ZBOM(603801) 国海证券·2024-11-11 04:15Investment Rating - Buy rating (first coverage) [1] Core Views - The company is actively expanding its omni-channel and multi-category strategy, with potential demand release driven by the trade-in policy [1] - The company's performance is under short-term pressure but is expected to maintain steady growth in the medium to long term [5] - The company is expected to achieve revenue of 5.974 billion, 6.401 billion, and 6.885 billion yuan in 2024, 2025, and 2026, respectively, with net profits attributable to the parent company of 521 million, 561 million, and 607 million yuan [7][8] Financial Performance - In 2024Q1-Q3, the company achieved revenue of 3.675 billion yuan, a year-on-year decrease of 6.46%, and net profit attributable to the parent company of 266 million yuan, a year-on-year decrease of 23.80% [5] - The company's gross profit margin for 2024Q1-Q3 was 36.83%, a year-on-year decrease of 1.58 percentage points, and the net profit margin was 7.24%, a year-on-year decrease of 1.65 percentage points [3] - The company's overall cabinet/custom wardrobe/wooden door gross profit margins were 41.58%/37.76%/20.77%, with year-on-year changes of -2.01/-1.01/+2.82 percentage points, respectively [3] Channel and Product Analysis - The company's direct sales/distributor/bulk/overseas business revenues were 253 million/1.917 billion/1.105 billion/131 million yuan, with year-on-year changes of -16.25%/-11.81%/+0.95%/+35.24% [6] - The company has 1,618/1,821/1,120/20 overall cabinet/custom wardrobe/wooden door/direct sales stores, with a total of 4,579 stores, a net decrease of 4 stores compared to the end of 2023 [6] Strategic Initiatives - The company is responding to the trade-in policy by offering dual subsidies, upgrading high-quality products, and providing integrated home solutions to drive demand [4] - The company is steadily advancing its whole-home strategy, expanding its product categories, and optimizing its retail and bulk business channels [7] Market Data - The company's current stock price is 14.93 yuan, with a 52-week price range of 8.85-20.16 yuan [2] - The company's total market capitalization is 6.517 billion yuan, with a circulating market capitalization of 6.485 billion yuan [2] - The company's average daily trading volume is 186.65 million yuan, with a monthly turnover rate of 3.89% [2]