公司报告 | 年报点评报告 梦百合（603313） 证券研究报告 欧洲成长北美止跌，盈利改善可期 公司发布 2024 年报及 2025 年一季报 25Q1 公司收入 20.43 亿元，同比+12.31%，归母净利润 0.59 亿元，同比 +196.22%，扣非归母净利润 0.58 亿元，同比+206.80%； 24Q4 公司收入 23.24 亿元，同比+2.8%，归母净利润 156 万元，扣非归母 净利润-1.22 亿元； 24 年公司收入 84.49 亿元，同比+5.94%，归母净利润-1.51 亿元，扣非归母 净利润-2.8 亿元。 25Q1 毛利率 39.37%，同比+0.85pct，归母净利率 2.87%，同比+1.8pct。 24 年分产品，①床垫收入 44.2 亿元，同比+10.95%，毛利率 36.66%，同比 +0.34pct；②枕头收入 6.06 亿元，同比-0.25%，毛利率 32.99%，同比-1.88pct； ③沙发收入 11.55 亿元，同比+1.15%，毛利率 37.41%，同比-2.35pct；④电 动床收入 6.42 亿元，同比-1.11%，毛利率 36.45%，同比-0.09 ...

证券研究报告 轻工行业24A&25Q1业绩综述： 新消费表现亮眼，补贴链刺激效果初显 分析师：赵中平 执业编号：S1130524050003 分析师：张杨桓 执业编号：S1130522090001 分析师：尹新悦 执业编号：S1130522080004 2025年5月4日 目录 3 1 家居：内销国补刺激效果初显，出口景气度边际有所下行 ➢ 业绩综述 -30% -20% -10% 0% 10% 20% 30% 40% 营收同比增长率(%) 归母净利润同比增长率(%) 01 家居：内销国补刺激效果初显，出口景气度边际有所下行 03 轻工消费宠物潮玩：新消费国货品牌靓丽，多点开花 04 02 造纸：短期盈利压力仍在，资本开支趋缓，优选细分赛道 两轮车：以旧换新助推Q1高景气，产品升级、出海是长期 成长抓手 05 风险提示 01 家居：内销国补刺激效果初显， 出口景气度边际有所下行 图表1：内销家居板块历年营收与净利润同比增长率 图表2：内销家居板块单季度营收与净利润同比增长率 -60% -40% -20% 0% 20% 40% 营收同比增长率(%) 归母净利润同比增长率(%) -20% 0% 20% 40% 60 ...

Investment Rating - The report indicates a positive outlook for the home furnishing sector, driven by domestic consumption stimulus and the recovery of retail channels [1]. Core Insights - The domestic home furnishing sector shows signs of recovery due to national subsidies, while export performance is experiencing marginal decline [4][6]. - The report highlights the performance of leading companies in the sector, which are expected to maintain better profitability due to strategic advantages and effective cost management [26]. Summary by Sections 1. Home Furnishing - Domestic sales in Q1 2025 showed a year-on-year revenue growth of +1.75%, while net profit increased by +7.07% compared to the previous year [13]. - Export figures for the home furnishing sector in Q1 2025 showed a decline of -8.0% year-on-year, indicating a downward trend in overall export sentiment [13]. - The report anticipates that the domestic market will gradually recover, supported by government subsidies and a stabilization in the real estate sector [13]. 1.1 Domestic Sales - Custom Home Furnishing - Retail channels are showing signs of improvement, while bulk channels remain under pressure [20]. - Leading companies are leveraging national subsidies to enhance retail demand, with pre-receipts showing improvement [38]. - Profitability among top-tier companies is improving, with effective cost control and product development strategies [26]. 1.2 Domestic Sales - Soft Home Furnishing - The soft home furnishing sector is under pressure due to real estate downturns, but improvements are noted in Q1 2025 for leading companies like Gujia and Mengbaihe [39]. - Gross margins for major players have shown slight improvements in Q1 2025, indicating a recovery trend [44]. - Pre-receipts for soft home furnishing companies have improved, reflecting a recovery in domestic demand [46]. 1.3 Export Home Furnishing - The overall export sentiment for home furnishings is declining, with a notable drop in export figures for Q1 2025 [51][53]. - Despite the challenges, high-quality enterprises are expected to maintain competitive advantages and better performance [51].

2025 年 4 月 30 日 公司研究 北美业务止跌企稳，欧洲业务延续增长，一季度业绩表现超预期 ——梦百合（603313.SH）2024 年年报及 2025 年一季报点评 买入（维持） 当前价：6.97 元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 联系人：吴子倩 021-52523872 wuziqian@ebscn.com | 市场数据 | | --- | | 总股本(亿股) | 5.71 | | --- | --- | | 总市值(亿元)： | 39.77 | | 一年最低/最高(元)： | 5.22/9.16 | | 近 3 月换手率： | 149.17% | 股价相对走势 -36% -22% -8% 7% 21% 04/24 07/24 10/24 01/25 梦百合 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 16.01 | 6.77 | -24.63 | | 绝对 | 12.60 | 6.41 | -2 ...

