Investment Rating - The investment rating for the company is "Buy" with a target price based on the latest closing price of 28.58 CNY per share, corresponding to a PE ratio of 13 times for 2024 [1][4]. Core Views - The company has demonstrated resilience in its Q2 performance, with all product lines achieving growth despite a challenging economic environment. The overall revenue for H1 2024 reached 2.629 billion CNY, a year-on-year increase of 9.58% [1][2]. - The company is positioned as a leading player in the domestic mattress industry, benefiting from increasing consumer acceptance of mid-to-high-end soft bed products. The report anticipates continued growth driven by brand strength, market penetration, and technological upgrades [4]. Summary by Sections Financial Performance - In H1 2024, the company reported a net profit of 373 million CNY, up 4.90% year-on-year, while the net profit after deducting non-recurring items was 361 million CNY, an increase of 4.35% [1]. - The Q2 revenue was 1.428 billion CNY, showing a slight decline of 0.99% year-on-year, with a net profit of 232 million CNY, down 8.86% year-on-year [1][2]. - The operating cash flow for H1 2024 was 223 million CNY, a significant decrease of 79.95% compared to the previous year, primarily due to increased operational payments [1]. Product and Regional Performance - The company achieved growth across all product lines in H1 2024, with mattress sales increasing by 8.26%, bed frames by 7.03%, sofas by 11.63%, bedding by 16.58%, and other products by 9.35% [2]. - Domestic revenue accounted for 25.566 billion CNY, a year-on-year increase of 8.87%, while international revenue reached 6.3 million CNY, up 49.26% [2]. Profitability and Cost Management - The company's gross margin and net margin for H1 2024 were 51.26% and 14.19%, respectively, with a slight increase in gross margin by 0.58 percentage points and a decrease in net margin by 0.64 percentage points year-on-year [3]. - The expense ratio for H1 2024 was 34.24%, reflecting a year-on-year increase of 2.18 percentage points, with all expense categories showing slight growth [3].
慕思股份：Q2业绩维持韧性，全线产品实现增长