Monalisa(SZ:002918) Soochow Securities·2024-08-27 00:03Investment Rating - The report maintains an "Accumulate" rating for the company [1][3] Core Views - The company reported a significant decline in revenue and net profit for the first half of 2024, with total revenue of 2.335 billion yuan, down 19.78% year-on-year, and a net profit of 82.6 million yuan, down 49.77% year-on-year [2] - The engineering business saw a substantial contraction, while the proportion of revenue from distribution channels increased [2] - The company has proactively adjusted its channel structure and improved operational quality despite weak industry demand and intensified competition [3] Financial Performance Summary - For 2024H1, the company achieved total revenue of 2.335 billion yuan, with a year-on-year decline of 19.78%. In Q2 alone, revenue was 1.516 billion yuan, down 16.16% year-on-year [2] - The gross profit margin for 2024H1 was 26.83%, a slight decrease of 1.09 percentage points year-on-year [2] - Operating cash flow significantly improved, with a net cash flow from operating activities of 376 million yuan, up 123.25% year-on-year [2] Earnings Forecast and Valuation - The company’s net profit forecasts for 2024 and 2025 have been revised down to 266 million yuan and 357 million yuan, respectively, with a new forecast for 2026 at 423 million yuan [3] - The corresponding price-to-earnings ratios are projected to be 12X for 2024, 9X for 2025, and 7X for 2026 [3]