尚品宅配：AI设计工厂落地，渠道积极下沉

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 9.56 yuan [1]. Core Views - The company has experienced a significant decline in revenue and net profit due to the weak real estate market, with a 17% year-on-year decrease in revenue for the first half of 2024 [1]. - The company is focusing on AI technology innovation and expanding its channels in lower-tier cities, as well as enhancing its overseas business [1]. - The introduction of the AI design factory is expected to improve design efficiency significantly, allowing for a higher volume of design outputs compared to traditional methods [1]. Financial Performance - For the first half of 2024, the company reported a revenue of 1.71 billion yuan, down 17% year-on-year, and a net profit attributable to shareholders of -110 million yuan, down 68% year-on-year [1]. - The second quarter of 2024 saw a revenue of 930 million yuan, a 26% decline year-on-year, with a net profit of -20 million yuan, reflecting a 160% decrease [1]. - The gross margin for the first half of 2024 was 30.7% for customized home products and 17.9% for supporting home products, with year-on-year changes of -4.6 percentage points and +4.2 percentage points, respectively [1]. Product and Channel Strategy - The company continues to promote its "customized home selection" business model, launching new product packages aimed at middle-aged and elderly consumers [1]. - The company is actively expanding its presence in third to fifth-tier cities and enhancing its channel layout through AI-driven strategies [1]. - As of the end of the first half of 2024, the company had 35 self-operated stores and 1,991 franchise stores, with 180 new franchise stores opened during the period [1]. Future Outlook - The company plans to improve profitability by optimizing its self-operated stores and transitioning more stores to franchise models, as well as implementing cost-reduction projects in manufacturing [1]. - The profit forecast for 2024-2026 has been adjusted, with expected net profits of 10.3 million yuan, 72.9 million yuan, and 115.4 million yuan, respectively [2].