Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company achieved a revenue of 1.207 billion yuan in H1 2024, representing a year-on-year increase of 27.7%, and a net profit of 285 million yuan, up 41.8% year-on-year [1] - The company is expanding its market share against a backdrop of declining sales in the U.S. home goods sector, with significant growth in smart electric sofas and beds [1][2] - The company is actively pursuing a "store-in-store" strategy, with over 100 stores established, which is expected to contribute significantly to revenue in H2 2024 [1] Financial Performance - In Q2 2024, the gross margin was 33.1%, and the net profit margin was 25.4%, reflecting improvements in profitability [2] - The company’s operating cash flow for Q2 2024 was 166 million yuan, indicating stable cash flow management [2] - The forecasted net profits for 2024, 2025, and 2026 are 524 million yuan, 629 million yuan, and 736 million yuan, respectively, with corresponding PE ratios of 15.1X, 12.6X, and 10.7X [2][3] Market Position and Strategy - The company has successfully increased its share among existing customers and rapidly acquired new customers, with 49 new retail clients in H1 2024, including six from the U.S. Top 100 retailers [1] - The company’s revenue from its Vietnam base accounted for approximately 80% of total revenue in H1 2024, with a net profit margin of 14.9% [1] - The management team is being localized in the U.S. to enhance operational efficiency and brand recognition [1]
匠心家居：逆势份额提升、店中店放量可期，业绩超预期