顾家家居：内贸推进零售转型，外销经营效率持续提升

Investment Rating - The investment rating for the company is "Buy" with a target price of 24.96 CNY, maintaining the current rating [1]. Core Views - The company is actively promoting a retail transformation strategy while enhancing operational efficiency in foreign sales. The revenue for Q2 2024 was 4.56 billion CNY, a year-on-year decrease of 7.4%, and the net profit attributable to the parent company was 480 million CNY, down 9.1% year-on-year [1]. - The company is focusing on a "one body, two wings" strategy to drive retail transformation, with a significant portion of sales coming from large store formats [1]. - The company is expected to see continued growth in foreign sales due to a robust retail environment in the U.S. and improved operational efficiency through global supply chain management [1]. Financial Performance Summary - For H1 2024, the company's revenue was 8.91 billion CNY, a slight increase of 0.3% year-on-year, while the net profit attributable to the parent company was 900 million CNY, down 3.0% year-on-year [1]. - The company reported a gross margin of 35.1% for Q2 2024, an increase of 1.4 percentage points year-on-year [1]. - The company’s total assets are projected to reach 19.63 billion CNY by 2024, with a net profit forecast of 2.09 billion CNY [3]. Strategic Initiatives - The company is enhancing its marketing capabilities and retail operations, with a focus on high-value product offerings and digital transformation in logistics [1]. - The president of the company plans to increase his shareholding by 150 to 220 million CNY, reflecting confidence in the company's future development [1]. - The company is expected to achieve over 50% coverage in warehousing and distribution services by 2024 [1]. Earnings Forecast - The adjusted profit forecast for the company is 2.09 billion CNY for 2024, 2.32 billion CNY for 2025, and 2.60 billion CNY for 2026, with corresponding P/E ratios of 10X, 9X, and 8X respectively [1].