坚朗五金：盈利能力边际转好，渠道结构持续优化

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next six months [5]. Core Insights - The company's revenue for the first half of 2024 was CNY 3.21 billion, a year-on-year decrease of 4.35%, while the net profit attributable to shareholders was CNY 0.05 billion, down 62.02% year-on-year. The performance aligns with previous forecasts [1]. - The company is expected to benefit from new financial measures supporting the real estate sector, which may improve demand in the medium to long term [1]. - The projected net profit for the years 2024 to 2026 is CNY 0.43 billion, CNY 0.52 billion, and CNY 0.64 billion, respectively [1]. Revenue and Profitability - The core product line of door and window hardware generated revenue of CNY 1.39 billion in the first half of 2024, a decline of 16.04% year-on-year, but the gross margin improved by 0.58 percentage points to 39.94% [2]. - Revenue from home products and other building hardware increased by 13.7% and 16.6% year-on-year, respectively, with gross margins of 29.2% and 16.7% [2]. - The overall gross margin for the first half of 2024 increased by 0.1 percentage points to 31.3% [2]. Cost Management and Efficiency - The company demonstrated improved profitability despite rising raw material costs, indicating an effective price transmission mechanism [3]. - The expense ratio increased by 0.39 percentage points to 27.95%, with variations in sales, management, R&D, and financial expense ratios [3]. Digital Transformation and Channel Development - The company has expanded its domestic and international sales network to over 1,000 points and has a sales team of over 6,000 people [4]. - The company is focusing on digital platforms, launching "Jianlang Cloud Procurement" for B-end clients and a new online platform "Jiayoumeiwu" for C-end users [4]. - Revenue from subsidiaries such as Jianyi Jia, Haibeisi, and Precision Manufacturing for the first half of 2024 was CNY 0.124 billion, CNY 0.078 billion, and CNY 0.199 billion, respectively [4].