Monalisa(002918) 新浪财经·2025-04-21 06:41Core Viewpoint - The company faced significant pressure in its 2024 performance, with a notable decline in revenue and profit, while continuing to optimize its channel structure [1][2][3][4] Group 1: Financial Performance - In 2024, the company achieved revenue of 4.631 billion yuan, a year-on-year decrease of 21.79%, and a net profit attributable to shareholders of 125 million yuan, down 53.06% year-on-year [1] - The fourth quarter alone saw revenue of 1.059 billion yuan, a decline of 23.05% year-on-year, with a net loss of 16 million yuan, although this represented a narrowing of losses [1] - The comprehensive gross margin for 2024 was 27.3%, a decrease of 2.19 percentage points year-on-year, while the net profit margin was 2.81%, down 2.55 percentage points year-on-year [3] Group 2: Business Segments - Revenue from various product segments in 2024 included 3.673 billion yuan from porcelain tiles, 250 million yuan from non-porcelain tiles, and 559 million yuan from ceramic boards, with year-on-year declines of 18.80%, 54.25%, and 18.70% respectively [2] - The gross margins for these segments were 27.18%, 21.51%, and 34.91%, with changes of -3.47, +1.67, and +3.96 percentage points year-on-year [2] Group 3: Channel Structure and Cash Flow - The company’s revenue from distribution and engineering channels in 2024 was 3.541 billion yuan and 1.090 billion yuan, reflecting year-on-year declines of 7.46% and 47.96% respectively, with the distribution channel's revenue share increasing by 11.84 percentage points to 76.47% [2] - Cash flow from operations (CFO) for 2024 was 807 million yuan, a decrease of 127 million yuan year-on-year, with a cash collection ratio of 115.02%, up 7.32 percentage points year-on-year [3] Group 4: Future Outlook - The company is expected to see net profits attributable to shareholders of 190 million yuan, 240 million yuan, and 320 million yuan for the years 2025 to 2027, indicating a cautious outlook for growth [4] - The company is viewed as having significant long-term growth potential, particularly if industry demand rebounds, which could enhance its market share [4]