Monalisa(SZ:002918) Tebon Securities·2024-08-23 08:31Investment Rating - The report maintains a rating of "Accumulate" for Mona Lisa (002918.SZ) [2] Core Views - The company reported a revenue of approximately 2.335 billion yuan for the first half of 2024, a year-on-year decrease of 19.78%, with a net profit attributable to the parent company of about 83 million yuan, down 49.77% year-on-year [3][4] - The building ceramics market is experiencing weak demand, leading the company to actively reduce its engineering business [4] - The company is focusing on enhancing its distribution business, which accounted for 75.63% of total revenue in H1 2024, despite a 4.26% decline [4] - Management expenses have increased significantly, but operating cash flow has improved substantially, growing by 123.25% year-on-year to 376 million yuan in H1 2024 [4] - The company is advancing its green development strategy, aligning with industry trends towards high-quality, low-carbon development [5] Financial Summary - For 2024, the company is expected to achieve a net profit of 284 million yuan, with projected earnings per share (EPS) of 0.68 yuan, corresponding to a price-to-earnings (P/E) ratio of 10.88 [6][7] - The company's gross margin for H1 2024 was approximately 26.83%, a decrease of 1.09 percentage points year-on-year [4] - The total revenue forecast for 2024 is approximately 5.011 billion yuan, reflecting a year-on-year decline of 15.4% [7] - The company’s net asset return rate is projected to be 7.7% for 2024, with a gradual increase expected in subsequent years [7]