ZBOM(SH:603801) Changjiang Securities·2024-09-04 02:13Investment Rating - The report maintains a "Buy" rating for the company [5][3]. Core Views - In H1 2024, the company achieved revenue of 22.12 billion yuan, with a year-on-year decline of 4%, and a net profit attributable to shareholders of 1.49 billion yuan, down 17% [2][3]. - Q2 performance showed a revenue of 13.92 billion yuan, reflecting a 7% year-on-year decline, with net profit down 21% [2][3]. - Retail sales faced pressure, while bulk and export segments showed strong growth, with exports increasing by 24% [2][3]. - The company is focusing on optimizing its organizational structure to enhance growth in southern markets and is committed to executing its overseas expansion strategy [3][2]. Summary by Sections Financial Performance - H1 2024 revenue and net profit figures were 22.12 billion yuan and 1.49 billion yuan, respectively, with declines of 4% and 17% year-on-year [2]. - Q2 revenue was 13.92 billion yuan, with a net profit of 1.02 billion yuan, down 7% and 21% year-on-year [2][3]. - Gross margin remained stable with a slight decrease of 0.4 percentage points, while net profit margins decreased by 1.3 percentage points [2][3]. Sales Channels - Q2 sales by channel showed retail down 17%, bulk up 8%, and exports up 24% [2]. - The company is optimizing its customer structure in the bulk segment and expanding into non-residential projects [2][3]. Product Performance - Q2 performance by product showed kitchen cabinets down 5%, wardrobes down 14%, and wooden doors up 5% [2]. - The kitchen cabinet segment demonstrated resilience supported by bulk channel growth [2]. Future Outlook - The company aims to enhance customer value in retail and expand its presence in southern markets while focusing on overseas growth in Southeast Asia, Australia, and North America [3][2]. - Expected net profits for 2024 and 2025 are projected at 5.5 billion yuan and 6.0 billion yuan, respectively, with corresponding PE ratios of 7.8x and 7.2x [3].