Zhejiang Meida(002677) 长江证券·2024-09-04 01:38Investment Rating - The investment rating for the company is "Buy" and is maintained [3][4]. Core Views - The company's revenue for the first half of 2024 was 459 million yuan, a year-on-year decline of 40.56%. The net profit attributable to the parent company was 98 million yuan, down 55.26% year-on-year [3][4]. - The decline in revenue is primarily attributed to the downturn in the real estate market, which has suppressed new demand in the industry. The sales area of commercial housing in China decreased by 21.90% year-on-year in the first half of 2024, negatively impacting kitchen appliance demand [3][4]. - The company has adjusted its marketing strategy to strengthen its multi-channel marketing network, with over 1,900 quality first-level distributors and more than 4,700 marketing terminals as of the first half of 2024 [4]. - Despite the revenue decline, the company remains a leader in the integrated stove sector and is actively exploring various marketing channels to enhance consumer coverage and demand targeting [4]. Financial Summary - The company's gross profit margin for the first half of 2024 was 44.23%, a decrease of 2.54 percentage points year-on-year. The operating profit for the same period fell by 56.15% year-on-year [3][4]. - The projected net profits for the company from 2024 to 2026 are expected to be 319 million yuan, 378 million yuan, and 406 million yuan, respectively, with corresponding PE ratios of 13.8, 11.7, and 10.9 times [4][9].