Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Insights - The company reported a stable growth in performance with a revenue of 2.629 billion yuan for the first half of 2024, representing a year-on-year increase of 9.58%. The net profit attributable to the parent company was 373 million yuan, up 4.90% year-on-year [6] - The company has effectively expanded its channels, with significant growth in various product revenues. The mattress, bed frame, sofa, and bedding segments achieved revenues of 1.240 billion yuan, 778 million yuan, 208 million yuan, and 149 million yuan respectively, with year-on-year growth rates of 8.26%, 7.03%, 11.63%, and 16.58% [6] - The company has upgraded its membership service system, achieving a customer NPS of 30.02%, which is a 14% increase year-on-year. The company ranks first in the mattress segment of the China Customer Recommendation Index (C-NPS) [6] Financial Performance - In Q2 2024, the company achieved a revenue of 1.428 billion yuan, a decrease of 0.99% year-on-year, and a net profit of 232 million yuan, down 8.86% year-on-year [6] - The company's gross profit margin for Q2 2024 was 52.19%, with a net profit margin of 16.25% [7] - The company forecasts net profits of 885 million yuan, 972 million yuan, and 1.097 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 10.4%, 9.7%, and 12.9% [7][10] Valuation - The current closing price corresponds to a PE ratio of 13 and 12 times for 2024 and 2025 respectively. The company is valued at 18-19 times PE for 2024, leading to a reasonable value range of 39.84 to 42.06 yuan [7][10]
慕思股份：公司半年报点评：24H1公司业绩稳定增长，会员服务体系升级效果喜人