证券代码：603408 证券简称：建霖家居 公告编号：2025-002 厦门建霖健康家居股份有限公司 关于为墨西哥子公司提供担保的公告 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 和完整性承担法律责任。 重要内容提示: ? 被担保人MEXIRUNNER INDUSTRIAL MEXICO S DE RL DE CV （以下简称"墨西哥建霖" ），为厦门建霖健康家居股份有限公司 （以下简称"公司"）在境外新设立的全资子公司 ? 本次担保额度不超过42万美元，已为被担保人提供的担保 余额为零。担保期限为担保出具之日起至墨西哥建霖相关不动 产租赁合约履行完毕之日止，不超过40个月。 ? 本次担保是否有反担保：否 ? 对外担保逾期的累计数量：零 一、担保情况概述 （一）担保基本情况 为强化与海外客户的供应链协同，加速推进公司国际化的 战略布局，提升公司核心竞争力及整体盈利能力，实现公司的长 效可持续发展，公司正有序推进墨西哥基地的投资建设。 S.A.DE C.V.（以下简称"业主" ）签订不动产租赁意向书，为满 足业主对墨西哥建霖履约能力的要求，拟由公 ...

证券代码：603408 证券简称：建霖家居 公告编号：2025-002 厦门建霖健康家居股份有限公司 关于为墨西哥子公司提供担保的公告 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 和完整性承担法律责任。 重要内容提示: 被担保人MEXIRUNNER INDUSTRIAL MEXICO S DE RL DE CV （以下简称"墨西哥建霖"），为厦门建霖健康家居股份有限公司 （以下简称"公司"）在境外新设立的全资子公司 本次担保额度不超过42万美元，已为被担保人提供的担保 余额为零。担保期限为担保出具之日起至墨西哥建霖相关不动 产租赁合约履行完毕之日止，不超过40个月。 本次担保是否有反担保：否 对外担保逾期的累计数量：零 一、担保情况概述 （一）担保基本情况 为强化与海外客户的供应链协同，加速推进公司国际化的 战略布局，提升公司核心竞争力及整体盈利能力，实现公司的长 效可持续发展，公司正有序推进墨西哥基地的投资建设。 1 2025 年 3 月 12 日，公司与 VICTORIA INDUSTRIAL PARK S.A.DE C.V.（以下简称"业 ...

厦门建霖健康家居股份有限公司 证券代码：603408 证券简称：建霖家居 公告编号：2025-001 持股 5%以上股东集中竞价减持股份计划公告 本公司董事会、全体董事及相关股东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法律责任。 重要内容提示： 股东持股的基本情况：截至本公告披露日，ALPHA LAND LIMITED（以下 简称"ALPHA LAND"）持有厦门建霖健康家居股份有限公司（以下简称"公司"） 无限售条件流通股 31,173,983 股，占公司总股本的 6.97%。 减持计划的主要内容：ALPHA LAND 根据自身资金需求，计划自本公告披 露之日起 15 个交易日后的 3 个月内，以集中竞价方式减持不超过 4,475,730 股 公司股份，即不超过公司总股本的 1%。 上述减持主体存在一致行动人： | | 股东名称 | 持股数量（股） | 持股比例 | 一致行动关系形成原因 | | --- | --- | --- | --- | --- | | 第一组 | ALPHA LAND | 31,173,983 | 6.97% | 陈岱桦为 A ...

Group 1 - The core point of the article is that ALPHA LAND LIMITED, a shareholder holding 6.97% of Jianlin Home (603408), plans to reduce its stake by up to 4.4757 million shares, which represents no more than 1% of the company's total share capital due to its own funding needs [1] Group 2 - ALPHA LAND's planned share reduction will be executed through a centralized bidding method [1] - The total number of shares to be reduced is specified as 4.4757 million [1] - The reduction reflects the shareholder's response to personal financial requirements [1]

