Investment Rating - Investment Rating: Buy (Maintained) [1] Core Views - The company's performance in Q2 2024 demonstrates resilience, with a focus on deepening its multi-channel and multi-category market layout, maintaining a "Buy" rating [1] - The company achieved a revenue of 2.63 billion yuan in H1 2024, representing a year-on-year increase of 9.6%, with a net profit attributable to shareholders of 373 million yuan, up 4.4% [1] - The company plans to distribute a cash dividend of 2.96 billion yuan (including tax), accounting for 79% of the net profit attributable to shareholders in H1 2024 [1] Financial Performance - In H1 2024, the company's gross margin was 51.3%, an increase of 0.6 percentage points, attributed to lean production and refined management [1] - The net profit margin for H1 2024 was 14.2%, down 0.6 percentage points, while the non-recurring net profit margin was 13.7%, down 0.7 percentage points [1] - The company reported a revenue of 1.43 billion yuan in Q2 2024, showcasing resilience during the industry's downturn [1] Revenue Breakdown - By product, the company reported revenues of 1.24 billion yuan for mattresses, 778 million yuan for bed frames, 208 million yuan for sofas, and 149 million yuan for bedding in H1 2024, with respective year-on-year growth rates of 8.26%, 7.03%, 11.63%, and 16.58% [1] - The e-commerce channel saw a significant growth of 35.37% year-on-year, driven by investments in major platforms like Tmall, JD, and Douyin, as well as new channels such as Kuaishou and Xiaohongshu [1] - The company is actively expanding its cross-border e-commerce business, having launched operations on platforms like Amazon in the US, Europe, Japan, and Southeast Asia [1]
慕思股份：公司信息更新报告：2024Q2业绩韧性彰显，中期分红回馈市场