北京：北京市东城区建国门内大街 28 号民生金融中心 A 座 18 层； 100005 深圳：广东省深圳市福田区益田路 6001 号太平金融大厦 32 层 05 单元； 518026 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 3 ➢ 投资建议：公司持续推进多渠道、多业务扩张，预计公司 2024-2026 年归 母净利润分别为 3.34/3.78/4.28 亿元，同增 14.3%/13.3%/13.1%，当前股价对 应 PE 为 10/8/7X，维持"推荐"评级。 ➢ 风险提示：终端销售不及预期；渠道开拓不及预期；房地产市场波动。 | --- | --- | --- | --- | --- | --- | |----------------------------------------------------|-------|-------|------------------|------------|-------| | 项目/年度 | | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | | 3,645 | 4,131 | 4,6 ...

Financial Performance - The company's operating revenue for 2023 reached RMB 3,645,484,510.39, representing a year-on-year increase of 2.59%[21]. - The net profit attributable to shareholders of the listed company was RMB 292,032,805.69, an increase of 5.40% compared to the previous year[21]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 233,766,157.73, up 22.15% year-on-year[21]. - The basic earnings per share (EPS) for 2023 was 1.89 RMB, up 5.00% from 1.80 RMB in 2022[23]. - The diluted EPS decreased by 2.22% to 1.76 RMB in 2023 from 1.80 RMB in 2022[23]. - The company achieved a revenue of 3.645 billion RMB in 2023, representing a year-on-year growth of 2.59%[29]. - Net profit for 2023 was 292 million RMB, an increase of 5.40% compared to the previous year[29]. - The company reported a non-recurring net profit of 234 million RMB in 2023, which is a 22.15% increase year-on-year[29]. Cash Flow and Assets - The net cash flow from operating activities surged by 160.82% to RMB 644,351,648.67, driven by increased orders and improved supplier management[22]. - Total assets increased by 22.80% to RMB 5,972,602,679.01 compared to the end of 2022[21]. - The net assets attributable to shareholders of the listed company rose to RMB 2,768,173,589.91, marking a 6.72% increase from the previous year[21]. - The company’s cash flow from operating activities showed a net inflow of 416 million RMB in the fourth quarter[24]. - Cash and cash equivalents increased by 32.13% to 788.20 million, accounting for 13.20% of total assets, primarily due to the issuance of convertible bonds and operational performance growth[60]. - Trading financial assets rose by 67.64% to 1.38 billion, representing 23.06% of total assets, mainly from investments in financial products using idle funds[60]. Revenue Breakdown - The wardrobe business generated 1.044 billion RMB in revenue, reflecting an 8.65% growth[29]. - The wooden door business saw a significant revenue increase of 64.97%, totaling 246 million RMB[29]. - The revenue from customized home furnishings reached CNY 3,546,082,056.58, with a year-on-year increase of 1.90%[51]. - Overall kitchen cabinets generated revenue of CNY 2,232,238,147.60, reflecting a decline of 5.55% compared to the previous year[51]. - The revenue from overall wardrobes increased by 8.65% to CNY 1,044,165,499.22, while the gross margin improved by 0.53%[51]. - The company reported a significant increase in revenue from wood doors, which rose by 64.97% to CNY 245,611,172.05[51]. Strategic Initiatives - The company continues to enhance its technological innovation and cost leadership strategy, which has led to improved efficiency and reduced raw material costs[22]. - The company launched the "A+X" personalized living product line, including a 1㎡ gym cabinet that won the international Red Dot Award[33]. - The company is focusing on the transition from whole-house customization to integrated home solutions, enhancing its supply chain capabilities[35]. - The company aims to strengthen its organizational structure and improve operational efficiency through enhanced management practices[33]. - The company has developed a digital twin smart production line in its Chengdu manufacturing base, marking a significant advancement in its manufacturing capabilities[44]. - The company is actively pursuing market expansion through collaborations with research institutions and the establishment of green product standards[43]. Research and Development - Research and development expenses rose by 13.03% to approximately CNY 226.01 million, reflecting the company's commitment to expanding new product categories and enhancing product competitiveness[48]. - The company holds a total of 545 valid patents and software copyrights, including 17 invention patents, showcasing its strong focus on innovation[43]. - The company employed 696 R&D personnel, accounting for 11.07% of the total workforce[57]. - The company is enhancing its research and development capabilities to improve product competitiveness and accelerate innovation[87]. Market Expansion and Retail Strategy - The company expanded its retail channels, achieving a total of 1,709 kitchen cabinet stores, 1,152 wardrobe stores, and 660 wooden door stores as of December 31, 2023[30]. - The overseas channel generated sales revenue of 274 million CNY, representing a year-on-year growth of 16.92%[32]. - The company is exploring international markets, particularly in Southeast Asia, Australia, and North America, to leverage its supply chain advantages[84]. - The company plans to deepen its retail channel strategy to increase customer trust and drive purchasing decisions through differentiated products and marketing strategies[85]. Risk Management - The company emphasizes the importance of risk factors related to future plans and development strategies, urging investors to be cautious[7]. - The company faces risks related to macroeconomic fluctuations and real estate market volatility, which could impact consumer demand for home products[88]. - The company is also exposed to rising raw material and labor costs, which could pressure its operational performance[89]. - The company has established a comprehensive internal control system to enhance risk identification and management, ensuring effective execution of internal controls[129]. Corporate Governance - The company strictly adheres to the requirements of the Company Law and the Securities Law, ensuring compliance with governance standards and maintaining transparency in information disclosure[91]. - The board of directors and supervisory board operate in accordance with legal regulations, ensuring the protection of shareholder interests and compliance with governance rules[92]. - The company has implemented measures to ensure the independence of its operations, assets, and finances from its controlling shareholders[93]. - The total pre-tax remuneration for directors and senior management during the reporting period amounted to CNY 609.9354 million[96]. Dividend Policy - The company plans to distribute a cash dividend of RMB 0.6 per share for the 2023 fiscal year, with a mid-term dividend in 2024 expected to be no less than 30% of the net profit attributable to shareholders for that period[6]. - The company has a cash dividend policy that mandates a minimum of 20% of the distributable profit to be distributed as cash dividends annually[116]. - The company can propose mid-term cash dividends based on current profitability and cash flow conditions[115]. - The board must consider the company's sustainable operation and investor returns when proposing profit distribution plans[118]. Environmental and Social Responsibility - The company has invested 8.98 million RMB in environmental protection during the reporting period, demonstrating its commitment to environmental responsibility[131]. - The company invested a total of 1.11 million RMB in charitable donations, including contributions to various organizations such as the Siyang Charity Association and Xiamen Zhongshan Hospital[134]. - The company has implemented carbon reduction measures by constructing photovoltaic power generation projects at production bases, optimizing energy structure to reduce carbon dioxide emissions[134].

