Investment Rating - The investment rating for the company is "Buy - A" with a target price of 66.3 CNY [3]. Core Views - The company continues to show strong performance with a revenue of 1.207 billion CNY in H1 2024, representing a year-on-year growth of 27.67%, and a net profit of 285 million CNY, up 41.81% year-on-year [1][2]. - The company is steadily advancing its overseas brand development, having acquired 49 new retail clients in H1 2024, with a significant portion being among the top 100 furniture retailers in the U.S. [2]. - The product structure is continuously optimized, with the revenue from electric sofas reaching 935 million CNY, a growth of 35.62% year-on-year [2]. Financial Performance Summary - In Q2 2024, the company achieved a revenue of 648 million CNY, a year-on-year increase of 25.20%, and a net profit of 164 million CNY, up 31.88% year-on-year [1]. - The gross margin for H1 2024 was 33.22%, an increase of 1.75 percentage points year-on-year, while the net profit margin was 23.64%, up 2.36 percentage points year-on-year [2]. - The company plans to distribute a cash dividend of 5 CNY per 10 shares to shareholders [1]. Customer and Market Expansion - The company has expanded its customer base significantly, with 78.43% of its retail clients in the U.S. being furniture retailers, and 56.19% of its total revenue coming from U.S. retail clients [2]. - The establishment of over 100 small-scale "store-in-store" setups in U.S. retail locations is part of the company's long-term strategy to enhance brand presence and sales [2]. Future Projections - Revenue projections for the company are expected to reach 2.3348 billion CNY in 2024, with a year-on-year growth of 21.51%, and net profit is projected to be 495.3 million CNY, also reflecting a growth of 21.58% [6][7]. - The company maintains a strong focus on R&D and cost control, which supports its profitability and competitive edge in the market [6].
匠心家居：24Q2业绩延续靓丽表现，海外自主品牌建设稳步推进