ZBOM(603801) 国信证券·2024-09-02 13:00Investment Rating - The report maintains an "Outperform" rating for ZBOM Home (603801 SH) [1][3] Core Views - ZBOM Home experienced a slight revenue decline in H1 2024, with net profit significantly impacted by share-based payment expenses [1] - The company achieved steady growth in bulk business and rapid expansion overseas, while retail channels faced pressure [1] - Door and wall products showed strong performance, while cabinet and wardrobe revenues declined [1] - Gross margin remained stable, but increased expenses affected profitability [1] Financial Performance Revenue and Profit - H1 2024 revenue reached 2 21 billion yuan (-3 8% YoY), with net profit attributable to parent company of 150 million yuan (-17 0% YoY) [1] - Q2 2024 revenue was 1 39 billion yuan (-6 9% YoY), with net profit of 100 million yuan (-20 5% YoY) [1] Business Segments - Bulk business revenue grew 8 2% YoY to 610 million yuan in H1 2024 [1] - Overseas revenue surged 42 7% YoY to 90 million yuan in H1 2024 [1] - Retail channels (direct sales and distribution) declined 8 2% and 10 9% respectively in H1 2024 [1] Product Performance - Cabinet revenue decreased 3 7% YoY to 970 million yuan in H1 2024 [1] - Wardrobe revenue fell 5 9% YoY to 930 million yuan in H1 2024 [1] - Door and wall products grew 6 9% YoY to 140 million yuan in H1 2024 [1] Financial Ratios - Q2 2024 gross margin was 36 4% (-0 4pct YoY) [1] - Q2 2024 net margin was 7 3% (-1 3pct YoY) [1] - Q2 2024 expense ratios: sales 15 7% (+2 0pct), management 5 5% (+0 9pct), R&D 5 3% (-0 2pct), financial 0 1% (+0 6pct) [1] Market Position and Strategy - The company has over 2,000 distributors and 4,931 stores nationwide [1] - It is expanding through partnerships with leading home decoration companies [1] - Overseas expansion includes successful bids for projects in the US, Canada, and Qatar [1] Future Outlook - Adjusted profit forecasts for 2024-2026: net profit of 560/620/690 million yuan [1] - Expected EPS for 2024-2026: 1 29/1 42/1 57 yuan [1] - Forward PE ratios for 2024-2026: 8x/7x/6x [1]