罗莱生活：2024年中报点评：家纺家具均承压，重视运营效率提升

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant decline in revenue and net profit for the first half of 2024, with revenue at 2.106 billion yuan, down 14.3% year-on-year, and net profit at 159 million yuan, down 44.3% year-on-year. The decline is attributed to weak terminal retail performance and negative operating leverage [2][3] - The company is actively adjusting its franchise channels, leading to a notable decline in income, particularly in the U.S. furniture business, which continues to experience a downturn due to decreased housing sales [2][3] - Gross margin slightly improved, but the expense ratio significantly increased, resulting in a decline in net profit margin. The gross margin for the first half of 2024 was 46.74%, up 1.25 percentage points year-on-year, while the net profit margin decreased by 4.05 percentage points to 7.53% [2][3] Summary by Sections Revenue and Profit Forecast - Total revenue for 2024 is projected at 4.753 billion yuan, a decrease of 10.57% year-on-year, with net profit expected to be 457.45 million yuan, down 20.09% year-on-year. The earnings per share (EPS) is forecasted to be 0.55 yuan [1][2] Operational Efficiency - The company is focusing on improving operational efficiency by supporting franchisees in reducing terminal inventory and optimizing inventory structure. As of the end of the first half of 2024, the company had 361 direct-operated stores and 2,329 franchise stores, reflecting a net increase of 43 and a decrease of 45 stores, respectively [2][3] Cash Flow and Financial Health - The net cash flow from operating activities for the first half of 2024 was 293 million yuan, down 2.92% year-on-year, primarily due to declining terminal sales. The company had cash and cash equivalents of 1.384 billion yuan at the end of the first half of 2024 [3][10]