Summary of Conference Call Company and Industry - The conference call primarily discusses the performance and outlook of the export sector, particularly focusing on light manufacturing industries and their global operations, with specific mentions of the company's strategies in North America, Thailand, and Mexico [1][2][10]. Core Points and Arguments 1. **Strong Export Performance**: The export sector has shown a robust rebound, driven by overseas demand and favorable currency effects from the previous year [1]. 2. **Stable Order Expectations**: The company anticipates stable order expectations for 2025, with strong global positioning to mitigate tariff risks [1]. 3. **Healthy Order Structure**: The order structure is reported to be healthy, returning to pre-2020 levels, with no significant concerns regarding customer order cancellations [2][12]. 4. **Customer Inventory Levels**: Customers are maintaining neutral inventory levels, indicating a cautious but stable approach to future demand [3]. 5. **Optimistic Tariff Outlook**: Customers are optimistic about future tariff impacts, suggesting a more rational approach compared to previous years [4]. 6. **Strategic Response to Tariffs**: The company has a strategic plan to handle potential tariff increases, focusing on maintaining operational flexibility and leveraging overseas bases [5]. 7. **Investment in Thailand**: The company is expanding its operations in Thailand, with a projected investment of approximately 1.5 to 1.6 billion, enhancing production efficiency [7][8]. 8. **Mexico Operations**: The company plans to establish a manufacturing base in Mexico, with initial operations focusing on plastic products, while awaiting clearer external conditions [10][11]. 9. **Revenue Growth Strategy**: The company aims for steady revenue growth, with a focus on customer acquisition and product category expansion, particularly in the North American market [18][19]. 10. **Long-term Planning**: The company is committed to a long-term strategic outlook, with plans in place for various regions, including North America and China, to ensure sustainable growth [17][19]. Other Important but Possibly Overlooked Content 1. **R&D and Cost Management**: The company plans to maintain R&D expenses at 5-6% of revenue while managing overall cost structures to align with revenue growth [15]. 2. **Currency Impact**: The company has a significant portion of its revenue in USD, which is expected to positively influence overall performance due to favorable exchange rates [14]. 3. **Product Development**: New product lines, such as the X5 modular bathroom solution, are being introduced to enhance market competitiveness [21]. 4. **Market Trends**: There is a noted trend towards health and wellness sectors, which may present future opportunities for growth [22]. 5. **Stable Dividends**: The company emphasizes its commitment to stable dividends, projecting consistent returns for investors [23]. This summary encapsulates the key insights from the conference call, highlighting the company's strategic positioning and outlook in the current market environment.

Investment Rating - The report maintains a "Buy" rating for the company [35]. Core Viewpoints - The company is focused on the kitchen and bathroom products sector, primarily targeting overseas markets, with a significant portion of its revenue coming from exports [25][36]. - The company has shown a stable financial performance with a revenue of 4.334 billion yuan in 2023, reflecting a year-on-year growth of 3.52%, although net profit decreased by 7.25% to 425 million yuan [52]. - The company is expanding its production capacity and enhancing its product lines, including investments in health and wellness products [75]. Summary by Sections Company Overview - The company specializes in the research, design, production, and sales of kitchen and bathroom products, with a strong emphasis on overseas markets, particularly North America [25][36]. - The company has a high concentration of ownership, with the controlling families holding nearly 50% of the shares [32]. Business Operations - The company has a robust production and R&D capability, with a focus on smart manufacturing and a diverse product line that includes water purification and air treatment products [62][66]. - The company maintains a high R&D expenditure rate, consistently around 5-6%, and has received numerous patents and awards for its innovations [67][70]. Export Market - North America is the primary market, contributing significantly to the company's revenue, with a stable demand from major clients [71]. - The company has established long-term partnerships with leading brands in the kitchen and bathroom sector, maintaining a stable market share [71][74]. Domestic Market - The company is actively expanding its domestic sales, focusing on brand development and engineering projects, with a current domestic sales ratio of 23% [75]. - The company is also investing in health and wellness products, collaborating with educational institutions and local governments to enhance its product offerings [75]. Financial Forecast - The company is expected to achieve revenue growth in the coming years, driven by a recovery in the North American real estate market and ongoing expansion in its product lines [35][78].

Group 1: Company Strategy and Vision - The company aims to be a leader in providing green and healthy living solutions, adhering to the mission of "Striving for a Better Life" and focusing on "innovation, digital transformation, and sustainable development" from 2024 to 2028 [2]. - The company is committed to high levels of R&D investment, enhancing technological innovation, and optimizing patent layouts both domestically and internationally [2]. Group 2: Financial Performance - In the first three quarters of the current year, the company's revenue reached 3.777 billion, representing a year-on-year growth of 22.2%, with exports accounting for 78.4% of total revenue, primarily to North America and other regions [2]. - The company has maintained a consistent cash dividend policy since its listing, with a dividend of 0.23 per share (before tax) this year, indicating no financial pressure [2]. Group 3: Talent and Innovation - The company emphasizes high R&D investment to attract and retain top talent, implementing competitive compensation strategies and long-term incentive mechanisms to align employee interests with corporate goals [3]. - Continuous promotion of stock incentive plans and employee shareholding schemes is aimed at encouraging employees to grow alongside the company [3]. Group 4: International Expansion and Risk Management - The company is enhancing its international strategy by expanding production capacity in Thailand and Mexico to better respond to North American customer demands and improve product delivery [3]. - The company is focused on increasing market penetration and maintaining rapid growth in overseas e-commerce, while closely monitoring global trade policy changes to effectively address international market challenges [3].

