美凯龙（601828）：国补有望推动业绩修复

Investment Rating - The investment rating for the company is "Hold" with a target price not specified [6] Core Views - The company is expected to benefit from national subsidy policies aimed at stimulating consumption, which may lead to a recovery in performance [2] - The company is actively adjusting its strategy and product offerings, including the introduction of home decoration and new energy vehicle categories, in response to market conditions [1][3] - The company has demonstrated strong organizational execution in leveraging offline channels to enhance sales through government subsidy programs [4] Financial Performance Summary - In Q4 2024, the company reported revenue of 1.716 billion, a year-on-year decrease of 39.6%, and a net profit attributable to shareholders of -1.097 billion, an increase of 34.3% year-on-year [1] - For the full year 2024, the company recorded revenue of 7.821 billion, down 32.1% year-on-year, and a net profit attributable to shareholders of -2.983 billion, a decrease of 34.6% year-on-year [1] - The company's gross margin for 2024 was 58.26%, an increase of 1.52 percentage points, while the net profit margin was -38.15%, a decrease of 18.90 percentage points [1] Business Segment Performance - The company's self-operated and leasing income for 2024 was 5.360 billion, a decrease of 21.0%, with a gross margin of 65.7%, down 5.1 percentage points [3] - The company managed 77 self-operated malls with an average occupancy rate of 83.0% and 257 managed malls with an average occupancy rate of 82.5% as of the end of 2024 [3] Strategic Initiatives - The company is enhancing its online marketing strategies by utilizing platforms like Douyin and Xiaohongshu to drive traffic and improve brand awareness [5] - The company is focusing on digital transformation to reduce costs and improve efficiency, introducing various products to support merchants and consumers [5] Future Outlook - The company plans to continue expanding its main and ancillary businesses, aiming to create a comprehensive consumption ecosystem that integrates home appliances, home furnishings, and home decoration [10] - The company anticipates gradual improvement in operational performance as national subsidies and consumption promotion policies take effect [10]