蒙娜丽莎2024年中报点评：持续发力渠道转型，现金流改善明显

Investment Rating - The report maintains a "Buy" rating for the company [4][5]. Core Views - The company announced its 2024 interim report, with performance in line with expectations. Revenue for H1 2024 was 2.335 billion yuan, a decrease of 19.78% year-on-year, while net profit attributable to shareholders was 83 million yuan, down 49.77% year-on-year. The company continues to focus on channel transformation, and operating cash flow has significantly improved [3][4]. - The company has adjusted its EPS forecasts for 2024-2025 to 0.64 and 0.85 yuan, respectively, and introduced a new EPS forecast for 2026 at 1.06 yuan. The target price has been lowered to 10.3 yuan, based on a comparable company PE average of 16.1X [4][5]. Summary by Relevant Sections Financial Performance - In H1 2024, the company achieved revenue of 2.335 billion yuan, a decline of 19.78% year-on-year. The net profit attributable to shareholders was 83 million yuan, down 49.77% year-on-year, and the non-recurring net profit was 69 million yuan, down 58.68% year-on-year [4]. - The company's gross margin for H1 2024 was 26.83%, a decrease of 1.09 percentage points year-on-year, primarily due to intensified industry competition and strategic impacts from channel optimization [4]. - Operating cash flow for H1 2024 was 376 million yuan, an increase of 123.8% year-on-year, attributed to improved inventory management and enhanced collection of receivables [4]. Business Strategy - The company is actively optimizing its channel structure, with distribution revenue in H1 2024 at 1.766 billion yuan, down 4.3% year-on-year, while engineering revenue was 569 million yuan, down 46.6% year-on-year. The company has chosen to forgo certain engineering orders with high risks and low margins [4]. - The company is strengthening its distribution business through channel penetration and store upgrades, maintaining relative stability in its distribution channels, with the integrated business expected to perform well [4].