2025 年 4 月 30 日 公司研究 北美业务止跌企稳，欧洲业务延续增长，一季度业绩表现超预期 ——梦百合（603313.SH）2024 年年报及 2025 年一季报点评 买入（维持） 当前价：6.97 元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 联系人：吴子倩 021-52523872 wuziqian@ebscn.com | 市场数据 | | --- | | 总股本(亿股) | 5.71 | | --- | --- | | 总市值(亿元)： | 39.77 | | 一年最低/最高(元)： | 5.22/9.16 | | 近 3 月换手率： | 149.17% | 股价相对走势 -36% -22% -8% 7% 21% 04/24 07/24 10/24 01/25 梦百合 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 16.01 | 6.77 | -24.63 | | 绝对 | 12.60 | 6.41 | -2 ...

东吴证券发布了一篇建筑材料行业研报称，近期贸易战情绪有所缓和，出口板块领涨。国内方面政治局 会议以落实存量政策为主，储备增量政策为辅，例如"创设新的货币政策工具"，"大力发展服务消费"等 等。整体而言，地产链的斜率放缓但方向不变，地产链出清已近尾声，供给格局大幅改善，25年需求平 稳且企业增长预期较低，板块具备较高的胜率。以旧换新补贴推动下，24年Q4家电消费加速，到25年3 月家具消费明显加速，我们期待25年Q3家装也会迎来明显加速。首选低估值的消费龙头和扩张型公 司。其次，如果外部需求快速回落，中西部基建很有可能成为救急的方向。最后，在25年流动性充裕的 背景下，科技属性强的公司仍有较高关注度。 北京商报讯（记者 翟枫瑞）4月29日，装修建材板块小幅增长，以11851.20点收盘，涨幅为1.52%。在 板块带动下，多只装修建材股午盘股价实现增长。梦百合以7.67元/股收盘，涨幅为10.04%，领涨装修 建材股。顾家家居以25.07元/股收盘，涨幅为10.00%，涨幅位列装修建材股第二。菲林格尔以7.14元/股 收盘，涨幅为5.93%，涨幅位列装修建材股第三。除此之外，亚振家居以6.12元/股收盘，跌幅为 ...

销售毛利率同比下降1.5pct，期间费用率同比提升0.7pct24 年公司销售毛利率同减1.5pct 至36.9%，我们 判断主要系业务结构变化所致（相对低毛利率的外销占比提升）。24 年期间费用率同增0.7pct 至 35.0%，其中销售费用率同增1.7pct 至23.5%，主要系推广自主品牌增加营销投放，电商运营相关费用增 长所致；管理+研发费用率同减0.4pct 至8.2%，主要系优化组织架构，提高管理效率所致；财务费用率 同减0.5pct至3.3%，主要系融资结构调整，借款利率降低所致。 公司发布 24 年报，24 年公司营收同增5.9%至84.49 亿元，归母净利同降242.0%至-1.51 亿元，符合此前 业绩预告区间指引（亏损1.2-1.6 亿元），利润下滑主要系：1）24 年计提3.9 亿元信用减值损失；2）公 司加快自主品牌推广，销售费用等投入增加，收入规模效应尚未充分释放。展望后续：1）公司全球化 产能布局领先，欧洲市场有望持续发力，美国市场需求有望逐步企稳；2）积极布局国内市场，发力品 牌及渠道建设，记忆棉品类在内销家居企业中具备独特性，亦有望受益家居国补等消费品以旧换新政策 落地。公司 ...

4月26日，2025世界田联钻石联赛红星·美凯龙厦门站圆满收官。作为赛事官方供应商，MLILY梦百合不 仅在赛场内外展示前沿睡眠科技产品，更通过"0压深睡"产品为全球顶尖运动员提供赛后修复支持，表 达对运动人群睡眠健康的持续关注。 钻石联赛是世界田联于2010年推出的最高规格的单日国际性田径赛事，也是世界水平最高、影响力最大 的田径系列赛，本次赛事是2025钻石联赛的揭幕站，吸引了众多世界级田径明星参赛，竞技水平空前。 自2024年来，MLILY梦百合已连续两年成为这一顶级赛事的官方供应商，为赛事的圆满举办和运动员 的赛后修复尽一份力。 这款枕头基于梦百合专利非温感0压绵开发，具有自适应慢回弹特性，创新推出贴合颈部曲线的"双拼结 构枕芯"，能够满足头窝包裹、头部承托、颈部支撑等不同部位的睡眠需求，避免了支撑性不足可能导 致的脖颈酸痛、脊柱不适等问题，帮助用户快速进入深睡眠状态，内含恒温凝胶因子智能温控，整夜保 持适宜的头颈温度。 凭借深入的市场洞察与产品表现力，这款枕头荣获2025年德国红点奖，在互动现场也赢得了运动员们的 喜爱和好评。多位外籍运动员在互动结束后表示，会将这份"好睡眠"一同带回家。 对高强度训 ...

