志邦家居：业绩承压，大宗、海外保持增长

Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Views - The company reported a revenue of 2.21 billion yuan in the first half of 2024, a year-on-year decrease of 3.9%, and a net profit attributable to shareholders of 150 million yuan, down 17.1% year-on-year [2]. - Retail business is under pressure, while bulk business benefits from construction growth. Retail revenue from direct sales and distribution was 170 million yuan and 1.17 billion yuan, down 8.2% and 10.9% year-on-year, respectively [2]. - The company opened 348 new stores, bringing the total to 4,931, indicating continued growth in store count [2]. - The overseas business generated 90 million yuan, a year-on-year increase of 42.7%, with significant growth in Q2 [2]. - The company expects to see improvements in profitability due to revenue recovery and cost control measures in the second half of the year [3]. Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of 1.39 billion yuan, down 6.9% year-on-year, and a net profit of 100 million yuan, down 20.5% year-on-year [2]. - The gross profit margin for H1 2024 was 36.7%, a slight decrease of 0.1 percentage points year-on-year [2]. - The company anticipates net profits of 560 million yuan, 600 million yuan, and 670 million yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 7.4, 6.9, and 6.1 times [3]. Business Segments - The bulk business revenue was 610 million yuan, up 8.2% year-on-year, benefiting from increased product categories and higher average transaction values [2]. - The overseas business continues to grow, with a focus on developing bulk business in Australia and the Americas, as well as opening stores in countries along the Belt and Road Initiative [2]. Product Categories - Revenue from cabinets and wardrobes decreased by 3.7% and 5.9% year-on-year, respectively, while the door segment saw a 6.9% increase [2]. - The company is focusing on enhancing product capabilities across its full range of home furnishing products [2].