ZBOM(SH:603801) Guotou Securities·2024-09-09 03:05Investment Rating - The investment rating for the company is "Buy - A" with a target price of 12.38 CNY, maintaining the rating [4]. Core Views - The company reported a revenue of 2.212 billion CNY in the first half of 2024, a year-on-year decrease of 3.85%, and a net profit attributable to shareholders of 149 million CNY, down 17.05% year-on-year [1]. - The second quarter of 2024 saw a revenue of 1.392 billion CNY, a decline of 6.88% year-on-year, with a net profit of 102 million CNY, down 20.54% year-on-year [1]. - The company is focusing on multi-channel and full-category development, with high-potential categories like wardrobes and wooden doors experiencing rapid growth [7]. Revenue Performance - In H1 2024, the revenue from cabinets, custom wardrobes, and wooden doors was 966 million CNY, 928 million CNY, and 139 million CNY respectively, with year-on-year changes of -3.73%, -5.86%, and +6.88% [2]. - In Q2 2024, the revenue from these segments was 650 million CNY, 544 million CNY, and 94 million CNY, with year-on-year changes of -5.25%, -14.06%, and +4.44% [2]. Channel Performance - In H1 2024, the company achieved revenues of 1.166 billion CNY from distribution, 606 million CNY from bulk sales, 175 million CNY from direct sales, and 86 million CNY from overseas business, with year-on-year growth rates of -10.90%, +8.22%, -8.18%, and +42.69% respectively [3]. - The company has expanded its retail channels significantly, with over 4,900 stores and 2,900+ distributors across various categories [3]. Profitability Metrics - The gross margin for H1 2024 was 36.69%, a slight decrease of 0.12 percentage points year-on-year, while the net profit margin was 6.72%, down 1.07 percentage points year-on-year [7]. - The company is expected to achieve revenues of 5.923 billion CNY, 6.363 billion CNY, and 6.946 billion CNY for 2024, 2025, and 2026 respectively, with corresponding net profits of 559 million CNY, 598 million CNY, and 670 million CNY [8].