SFY(SZ:002572)2024-09-05 06:09Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [8]. Core Insights - The company reported strong resilience in revenue, achieving a 3.9% year-on-year increase in H1 2024, with total revenue reaching 4.93 billion yuan. The net profit attributable to shareholders grew by 13.0% to 565 million yuan [8][7]. - The growth drivers include the integrated home solutions and the Milan brand, which contributed significantly to revenue growth [8]. - The company has successfully improved its gross margin to 35.8% in H1 2024, up by 1.0 percentage points year-on-year, primarily due to a higher proportion of high-margin cabinet products and cost reductions in the supply chain [7][8]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 4.93 billion yuan, with a net profit of 565 million yuan, reflecting a 3.9% and 13.0% increase year-on-year, respectively [8][5]. - The gross margin for H1 2024 was 35.8%, showing a significant improvement from the previous year [7]. Revenue Breakdown - Retail channel revenue reached 4.44 billion yuan in H1 2024, up 3.9% year-on-year, driven by the integrated home strategy [8]. - The integrated home channel generated 982 million yuan in H1 2024, marking a 43.6% increase year-on-year [8]. - The bulk channel revenue was 733 million yuan, reflecting a 14.7% increase year-on-year [8]. Strategic Initiatives - The company is focusing on enhancing its product offerings by introducing new categories such as cabinets, system windows, and kitchen appliances to capture high-frequency demand in the renovation market [7]. - The integrated home strategy is being expanded through partnerships with construction companies, aiming to penetrate the market more effectively [7][8].