| 证券代码：603180 | 证券简称：金牌厨柜 | 公告编号：2024-041 | | --- | --- | --- | | 债券代码：113670 | 债券简称：金 23 转债 | | 金牌厨柜家居科技股份有限公司 关于 2023 年年度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 布局所致。 (二) 主营业务分渠道情况 注:上表中经销店包含厨柜、衣柜和木门经销店;直营店营业收入下降主要 是部分直营店转成经销店所致。 二、报告期门店变动情况 单位:人民币元 营业收入比 营业成本比 毛利率比 毛利率 分渠道 营业收入 营业成本 上年同期增 上年同期增 上年同期 (%) 增减(%) 减 (%) 减 (%) 经销店 1,881,028,179.65 1,215,078,099.00 35.40% 3.59% -0.63% 2.58% 直营店 96.221.292.18 46,866,148.83 51.29% 20.46% -18.00% -24.05% 1,276,079,203.05 1,07 ...

| 证券代码：603180 | 证券简称：金牌厨柜 | 公告编号：2024-042 | | --- | --- | --- | | 债券代码：113670 | 债券简称：金 23 转债 | | 金牌厨柜家居科技股份有限公司 关于 2024 年第一季度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据上海证券交易所《上市公司行业信息披露指引第十五号—— 家具制造》的有关要求，金牌厨柜家居科技股份有限公司（以下简称 "公司）现将 2024 年第一季度主要经营数据公告如下： 一、报告期经营情况 （一）主营业务分产品情况 单位：人民币元 产品 营业收入 营业成本 毛利率 （%） 营业收入 比上年同 期增减（%） 营业成本比 上年同期增 减（%） 毛利率比上 年同期增减 （%） 整体厨柜 389,207,540.53 287,965,527.02 26.01% 7.63% 11.08% -2.30% 整体衣柜 190,277,763.21 136,604,538.16 28.21% 19.91% 19.36% ...

| 证券代码：603180 | 证券简称：金牌厨柜 | 公告编号：2024-035 | | --- | --- | --- | | 债券代码：113670 | 债券简称：金 23 转债 | | 金牌厨柜家居科技股份有限公司 关于为公司工程代理商提供担保预计的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 被担保人名称：公司工程代理商，不涉及关联交易 本次预计担保金额及已实际为其提供的担保余额：本次预计 为工程代理商提供的担保总额不超过人民币 8000 万元；截至 2024 年 3 月 31 日，公司对工程代理商的担保余额为人民币 1,760.90 万 元。 交公司股东大会审议。 金牌厨柜家居科技股份有限公司（以下简称"公司"）于 2024 年 4 月 25 日召开第五届董事会第三次会议，会议审议通过了《关于为公 司工程代理商提供担保预计的议案》，现将有关事项公告如下： 一、担保情况概述 本次担保是否有反担保：有 对外担保逾期的累计数量：无逾期对外担保 （一）担保基本情况 公司为了推动工程渠道业务的发 ...

