Investment Rating - The report maintains a "Recommended" rating for the company, with a current stock price of 28.58 yuan [4]. Core Views - The company reported a stable performance with a revenue of 2.629 billion yuan and a net profit attributable to shareholders of 373 million yuan for the first half of 2024, reflecting year-on-year growth of 9.58% and 4.90% respectively [2]. - The company plans to distribute a cash dividend of 296 million yuan, resulting in a payout ratio of 79% [2]. - The company is focusing on enhancing its brand image and expanding its market presence in the health sleep sector, with expectations of continued growth in net profit for 2024-2026 [2][3]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenues of 1.914 billion yuan from distribution channels, 548 million yuan from e-commerce, 79 million yuan from direct supply, and 48 million yuan from direct sales, with year-on-year changes of +4.8%, +35.4%, -15.3%, and -24.6% respectively [2]. - The gross profit margin for H1 2024 was 51.26%, with a slight increase of 0.58 percentage points year-on-year [2]. - The company’s net profit margin for H1 2024 was 14.19%, a decrease of 0.63 percentage points year-on-year [2]. Revenue Breakdown - Revenue from product categories in H1 2024 included 1.240 billion yuan from mattresses, 778 million yuan from bed frames, 208 million yuan from sofas, 149 million yuan from bedding, and 211 million yuan from other products, with year-on-year growth rates of 8.26%, 7.03%, 11.63%, 16.58%, and 9.35% respectively [2]. - Domestic revenue reached 2.566 billion yuan, growing by 8.87% year-on-year, while overseas revenue was 630 million yuan, increasing by 49.26% [2]. Future Outlook - The company aims to explore existing market demand and enhance cost efficiency in the second half of 2024, anticipating a potential recovery in the home furnishing industry due to favorable policies [2]. - The company projects net profits of 855 million yuan, 945 million yuan, and 1.037 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 13X, 12X, and 11X [3][5].
慕思股份：2024年中报点评：业绩稳健，分红优异