$120millionpowerballjackpot| Xilinmen (603008): Performance meets expectations 2024 has a beautiful start

Event$120millionpowerballjackpotXi Linmen releases the quarterly report of 2024. First quarter$120millionpowerballjackpotThe company achieved revenue of 17%$120millionpowerballjackpot. 6.1 billion yuan, year-on-year + 20$120millionpowerballjackpot.02%; realized net profit of 74 million yuan, + 20.2% compared with the same period last year, and deducted non-net profit of 74 million yuan, + 48.62% of the same period last year. As a whole, it was in line with expectations and got off to a good start in 2024. 1) in terms of profitability, in the first quarter, the company achieved a gross profit margin of 33.46% (+ 1.06pct.) and a net return rate of 4.21% (+ 0.01pct.). 2) in terms of period expenses, the Q1 sales / management / R & D / financial expense rates are 19.16% (- 0.79pct.), 6.05% (- 0.1pct.), 2.54% (+ 0.16pct.) and 0.35% (- 1.01pct.), respectively. The change in financial expense rate is mainly due to the reduction of interest expenses. 3) in terms of cash flow, in the first quarter, the net cash flow of operating activities was-328 million yuan (+ 47.63%), mainly due to the increase in receipts in the current period. Business split: the high growth of domestic online leads the retail business to achieve double-digit growth and cross-border e-commerce. In the first quarter, 1) own-brand retail business: revenue of 1.07 billion yuan, year-on-year + 11%. The revenue of offline / online channels is RMB770,300 million respectively, compared with the same period last year, + 7% Universe 20% Magi 2) self-branded engineering business / generation processing business / cross-border e-commerce revenue is 1.0,5.1,80 million yuan respectively, year-on-year + 155% Compact "24% Universe" 58%, engineering business benefits from hotel customer development and trend. At the same time, the company is actively exploring its own brands to go to sea and develop cross-border e-commerce. Cross-border e-commerce business will grow by 69% in 2023, and we are optimistic to maintain high growth in 2024. Channel split: steady progress, 2024 focus on the expansion of sleep channel sinking. By the end of the first quarter, the company had a total of 5674 offline stores, a net increase of 21 from the beginning of the year. Among them, there are 3561 Xi Linmen stores, 1626 Xi Mian stores (+ 14) and 487 MD stores (including Xiatu). Looking forward to 2024, the company will take "continue to plough the sleep track" as the strategic orientation, expand the share of incremental platforms such as live e-commerce online, and offline is expected to accelerate the sinking market development with sub-brands such as Xi Xian as the starting point. Investment advice: the company focuses on the main business of furniture, building its own brand and omni-channel sales network, channel category dividend release to promote growth. We expect the company's sales revenue from 2024 to 2026 to be 98,110 and 12.4 billion yuan, an increase of 13.1%, 12.5% and 12.3% over the same period last year, achieving a net profit of 6.2,7.3 and 870 million yuan, an increase of 44%, 19% and 18% respectively. Risk hint: raw material price fluctuation risk, market competition aggravating risk, channel expansion not expected risk [disclaimer] this article only represents the views of third parties and does not represent the position of Hexun. Investors operate accordingly, at their own risk.

[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.