水星家纺：公司简评报告：毛利率攀升至相对高位，费控存较大改善空间

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [3][7]. Core Insights - The company achieved revenue of 1.806 billion yuan and a net profit attributable to shareholders of 146 million yuan for the first half of 2024, reflecting a year-on-year revenue growth of 0.52% but a decline in net profit by 13.89% [2]. - The second quarter of 2024 saw a revenue drop to 891 million yuan, with net profit decreasing by 38.64% compared to the same period last year [2]. - The company's gross margin improved to 41.87% in the first half of 2024, up by 1.95 percentage points year-on-year, indicating effective cost control and pricing strategies [6]. - Strategic initiatives include the orderly advancement of silk inventory and smart warehousing projects, with inventory increasing to 1.082 billion yuan [6]. Financial Performance Summary - The company’s total revenue is projected to grow from 4.21 billion yuan in 2023 to 5.72 billion yuan by 2026, with annual growth rates of 14.93%, 7.67%, 11.80%, and 12.94% respectively [8]. - Net profit attributable to shareholders is expected to rise from 379 million yuan in 2023 to 520 million yuan in 2026, with growth rates of 36.23%, 7.86%, 12.12%, and 13.46% respectively [8]. - The company’s earnings per share (EPS) is forecasted to increase from 1.44 yuan in 2023 to 1.98 yuan in 2026, reflecting a positive trend in profitability [9]. Market Position and Valuation - The company is characterized by low valuation and high dividend features, with a projected price-to-earnings (P/E) ratio of 7 for 2024, decreasing to 6 by 2026 [3][8]. - The company’s price-to-book (P/B) ratio is expected to remain stable around 0.93 to 0.97 over the forecast period [9].