Monalisa(002918) 天风证券·2025-04-21 05:43Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6][18]. Core Views - The company is expected to face continued pressure on its performance in 2024, with a projected revenue of 4.63 billion yuan, down 21.79% year-on-year, and a net profit of 124.96 million yuan, down 53.06% year-on-year [1][4]. - The company is optimizing its channel structure, with a significant reduction in engineering business, which is expected to decrease accounts receivable impairment risks [2][3]. - The company is anticipated to improve its profitability and cash flow, with a cash flow from operations (CFO) of 807 million yuan in 2024, despite a decrease from the previous year [3]. Financial Performance Summary - In 2024, the company achieved a revenue of 46.31 billion yuan, with a net profit of 1.25 billion yuan, reflecting a decline in demand for tiles and a strategic decision to forgo certain low-margin projects [1]. - The revenue breakdown for different product lines in 2024 shows a decline in sales for porcelain tiles and ceramic boards, with respective revenues of 3.67 billion yuan and 559 million yuan, down 18.80% and 18.70% year-on-year [2]. - The overall gross margin for the company in 2024 was 27.3%, a decrease of 2.19 percentage points from the previous year, while the operating profit margin was significantly impacted by the decline in revenue [3][5]. Future Outlook - The company is projected to recover gradually, with expected net profits of 190 million yuan in 2025, 240 million yuan in 2026, and 320 million yuan in 2027, indicating a potential rebound in profitability [4][5]. - The report highlights the potential for market share growth if industry demand improves, positioning the company favorably in the long term [4].