Investment Rating - The investment rating for the company is "Buy - A" with a target price of 66.3 CNY [3] Core Views - The company reported strong performance in Q2 2024, with revenue of 6.48 billion CNY, a year-on-year increase of 25.20%, and a net profit of 1.64 billion CNY, up 31.88% year-on-year [1][2] - The company is steadily advancing its overseas brand development, having acquired 49 new retail clients in H1 2024, with 6 being among the top 100 furniture retailers in the U.S. [2] - The gross margin for H1 2024 was 33.22%, an increase of 1.75 percentage points year-on-year, driven by an optimized product structure [2] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 12.07 billion CNY, a growth of 27.67% year-on-year, and a net profit of 2.85 billion CNY, up 41.81% year-on-year [1] - The company declared a cash dividend of 5 CNY per 10 shares for H1 2024 [1] Product and Market Development - The revenue from electric sofas reached 9.35 billion CNY in H1 2024, a growth of 35.62% year-on-year, while electric beds generated 1.62 billion CNY, up 11.24% year-on-year [2] - The company has established over 100 small-scale "shop-in-shop" formats in U.S. retail locations as part of its long-term strategy to build its brand and distribution channels [2] Profitability and Cost Management - The net profit margin for H1 2024 was 23.64%, an increase of 2.36 percentage points year-on-year, attributed to gross margin growth and foreign exchange gains [2] - The company maintained a good control over operating expenses, with a total expense ratio of 7.37%, down 1.96 percentage points year-on-year [2] Future Projections - The company is expected to achieve revenues of 23.35 billion CNY, 28.21 billion CNY, and 33.88 billion CNY for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 4.95 billion CNY, 6.01 billion CNY, and 7.21 billion CNY [6][7]
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