ZBOM(603801) 民生证券·2024-09-01 11:00Investment Rating - The report maintains a "Recommended" rating for the company, with a current stock price of 9.83 yuan [4][6]. Core Views - The company experienced a slight decline in revenue and net profit in the first half of 2024, with revenue of 2.212 billion yuan, a decrease of 3.85% year-on-year, and a net profit attributable to shareholders of 149 million yuan, down 17.05% year-on-year [3]. - The overseas business showed significant growth, with a 42.69% increase in revenue from overseas operations in the first half of 2024, while the domestic direct sales and distribution channels faced declines [3]. - The company is diversifying its product categories and expanding its overseas business, with projected net profits for 2024-2026 expected to be 573 million, 623 million, and 672 million yuan, respectively [4]. Financial Summary - In the first half of 2024, the company reported revenues of 2.212 billion yuan, with a net profit of 149 million yuan and a non-recurring net profit of 126 million yuan, reflecting year-on-year decreases of 3.85%, 17.05%, and 23.74% respectively [3]. - The gross profit margin for the first half of 2024 was 36.69%, slightly down from the previous year, with product-specific margins for cabinets, wardrobes, and wooden doors at 38.77%, 40.86%, and 17.20% respectively [3]. - The company’s sales, management, R&D, and financial expense ratios increased in the first half of 2024, primarily due to heightened market competition and increased advertising and management costs [3]. Revenue Breakdown - Revenue from cabinets, wardrobes, and wooden doors in the first half of 2024 was 966 million, 928 million, and 139 million yuan, with year-on-year changes of -3.73%, -5.86%, and +6.88% respectively [3]. - The company’s revenue from direct stores, distribution stores, bulk business, overseas business, and other channels in the first half of 2024 was 175 million, 1.166 billion, 606 million, 86 million, and 178 million yuan, with year-on-year changes of -8.18%, -10.90%, +8.22%, +42.69%, and -1.23% respectively [3].