Investment Rating - The investment rating for the company is "Buy" with a target price set at 13.11 CNY, maintained for the next six months [2]. Core Views - The company reported a revenue of 1.3 billion CNY in Q3 2024, representing a 10% year-on-year increase, and a net profit of 140 million CNY, up 5% year-on-year [2]. - For the first three quarters of 2024, the company achieved a total revenue of 3.8 billion CNY, a 22% increase year-on-year, and a net profit of 400 million CNY, which is a 37% increase year-on-year [2]. - The gross margin for the first three quarters of 2024 was 26.29%, an increase of 1 percentage point, while the net margin was 10.49%, up 1.1 percentage points [2]. - The company is expanding its international presence with production bases in Thailand and Mexico, enhancing its ability to respond to customer needs and improving operational efficiency [3][4]. Financial Performance Summary - The company’s revenue for 2022 was 4.19 billion CNY, with a projected growth rate of 15.71% for 2024, reaching approximately 5.01 billion CNY [6][9]. - The net profit for 2022 was 458.06 million CNY, with an expected increase to 516.09 million CNY in 2024, reflecting a growth rate of 21.48% [6][9]. - The earnings per share (EPS) for 2022 was 1.02 CNY, projected to rise to 1.15 CNY in 2024 [6][9]. - The company’s price-to-earnings (P/E) ratio is expected to decrease from 12.81 in 2022 to 11.37 in 2024, indicating improved valuation [6][9]. Production Base Expansion - The Thailand production base has been operational for five years, with a total designed capacity of approximately 1.2 billion CNY, and is expected to optimize efficiency further [3]. - The Mexico production base is a strategic move to enhance proximity to North American customers, with an investment of 4 million USD, aiming to start production by mid-next year [3][4].

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected return that exceeds the market index by more than 15% [1][13]. Core Insights - The company has shown strong revenue growth, with a 22.2% year-on-year increase in revenue for the first three quarters, reaching 3.78 billion yuan, and a net profit increase of 36.7% to 397 million yuan [3][4]. - The overseas market is a significant growth driver, with approximately 78% of revenue coming from international sales, particularly in North America and Europe [4]. - The company is expanding its production capacity in Thailand and plans to establish a new base in Mexico to enhance responsiveness to customer demands [4]. - Future revenue projections indicate a growth trajectory, with expected revenues of 5.11 billion yuan in 2024, 5.91 billion yuan in 2025, and 7.04 billion yuan in 2026, reflecting year-on-year growth rates of 17.9%, 15.6%, and 19.3% respectively [5]. Financial Summary - The company reported a total revenue of 4.186 billion yuan in 2022, with projections of 4.334 billion yuan for 2023 and 5.109 billion yuan for 2024 [3][10]. - The net profit attributable to shareholders is projected to grow from 511 million yuan in 2024 to 704.75 million yuan in 2026, with corresponding growth rates of 20.3% and 19.3% [5][10]. - The earnings per share (EPS) is expected to increase from 1.142 yuan in 2024 to 1.575 yuan in 2026 [5][10]. - The company maintains a healthy cash flow, with a net cash flow from operating activities of 5.16 billion yuan, reflecting a 30.3% increase year-on-year [6].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue increase of 22.2% year-on-year for the first three quarters, achieving a total revenue of 3.78 billion yuan and a net profit attributable to shareholders of 397 million yuan, reflecting a growth of 36.7% [3][4] - The company plans to distribute a mid-term cash dividend of 103 million yuan, which will bring the total cash dividends since its IPO to 1.01 billion yuan, exceeding the IPO fundraising amount [3][4] - The overseas market continues to show strong performance, with approximately 78% of revenue coming from international markets, particularly North America and Europe [4] - The company is expanding its overseas production capacity, with ongoing developments in its Thailand base and plans for a new facility in Mexico, which is expected to enhance responsiveness to the North American market [4] Financial Summary - The company forecasts revenues of 5.11 billion yuan, 5.91 billion yuan, and 7.04 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 17.9%, 15.6%, and 16.3% [5] - The projected net profit attributable to shareholders for the same period is expected to grow at rates of 20.3%, 15.6%, and 19.3% [5] - The company maintains a healthy cash flow with a high dividend payout ratio, indicating strong financial stability [5] - The estimated reasonable price-to-earnings ratio for 2024 is between 14-16 times, with a target price range of 16.0 yuan to 18.3 yuan [5]