Investment Rating - The report maintains an "Accumulate" rating for the company [5][12]. Core Views - The company's performance is under short-term pressure due to external factors, but it is continuously strengthening its omnichannel layout and actively launching new products. The revenue contribution from smart toilets is increasing, which is expected to enhance brand influence [3]. - For the first half of 2024, the company achieved revenue of 3.088 billion yuan, a decrease of 10.1%, and a net profit attributable to shareholders of 38 million yuan, down 77.8%. The second quarter of 2024 saw revenue of 1.953 billion yuan, down 16.0%, and a net profit of 128 million yuan, down 23.7% [4]. - The company has adjusted its earnings per share (EPS) forecasts for 2024-2026 to 0.37, 0.44, and 0.54 yuan, respectively, down from previous estimates of 0.51, 0.59, and 0.68 yuan. The target price has been lowered to 8.14 yuan from 10.05 yuan [4][12]. Summary by Sections Financial Performance - The company reported a significant decline in revenue and net profit for the first half of 2024, with a revenue drop of 10.1% and a net profit drop of 77.8% compared to the previous year. The second quarter also showed a decline in revenue and net profit [4]. - The revenue from various product segments showed mixed results, with smart toilets experiencing a slight increase in sales volume but a decrease in revenue [4]. Product and Channel Development - The company is expanding its distribution channels and enhancing its product offerings. It is focusing on retail, e-commerce, home decoration, and engineering channels, with a combined revenue contribution of 77.16% from retail and e-commerce [4]. - The overseas business is growing significantly, with a year-on-year revenue increase of 178.3% from regions like Southeast Asia and the Middle East [4]. Profitability and Cost Management - The gross margins for various product categories have decreased due to intensified price competition, leading to a net profit margin of 1.17% for the first half of 2024, down 3.8 percentage points [4]. - The company is managing its expenses, with an increase in management and R&D expense ratios, while sales expense ratios have decreased due to changes in dealer subsidy policies [4].
箭牌家居2024年中报点评：盈利短期承压，渠道拓展多元