Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [1]. Core Insights - The company reported strong performance in the first half of 2024, achieving revenue of 1.207 billion yuan, a year-on-year increase of 27.67%, and a net profit attributable to shareholders of 285 million yuan, up 41.81% year-on-year [1]. - The gross profit margin for the first half of 2024 was 33.22%, an increase of 1.75 percentage points year-on-year [1]. - The company successfully expanded its customer base, adding 49 new retail customers, including 6 from the top 100 furniture retailers in the U.S. [1]. - The company is actively exploring its own brand development, having established over 100 small-scale shop-in-shop formats in U.S. retail locations [1]. - The company is expected to maintain high growth rates, with projected earnings per share of 3.08, 3.74, and 4.76 yuan for 2024, 2025, and 2026, respectively, corresponding to price-to-earnings ratios of 17X, 14X, and 11X [1]. Financial Performance Summary - For the first half of 2024, the company achieved a net profit margin of 21.33%, an increase of 2.95 percentage points year-on-year [1]. - The company’s operating revenue is projected to grow from 1.921 billion yuan in 2023 to 3.767 billion yuan in 2026, reflecting a compound annual growth rate [4]. - The net profit is expected to rise from 407.39 million yuan in 2023 to 791.27 million yuan in 2026, indicating strong profitability growth [4]. - The gross margin is forecasted to improve slightly from 33.95% in 2023 to 34.95% in 2026 [4].
匠心家居：业绩表现亮眼，自主品牌建设顺利启程