顾家家居2024年中报点评：业绩符合预期，静待经营回暖

Investment Rating - The report maintains a "Buy" rating for the company [5][6]. Core Views - The company's performance meets expectations, with a clear medium to long-term strategic path and growth trajectory. Recent executive share purchases reflect confidence in future development [5]. - The earnings forecast has been adjusted downwards due to current operational conditions and external uncertainties, with expected EPS for 2024-2026 at 2.47, 2.82, and 3.10 CNY respectively [5]. - The company has demonstrated strong performance in multiple product categories, particularly in the sofa segment, which has seen a year-on-year revenue increase of 14.2% [5]. - The gross profit margin has shown steady growth, while the expense ratio has increased, impacting net profit margins [5]. Summary by Sections Earnings Performance - Total revenue for H1 2024 reached 8.91 billion CNY, a year-on-year increase of 0.3%. Excluding the impact of divested segments, actual revenue growth is expected to be higher [5]. - Revenue breakdown for H1 2024 includes: sofas (4.94 billion CNY, +14.2%), soft beds (1.53 billion CNY, -19.9%), mattresses (1.27 billion CNY, -17.4%), custom furniture (490 million CNY, +24.8%), and IT services (320 million CNY, -22.5%) [5]. Profitability - The gross profit margin for Q2 2024 was 33.0%, up 2.0 percentage points year-on-year, while the net profit margin was 8.9%, down 1.2 percentage points year-on-year [5]. - The increase in gross margin is attributed to fluctuations in raw material prices and product mix optimization [5]. Strategic Outlook - The company is focusing on enhancing internal efficiency and capturing structural growth opportunities, such as cross-border e-commerce and custom business expansion [5]. - Recent executive share purchases by senior management, amounting to 150-220 million CNY, indicate strong confidence in the company's long-term prospects [5].