金牌厨柜家居科技股份有限公司 计 报 뷰 曲 华兴审字[2024]24002430020 号 华兴会计师事务所(特殊普通合伙) 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://aco.mof.gov.cn）"进行查查 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http:///aco.mof.gov.cn）"进行查询 " · www.fihxcpa.com 兴会计师事务所(特殊普通合伙) CERTIFIED PUBLIC ACCOUN 申诗(Tel) · 0591-87852574 告 搜 华兴审字[2024]24002430020 号 金牌厨柜家居科技股份有限公司全体股东: 一、审计意见 我们审计了金牌厨柜家居科技股份有限公司(以下简称金牌厨柜)财务 报表,包括2023年12月31日的合并及母公司资产负债表,2023年度的合并及 母公司利润表、合并及母公司现金流量表和合并及母公司所有者权益变动表 以及相关财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编 制,公允反映了金牌厨柜2023年12月31日的合并及母公司财务状况以及2023 年度的合 ...

| 证券代码：603180 | 证券简称：金牌厨柜 | 公告编号：2024-048 | | --- | --- | --- | | 转债代码：113670 | 转债简称：金 23 转债 | | 金牌厨柜家居科技股份有限公司 关于获得政府补助的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、获得补助的基本情况 金牌厨柜家居科技股份有限公司（以下简称"公司"或"金牌厨 柜"）及下属子公司自 2023 年 7 月 1 日至 2024 年 3 月 31 日收到与收 益相关的政府补助共计 2,815.45 万元，与资产相关的政府补助共计 1,793.62 万元具体情况如下： （一）与收益相关的政府补助 根据《企业会计准则第 16 号—政府补助》的相关规定，上述补助 资金计入公司当期损益。具体会计处理以审计机构审计确认后的结果 为准。敬请广大投资者注意投资风险。 特此公告 单位：万元 | 序号 | 获得时间 | 补助类型 | 补助金额 | 占公司最近一期经审计 净利润的比例（%） | | --- | --- | --- | ...

| 证券代码：603180 | 证券简称：金牌厨柜 | 公告编号：2024-034 | | --- | --- | --- | | 债券代码：113670 | 债券简称：金 23 转债 | | 金牌厨柜家居科技股份有限公司 关于公司与参股公司 2024 年度日常关联交易预计的公告 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 金牌厨柜家居科技股份有限公司（以下简称"公司"）于 2024 年 4 月 25 日召开第五届董事会第三次会议审议通过了《关于公司与 参股公司 2024 年度日常关联交易预计的议案》。该议案无需提交股 东大会审议。 本议案在提交董事会审议前已经独立董事专门会议审议，并获得 出席会议的独立董事一致表决通过。独立董事认为：公司预计在 2024 年度与福建远孚易居科技有限公司、厦门融技精密科技有限公司、厦 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ● 是否需要提交股东大会审议：否 ● 是否对关联方形成较大的依赖：否 门市得尔美卫浴有限公司等参股公司将发生的日常关联交易事项 ...

兴业证券股份有限公司 关于金牌厨柜家居科技股份有限公司 为子公司提供担保事项的核查意见 兴业证券股份有限公司（以下简称"兴业证券"或"保荐机构"）作为金牌 厨柜家居科技股份有限公司（以下简称"金牌厨柜"或"公司"）持续督导的保 荐机构，根据《证券发行上市保荐业务管理办法》、《上海证券交易所股票上市规 则》和《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等法律 法规及规范性文件的规定，对金牌厨柜为子公司提供担保事项进行了核查，核查 情况如下： （一）江苏金牌厨柜有限公司 一、担保情况概述 在严格控制风险的前提下，公司拟为全资子公司江苏金牌厨柜有限公司（以 下简称"江苏金牌公司"）向金融机构申请不超过人民币 15,000 万元的综合授 信提供担保，为全资子公司成都金牌厨柜家居科技有限公司（以下简称"成都金 牌公司"）向金融机构申请不超过人民币 15,000 万元的综合授信提供担保，为金 牌厨柜澳洲有限公司（Goldenhome Australia Pty. Ltd.，以下简称"澳洲子公司"） 向金融机构申请不超过 1500 万澳元（折合约 6000 万元人民币）的综合授信提供 担保，具体金融机构及 ...

证券简称：金牌厨柜 证券代码： 603180 金牌厨柜家居科技股份有限公司 董事会审计委员会2023年度履职情况报告 根据《上海证券交易所股票上市规则》、《上海证券交易所上市公司自律 监管指引第 1 号——规范运作》、《上市公司治理准则》、《公司章程》及公司 《董事会审计委员会工作细则》等有关规定，金牌厨柜家居科技股份有限公 司（以下简称"公司"）董事会审计委员会 2023 年度勤勉尽责，认真履行了 职责，现将公司董事会审计委员会 2023 年度履职情况报告如下： 一、董事会审计委员会基本情况 公司第四届董事会审计委员会由章颖薇、崔丽丽、温建北三名成员组成， 其中章颖薇、崔丽丽为独立董事，独立董事委员占审计委员会成员总数的 1/2 以上。2024 年 1 月 26 日，公司第五届董事会选举产生了新一届董事会 审计委员会成员，公司第五届董事会审计委员会由朱爱萍、崔丽丽、温建北 三名成员组成，其中朱爱萍、崔丽丽为独立董事，独立董事委员占审计委员 会成员总数的 1/2 以上。 上述审计委员会成员均具有能够胜任董事会审计委员会工作职责的专 业知识和经验，且召集人由具有专业会计资格的独立董事担任。 二、董事会审计委员会 ...