Monalisa(002918) 华创证券·2025-04-23 08:03Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 10.16 CNY, while the current price is 8.84 CNY [4][8]. Core Views - The company reported a significant decline in revenue and net profit for 2024, with total revenue of 4.63 billion CNY, a year-on-year decrease of 21.8%, and a net profit of 125 million CNY, down 53.1% [2][4]. - The company is actively adjusting its customer structure to mitigate risks, particularly in response to the challenges faced by the ceramics industry due to the real estate sector's downturn [8]. - The company has implemented measures to enhance operational efficiency and reduce costs, which are expected to improve channel management and overall competitiveness [8]. Financial Performance Summary - In 2024, the company achieved total revenue of 4.63 billion CNY, with a year-on-year growth rate of -21.8%. The projected revenue for 2025 is 4.76 billion CNY, indicating a recovery with a growth rate of 2.8% [4]. - The net profit for 2024 was 125 million CNY, with a projected increase to 201 million CNY in 2025, reflecting a growth rate of 60.8% [4]. - The company's gross margin for 2024 was 27.3%, a decrease of 2.2 percentage points year-on-year, while the operating profit is expected to improve in the following years [8]. Market and Industry Context - The ceramics industry is facing increased competition and a decline in production, with national ceramic tile output in 2024 at 5.91 billion square meters, down 12.18% from 2023 [8]. - The company is positioned as a leader in the tile industry, with a well-established channel layout and strong product competitiveness, which is expected to help it gain market share despite the challenging environment [8].