浙江美大：经营承压，盈利能力下滑

Investment Rating - The report maintains a "Buy" investment rating for the company [3]. Core Views - The company reported a significant decline in revenue and net profit for the first half of 2024, with total revenue of 459 million yuan, down 40.56% year-on-year, and a net profit of 98 million yuan, down 55.26% year-on-year [1]. - The decline in performance is attributed to the downturn in the real estate market, impacting all business segments, particularly integrated stoves and cabinets [1]. - The company is adapting to market changes by launching new products and integrating diverse sales channels, focusing on high-quality growth in the integrated stove industry [1]. - Profitability has decreased, with a gross margin of 41.63% in Q2 2024, down 4.99 percentage points year-on-year, and a net margin of 10.34%, down 16.74 percentage points year-on-year [1]. Financial Performance Summary - For 2024, the company is projected to achieve a net profit of 283 million yuan, a decrease of 39.1% year-on-year, followed by a recovery with expected growth of 10.5% and 7.1% in 2025 and 2026, respectively [2]. - The earnings per share (EPS) is expected to decline to 0.44 yuan in 2024, with gradual recovery to 0.52 yuan by 2026 [2]. - The company's price-to-earnings (P/E) ratio is projected to be 15.7 in 2024, indicating a potential undervaluation compared to historical levels [2]. Product and Market Strategy - The company has launched several new integrated stove models (M903, M906, M907) to adapt to the changing market environment [1]. - A strong dealer network is being leveraged to enhance online and offline sales channels, aiming for a comprehensive integration of diverse marketing strategies [1].