Group 1: Company Developments - Yanzhen Home's controlling shareholder plans to transfer over 29% of shares for 448 million yuan at a price of 5.68 yuan per share, resulting in the new shareholder holding 29.99996% of the company [2] - Ruierte's chairman, Luo Yuanliang, has 26.112 million shares frozen due to a divorce lawsuit, which represents 50% of his holdings and 6.25% of the total shares [3] - Henglin's revenue for 2024 reached 11.029 billion yuan, marking a 34.59% increase, while net profit slightly decreased by 0.02% [4] - Oppein Home reported a revenue of 18.925 billion yuan, down 16.93%, and a net profit of 2.599 billion yuan, down 14.38%, marking the first decline in both revenue and profit since its establishment [5] - Mengbaihe reported a revenue of 8.449 billion yuan, up 5.94%, but a net loss of 151 million yuan, a 242.04% decline year-on-year due to significant credit impairment losses [6] - Baoying's revenue fell to 2.112 billion yuan, down 48.63%, with a net loss of 742 million yuan, leading to a risk warning for its stock [7] - Bull Group's cash flow from operating activities decreased by 22.72%, despite revenue and net profit growth, indicating potential concerns regarding cash flow management [8] Group 2: Industry Trends - The home furnishing industry is facing significant adjustments and transformation challenges, impacting companies like Oppein and Mengbaihe [5][6] - The financial performance of several companies in the home furnishing sector indicates a trend of declining revenues and profits, reflecting broader industry challenges [5][6][7]

Financial Performance - The company's revenue for Q1 2025 reached ¥2,042,802,136.22, representing a year-on-year increase of 12.31% compared to ¥1,818,967,738.44 in the same period last year[7] - Net profit attributable to shareholders was ¥58,719,654.96, a significant increase of 196.22% from ¥19,822,857.37 in the previous year[7] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥58,217,354.58, up 206.80% from ¥18,975,624.85 year-on-year[7] - The basic earnings per share increased to ¥0.10, reflecting a growth of 233.33% compared to ¥0.03 in the same period last year[7] - Operating profit for Q1 2025 was ¥74,572,993.05, significantly up from ¥24,584,907.40 in Q1 2024, marking a growth of 203.5%[18] - Net profit for Q1 2025 was ¥52,918,040.23, compared to ¥21,501,812.37 in Q1 2024, representing an increase of 146.5%[19] - The company achieved a total comprehensive income of ¥75,540,600.74 in Q1 2025, a significant improvement from a loss of ¥18,288,511.37 in Q1 2024[19] - Earnings per share for Q1 2025 was ¥0.10, compared to ¥0.03 in Q1 2024, indicating a 233.3% increase[19] Cash Flow and Liquidity - The net cash flow from operating activities was ¥150,630,008.05, an increase of 14.05% from ¥132,075,306.14 in the previous year[7] - Operating cash flow net amount increased to $150.63 million from $132.08 million, representing a growth of 14.0% year-over-year[22] - Total cash inflow from operating activities reached $2.20 billion, up from $2.07 billion, indicating a rise of 6.0%[22] - Cash outflow for operating activities totaled $2.05 billion, an increase from $1.94 billion, marking an increase of 5.6%[22] - Cash and cash equivalents increased to ¥1,029,274,215.09 from ¥1,006,282,974.26, reflecting a growth of about 2.9%[14] - Cash and cash equivalents at the end of the period totaled $843.78 million, slightly down from $866.34 million[23] - Cash inflow from financing activities was $477.77 million, compared to $551.08 million, reflecting a decrease of 13.3%[23] - Cash outflow from financing activities decreased to $641.21 million from $765.52 million, a reduction of 16.2%[23] - The company received $80 million from investment recoveries, indicating a significant cash inflow compared to the previous period[22] Assets and Liabilities - Total assets at the end of the reporting period were ¥9,566,445,291.18, a slight decrease of 0.59% from ¥9,622,769,572.52 at the end of the previous year[8] - The company's current assets totaled ¥4,386,294,881.32, down from ¥4,422,880,344.53 at the end of 2024, indicating a decrease of approximately 0.83%[15] - Total liabilities decreased to ¥5,815,883,828.19 in the latest report from ¥5,936,747,650.29 in the previous period, a reduction of 2.0%[16] - The company's total equity increased to ¥3,750,561,462.99 from ¥3,686,021,922.23, showing a growth of 1.8%[16] - The company's long-term equity investments were valued at ¥55,641,194.52, slightly down from ¥56,457,353.02[15] - The total non-current assets amounted to ¥5,180,150,409.86, a minor decrease from ¥5,199,889,227.99[15] - The company reported a total current liabilities of ¥3,749,345,000.00, reflecting a slight increase compared to previous periods[15] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 24,491[11] - Major shareholder Ni Zhanggen holds 33.97% of the shares, with 84,955,100 shares pledged[12] Research and Development - Research and development expenses increased to ¥32,734,895.72 in Q1 2025, up from ¥23,422,099.93 in Q1 2024, reflecting a growth of 39.7%[18] Non-Recurring Gains - The company reported non-recurring gains of ¥502,300.38, primarily from government subsidies and other non-operating income[10]