Monalisa(SZ:002918) Changjiang Securities·2025-09-04 23:30Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 1.92 billion yuan for the first half of 2025, a year-on-year decrease of 18%. The net profit attributable to shareholders was -0.06 billion yuan, down 107% year-on-year, and the net profit excluding non-recurring items was -0.16 billion yuan, down 124% year-on-year [2][4]. - In the second quarter, the company achieved a revenue of 1.23 billion yuan, a year-on-year decrease of 19%, with a net profit of 0.54 billion yuan, down 27% year-on-year [2][4]. - The company expects net profits of approximately 0.13 billion yuan and 0.19 billion yuan for 2025 and 2026, corresponding to PE valuations of 43 and 28 times, respectively [6]. Summary by Sections Revenue and Profitability - The company's revenue is under pressure, with a significant decline in both total revenue and net profit. The revenue from the distribution channel decreased by 10% to approximately 1.59 billion yuan, while the engineering channel revenue fell by 43% to about 0.33 billion yuan [10]. - The gross margin for the first half of the year was approximately 25.0%, a decrease of 1.9 percentage points year-on-year. Despite efforts in cost management, the average selling price of products has declined, leading to pressure on gross margins [10]. Cash Flow and Receivables - The cash collection ratio has remained stable, with accounts receivable and notes receivable decreasing significantly to 0.65 billion yuan, down from 1.02 billion yuan year-on-year. The cash flow from operating activities was 0.09 billion yuan, a decrease of 0.28 billion yuan year-on-year [10]. Industry Outlook - The tile industry is experiencing a significant supply exit, with the production of building ceramics expected to decline by 12% in 2024 compared to the previous year. The number of large-scale enterprises in the industry has decreased from 1,048 in 2021 to 993 in 2024 [10].