ZBOM(SH:603801) Xinda Securities·2025-08-29 08:47Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a focus on the company's strategic initiatives and financial performance [1]. Core Insights - The company is advancing its integrated whole-home strategy and expanding its product categories, including smart home products, while also increasing its market presence through various channels [2]. - The company reported a revenue of 1.899 billion yuan in H1 2025, a decrease of 14.1% year-on-year, with a net profit of 138 million yuan, down 7.2% year-on-year [1][2]. - The company is experiencing a significant increase in its direct sales business, which grew by 200.25% year-on-year, while its distribution business saw a decline of 34.18% [2]. Financial Performance Summary - In H1 2025, the company achieved revenues of 7.11 million yuan for kitchen cabinets, 9.05 million yuan for custom wardrobes, and 1.46 million yuan for wooden doors and wall panels, with respective year-on-year changes of -26.42%, -2.54%, and +5.13% [3]. - The overall gross margin for H1 2025 was 35.97%, a decrease of 0.72 percentage points year-on-year, while the net profit margin improved to 7.27%, an increase of 0.54 percentage points [4]. - The company’s cash flow from operating activities was negative at -413 million yuan in H1 2025, a decline of 156 million yuan year-on-year [4]. Revenue and Profit Forecast - The company is projected to achieve net profits of 364 million yuan, 373 million yuan, and 394 million yuan for the years 2025, 2026, and 2027, respectively [8]. - The expected price-to-earnings (P/E) ratios for the years 2025, 2026, and 2027 are 11.9X, 11.6X, and 11.0X, respectively [6].