HOLIKE(603898) 天风证券·2024-09-04 09:00Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of 10%-20% over the next six months [6]. Core Insights - The company reported a revenue of 520 million in Q2 2024, a decrease of 16.7% year-on-year, and a net profit of 30 million, down 55.6% [1]. - For the first half of 2024, the total revenue was 920 million, a decline of 5.1%, with a net profit of 40 million, down 46.9% [1]. - The gross margin for H1 2024 was 35.0%, a decrease of 0.8 percentage points, with specific margins for overall wardrobes at 39.0% and cabinets at 27.0% [1]. Revenue Breakdown - In the furniture manufacturing segment, revenue was 880 million, down 4.6%, with overall wardrobes contributing 660 million (71.7% of total) and cabinets at 140 million, showing an 18.1% increase [3]. - The cabinet and bulk business channels maintained double-digit growth, primarily due to an increase in project completions by real estate companies in H1 2024 [3]. Strategic Initiatives - The company is enhancing brand and product development through collaborations with renowned design teams and institutions, focusing on product iteration and market research to improve innovation and quality [4]. - The integrated channel has seen over 130% revenue growth in H1 2024, supported by partnerships with integrated companies and improvements in design and delivery capabilities [4]. - The engineering bulk channel reported a 73% revenue increase in H1 2024, targeting state-owned and quality private enterprises for a robust customer structure [4]. Financial Projections - The profit forecast has been adjusted, with expected net profits for 2024, 2025, and 2026 at 122.26 million, 131.31 million, and 140.32 million respectively, reflecting a downward revision from previous estimates [5]. - The projected P/E ratios for 2024, 2025, and 2026 are 18, 17, and 16 times respectively [5].