罗莱生活：2024年中报点评：国内外零售疲弱致业绩承压，期待下半年改善

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3]. Core Views - The company's performance has been under pressure due to weak domestic and international retail markets, with expectations for improvement in the second half of the year [3]. - The company has actively supported its franchisees and enhanced their retail operational capabilities to mitigate risks [3]. - The dividend yield reached 8.4% based on the closing price on August 23, 2024, reflecting the company's high dividend payout [3]. - The earnings forecasts for 2024-2026 have been revised downwards, with net profit estimates reduced by 28%, 17%, and 18% respectively [3]. Financial Performance Summary - In the first half of 2024, the company reported a revenue of 2.11 billion yuan, a year-on-year decline of 14.3%, and a net profit of 160 million yuan, down 44.3% [1]. - The gross profit margin improved by 1.2 percentage points to 46.7% in the first half of 2024 [1]. - The company's operating cash flow for the first half of 2024 was 290 million yuan, a decrease of 2.9% year-on-year [1]. - The company’s total assets as of the end of 2023 were 6.8 billion yuan, with total liabilities of 2.5 billion yuan [5]. Revenue Breakdown - The revenue from the home textile business and the U.S. furniture business accounted for 79.8% and 20.2% of total revenue, respectively, with declines of 12.8% and 20.1% year-on-year [1]. - The company had a total of 2,690 stores by the end of June 2024, a net decrease of 40 stores since the beginning of the year [1]. Earnings Forecasts - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.55 yuan, 0.74 yuan, and 0.83 yuan, respectively [3][4]. - The price-to-earnings (P/E) ratios for the same years are estimated at 13, 10, and 9 times [3][4].