Monalisa(002918) 光大证券·2024-10-31 02:52Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's performance has been under pressure, but a recovery is expected due to favorable policies in the real estate sector [5] - For the first three quarters of 2024, the company reported revenues of 3.57 billion yuan, a year-on-year decline of 21.4%, and a net profit attributable to shareholders of 140 million yuan, down 57.9% [2][3] - The company is focusing on expanding its distribution business while reducing its exposure to riskier engineering projects, leading to a smaller decline in distribution revenue [3] - The gross margin has decreased due to intensified competition and fixed cost rigidity, with Q3 2024 gross margin at 27.6%, down 2.0 percentage points year-on-year [4] - The company has maintained good operating cash flow, with net cash flow from operating activities of 520 million yuan in Q3 2024, an increase of 40 million yuan year-on-year [4] Summary by Sections Revenue Performance - For the first nine months of 2024, the company achieved revenue of 3.57 billion yuan, a decline of 21.4% year-on-year, with Q3 revenue at 1.24 billion yuan, down 24.3% [2][3] Business Segmentation - The distribution business accounted for 75.6% of total revenue, with a year-on-year decline of 6.8%, while the engineering business saw a 47.1% decline [3] Profitability Metrics - The gross margin for Q3 2024 was 27.6%, down 2.0 percentage points year-on-year, and the net margin was 4.0%, down 4.2 percentage points [4] Cash Flow Analysis - The company reported a net cash inflow from operating activities of 520 million yuan in Q3 2024, reflecting effective inventory management and cost control [4] Market Outlook - The real estate market is showing signs of recovery, with policies aimed at stabilizing the market, which is expected to benefit the company as an industry leader [5]