ZBOM(SH:603801)2024-09-04 01:11Investment Rating - The investment rating for the company is "Buy" (maintained) [2][8] Core Views - The company released its 2024 mid-year report, which reflects a performance that is generally in line with expectations after adjusting for the impact of stock incentive payments. For the first half of 2024, the company achieved revenue of 2.212 billion yuan, a year-on-year decrease of 3.9%, and a net profit attributable to shareholders of 149 million yuan, down 17.1% year-on-year [2][8] - The report highlights that the cabinet segment continues to show stable growth, while new categories are expanding their store presence. The company is actively enhancing its large-scale and integrated channels to counteract the impact of channel diversion on retail sales [2][8] - The company is focusing on improving supply chain efficiency and reducing costs internally to offset the impact of price reductions, although the increase in stock incentive payments has led to a rise in expense ratios [2][8] Summary by Sections Financial Performance - For the first half of 2024, the company reported a net profit margin of 6.7%, a decrease of 1.1 percentage points year-on-year. The gross profit margin was 36.7%, a slight decrease of 0.1 percentage points year-on-year [2][8] - The company’s revenue for 2024 is projected to be 5.845 billion yuan, with a year-on-year decline of 4.4%, and a net profit of 564 million yuan, down 5.3% year-on-year [3][8] Product Categories - The cabinet segment generated revenue of 966 million yuan in the first half of 2024, a decrease of 3.7% year-on-year. The wardrobe segment reported revenue of 928 million yuan, down 5.9% year-on-year. The wood door and wall panel segment achieved revenue of 139 million yuan, an increase of 6.9% year-on-year [2][8] Sales Channels - The wholesale channel saw revenue growth of 8.2% year-on-year, reaching 606 million yuan in the first half of 2024. The overseas market showed significant growth, with revenue increasing by 42.7% year-on-year to 86 million yuan [2][8] Cost Management - The company’s operating expense ratio for the first half of 2024 was 29.4%, an increase of 3.4 percentage points year-on-year. The rise in management expenses was primarily due to increased stock incentive payments [2][8]