ZBOM(SH:603801) GOLDEN SUN SECURITIES·2024-09-01 04:09Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company reported a revenue of 2.212 billion yuan for H1 2024, a decrease of 3.9% year-on-year, and a net profit attributable to shareholders of 149 million yuan, down 17.1% year-on-year, with a narrower decline of 6.2% after excluding stock incentive payment impacts [1]. - The company is actively pursuing its whole-home strategy and accelerating its overseas brand expansion, with significant growth in overseas revenue [2]. Financial Performance Summary - For H1 2024, the revenue breakdown is as follows: kitchen cabinets 966 million yuan (down 3.7%), wardrobes 928 million yuan (down 5.9%), wooden doors 139 million yuan (up 6.9%), and other categories 178 million yuan (down 1.2%) [1]. - The gross margin for kitchen cabinets, wardrobes, wooden doors, and other categories for H1 2024 was 38.8%, 40.9%, 17.2%, and 18.9% respectively [1]. - The company’s Q2 2024 gross margin was 36.4%, with a net profit margin of 7.3% [2]. Revenue and Profit Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 570 million yuan, 620 million yuan, and 680 million yuan respectively, with corresponding P/E ratios of 7.5X, 6.9X, and 6.3X [2][3].