

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 25.00 yuan [3]. Core Insights - The company reported a revenue of 8.96 billion yuan and a net profit of 0.896 billion yuan for the first half of 2024, showing a year-on-year change of +0.34% and -2.97% respectively [2]. - The company is expanding its foreign sales through multiple channels, achieving a 12.59% increase in overseas revenue while domestic revenue decreased by 9.79% [2]. - The gross margin improved by 1.52 percentage points to 33.03% in the first half of 2024, driven by cost reduction and efficiency improvements [2]. - The company is focusing on retail transformation and enhancing its logistics coverage, aiming for over 50% coverage in 2024 [2]. - The projected net profits for 2024-2026 are 20.10 billion, 21.81 billion, and 23.52 billion yuan, with corresponding growth rates of 0.2%, 8.5%, and 7.8% [2]. Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 8.908 billion yuan, with a net profit of 0.896 billion yuan, reflecting a slight decline in profitability [2]. - The second quarter of 2024 saw revenues of 4.558 billion yuan, with net profits down by 9.07% year-on-year [2]. - The company’s gross margin for the first half of 2024 was 33.03%, with a net profit margin of 10.06% [2]. - The projected revenue for 2024 is 19.804 billion yuan, with a growth rate of 3.1% [3]. Product Performance - In the first half of 2024, the company’s revenue from sofas was 4.942 billion yuan, showing a year-on-year increase of 14.24%, while bedroom products saw a decline of 19.92% [2]. - The company’s integrated products and custom products reported revenues of 1.268 billion yuan and 0.491 billion yuan, with growth rates of +24.85% and -17.42% respectively [2]. Strategic Initiatives - The company is implementing a dual strategy of "one body, two wings" to enhance its retail operations and improve the sales of complete home packages [2]. - The focus on expanding foreign trade includes targeting key markets in North America and Europe, as well as exploring opportunities along the Belt and Road Initiative [2].