美凯龙：推行家居消费新零售模式

Investment Rating - The report downgrades the investment rating from "Buy" to "Hold" [5][6] Core Views - The company is implementing a new retail model for home consumption, focusing on digital upgrades and online product operations to enhance customer experience and support traditional distributors [4][3] - The company reported a significant decline in revenue and net profit due to economic fluctuations and reduced mall occupancy rates, leading to increased discounts for merchants [1][4] - The profit forecast for the company has been adjusted, with expected net profits of -1.58 billion, -0.19 billion, and 0.19 billion for the years 2024 to 2026 [3][8] Financial Performance Summary - In Q3 2024, the company reported revenue of 1.88 billion, a year-on-year decrease of 38%, and a net loss attributable to shareholders of 600 million [1] - For the first three quarters of 2024, the company’s revenue totaled 6.1 billion, down 30% year-on-year, with a net loss of 1.9 billion [1][4] - The gross profit margin for the first three quarters of 2024 was 59.42%, an increase of 1.63 percentage points, while the net profit margin was -32.84%, a decrease of 25.67 percentage points [1][11] Business Operations - As of September 30, 2024, the company operates 84 self-managed malls and 260 managed malls, along with 430 home improvement stores through franchising [2][4] - The company is collaborating with Alibaba to explore new retail opportunities in the home goods sector, focusing on digital transformation and enhancing online-to-offline customer engagement [4][3]