xilinmen(603008) 光大证券·2025-04-25 10:20Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's core mattress business continues to grow, but the performance in 2024 is impacted by adjustments in distribution channels [4][5] - In 2024, the company achieved revenue and net profit of 8.73 billion and 320 million yuan respectively, with year-on-year changes of +0.6% and -24.8% [4] - The company plans to distribute a cash dividend of 5.2 yuan per 10 shares (including tax) for 2024 [4] Revenue Performance - The company's revenue from different product categories in 2024 includes mattresses (5.27 billion yuan, +5.1%), soft beds and accessories (2.44 billion yuan, -8.4%), sofas (720 million yuan, -6.6%), and wooden furniture (170 million yuan, +27.5%) [5] - Domestic and international revenue reached 6.47 billion and 2.13 billion yuan respectively, with year-on-year changes of -6.4% and +27.5% [5] - Revenue from distribution channels includes 3.21 billion from dealerships (-12.9%), 3.40 billion from bulk business (+10.1%), and 1.98 billion from online sales (+9.9%) [5] Profitability Analysis - The company's gross margin for 2024 is 33.7%, a decrease of 0.7 percentage points year-on-year [6] - The gross margins for different product categories are 38.4% for mattresses, 29.3% for soft beds and accessories, 18.8% for sofas, and 1.5% for wooden furniture [6] - The company’s operating expenses ratio for 2024 is 28.9%, an increase of 1.6 percentage points year-on-year, primarily due to increased brand promotion and online sales expenses [6] Market Outlook - The report indicates that the company is a leading player in the mattress industry and is expected to capture a larger market share in a supply-clearing environment [9] - Revenue forecasts for 2025 and 2026 have been adjusted downwards to 9.42 billion and 10.40 billion yuan, reflecting a decrease of 16% and 20% respectively [9] - The projected net profit for 2025 and 2026 is revised to 350 million and 370 million yuan, down by 35% and 39% respectively [9]