QM HOME(603818) 国泰君安·2024-05-14 08:32Investment Rating - The report assigns a rating of "Accumulate" for Qumei Home (603818) [1][23]. Core Views - The company is actively expanding its product categories and focusing on home decoration channels, which is expected to improve performance [1][6]. - The target price has been adjusted to 5.07 yuan from the previous 6.63 yuan, reflecting a downward revision due to ongoing recovery in downstream demand [1][6]. Financial Summary - The company reported a revenue of 4.028 billion yuan in 2023, a decrease of 17% compared to 2022, with a net profit attributable to shareholders of -304 million yuan [1][20]. - For 2024, the expected earnings per share (EPS) have been revised down to 0.12 yuan from 0.32 yuan, with a new forecast for 2026 EPS at 0.29 yuan [1][20]. - The gross margin for 2023 was 31.84%, showing a slight decrease of 0.45 percentage points year-on-year [1][20]. Market Performance - The stock price has fluctuated between 2.98 and 6.07 yuan over the past 52 weeks, with a current price of 3.39 yuan [1][3]. - The average daily trading volume is reported at 14.73 million shares, with an average daily trading value of 56.33 million yuan [1][20]. Valuation Metrics - The report indicates a projected price-to-book (PB) ratio of 1.5 for 2024, based on comparable companies, leading to the target price of 5.07 yuan [1][6]. - The company’s net asset return rate is expected to improve to 3.6% in 2024, up from -16% in 2023 [1][20].