顾家家居：24Q2内销短期承压，外销稳健增长

Investment Rating - The report maintains an "Add" rating for the company [1][2][5]. Core Insights - The company reported a revenue of 8.908 billion yuan for the first half of 2024, a year-on-year increase of 0.34%, with a net profit attributable to shareholders of 896 million yuan, down 2.97% year-on-year [2][3]. - The gross profit margin for the first half of 2024 was 33.03%, an increase of 1.52 percentage points year-on-year, driven by stable raw material prices and internal cost reduction efforts [1][2]. - The company expects external sales to remain supported in the second half of 2024, despite a slowdown in growth due to various factors affecting the supply chain [2][3]. Financial Performance Summary - For the first half of 2024, the company achieved a gross profit margin of 33.03%, with domestic sales gross margin at 37.82% and foreign sales gross margin at 26.04% [1][2]. - The company’s revenue for 2024 is projected to be 19.504 billion yuan, reflecting a 1.5% year-on-year growth, while net profit is expected to be 2.007 billion yuan, showing a minimal increase of 0.1% [5][6]. - The report indicates that the company’s operating expenses slightly increased due to revenue impacts, but overall profitability remains stable [1][2]. Sales and Market Dynamics - Domestic sales revenue for the first half of 2024 was 4.722 billion yuan, a decrease of 9.79% year-on-year, with expectations of a larger decline in the second quarter due to external market conditions [3][4]. - The company plans to adjust its strategy in the second half of 2024 to focus more on single product promotions and expand its product price range to better meet consumer demand [3][4]. - Despite challenges, certain product categories are expected to maintain high growth rates due to ongoing resource investments and competitive package offerings [3][4].