ZBOM(SH:603801) Huachuang Securities·2025-09-16 15:20Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 12.53 CNY per share [2][8]. Core Insights - The company reported a decline in domestic sales, while overseas growth presents new opportunities. In the first half of 2025, the company achieved revenue of 1.899 billion CNY, a year-on-year decrease of 14.1%, and a net profit attributable to shareholders of 138 million CNY, down 7.2% [2][8]. - The company is adapting to industry trends by deepening retail channel reforms and reducing high-risk bulk business, while overseas operations are showing significant growth [8]. Financial Performance Summary - Revenue and Profitability: The company’s total revenue for 2025 is projected at 4.947 billion CNY, with a year-on-year decline of 5.9%. The net profit attributable to shareholders is expected to be 363 million CNY, down 5.8% [4][9]. - Earnings Per Share (EPS): The EPS for 2025 is estimated at 0.84 CNY, with a projected price-to-earnings (P/E) ratio of 12 [4][9]. - Gross Margin: The gross margin for the first half of 2025 is reported at 36.0%, a slight decrease of 0.7 percentage points year-on-year [8]. - Market Segmentation: Domestic revenue decreased by 18% to 1.752 billion CNY, while overseas revenue increased by 71% to 148 million CNY [8]. Strategic Developments - The company is focusing on integrating home furnishing solutions and enhancing retail channels, which is expected to yield positive results over time [8]. - The company has successfully reduced the proportion of high-risk bulk business, with its revenue share dropping to 17% in the first half of 2025 [8].