xilinmen(603008) 民生证券·2024-08-27 12:15Investment Rating - The report maintains a "Recommended" rating for the company, with a current stock price of 14.05 yuan [4][6]. Core Views - The company reported a revenue of 3.958 billion yuan and a net profit attributable to shareholders of 234 million yuan for the first half of 2024, reflecting a year-on-year growth of 4.02% and 5.14% respectively. However, the second quarter saw a decline in revenue and net profit compared to the previous year [3]. - The company is focusing on multi-channel growth strategies, optimizing operational efficiency, and enhancing cost-effectiveness in the second half of the year. It aims to expand its offline and online channels while continuing to grow its engineering, OEM, and cross-border e-commerce businesses [4]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved a gross margin of 34.77%, slightly down from the previous year. The net profit margin for the same period was 5.90%, showing a minor increase [3]. - The company expects to achieve net profits of 550 million, 600 million, and 660 million yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 10x, 9x, and 8x [4][5]. Business Segments - The engineering, OEM, and cross-border e-commerce segments are performing well, with significant growth in revenue from new customer types and international markets [3]. - The company is actively expanding its online presence through platforms like Pinduoduo and enhancing its product offerings in the mattress and home textile categories [4]. Market Outlook - The report anticipates a recovery in industry confidence due to ongoing adjustments in real estate policies and initiatives promoting the replacement of home goods [4].