Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown significant growth in revenue and net profit, with a year-on-year increase of 27.67% in revenue and 41.81% in net profit for the first half of 2024 [3] - The company is successfully implementing a "store-in-store" model, which is contributing to customer growth and new client acquisition [3] - The company has a strong presence in the U.S. market, with 90.05% of its products sold there, and has established over 100 small-scale store-in-store setups in U.S. retail locations [3] Financial Performance - For the first half of 2024, the company reported revenue of 1.207 billion yuan and a net profit of 285 million yuan, with respective year-on-year growth rates of 27.67% and 41.81% [3] - The gross margin for the first half of 2024 was 33.22%, an increase of 1.75 percentage points compared to the previous year [4] - The company expects revenue to grow to 2.401 billion yuan in 2024, with an estimated EPS of 3.04 yuan per share [5][6] Customer and Market Expansion - The company has successfully increased its customer base, adding 49 new retail clients in the first half of 2024, including six from the top 100 furniture retailers in the U.S. [3] - The company’s core products, such as smart electric sofas and beds, have seen double-digit growth, with smart electric beds showing particularly strong performance [3] Profitability and Cost Management - The net profit margin improved to 23.64% in the first half of 2024, up 2.36 percentage points year-on-year, indicating effective cost management [4] - The company’s sales and management expense ratios have slightly increased, attributed to higher share-based payment expenses and marketing efforts [4] Future Outlook - The company is expected to continue its growth trajectory, with revenue projections of 3.024 billion yuan in 2025 and 3.834 billion yuan in 2026, alongside an EPS forecast of 4.76 yuan per share in 2026 [5][6]
匠心家居：营收、净利双增，店中店模式稳步推进