Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [2][4]. Core Insights - The company is a leading OEM&ODM supplier in the smart home sector, focusing on electric sofas and beds, with a strong emphasis on international market expansion, particularly in North America [2][4]. - In H1 2024, the company achieved revenue of 1.207 billion yuan, a year-on-year increase of 27.67%, and a net profit of 285 million yuan, up 41.81% year-on-year [2][4]. - The company is positioned to capitalize on the growing global smart home market, which is projected to reach 32.7 billion in 2023, and the U.S. market penetration rate is expected to continue increasing [21][24]. - The smart electric bed market is also growing rapidly, with a CAGR of 20.41% from 2017 to 2022 [27]. 3. Product and Supply Chain Synergy - The company emphasizes strong R&D capabilities, with 620 authorized patents and ongoing innovation [3]. - The supply chain is vertically integrated, allowing for cost control and efficient production [3][19]. - The company has built long-term relationships with major clients like Ashley Furniture and Pride Mobility, enhancing its market position [3][19]. 4. Profit Forecast and Investment Recommendations - The company is expected to achieve revenues of 2.39 billion yuan, 2.89 billion yuan, and 3.43 billion yuan for 2024, 2025, and 2026, respectively, with corresponding growth rates of 24.37%, 21.06%, and 18.45% [4][6]. - The projected net profits for the same years are 503 million yuan, 605 million yuan, and 720 million yuan, with growth rates of 23.40%, 20.40%, and 18.90% [4][6].
匠心家居：智能家居“专精”领军，打造消费品出海α成长