Investment Rating - The report initiates coverage on Yongyi Co Ltd (603600 SH) with a "Buy" rating [5][7] Core Views - Yongyi achieved record Q3 revenue with strong profit growth on a low base [1] - Overseas sales outperformed industry despite weak demand, driven by new clients and channels [2] - Domestic brand building is accelerating, with self-brand revenue up 67% YoY [3] - The company increased dividend frequency, demonstrating confidence in long-term development [4] Financial Performance - Q3 2024 revenue reached 1 34 billion yuan, up 38 79% YoY [1] - Net profit attributable to parent company grew 42 3% YoY to 98 million yuan in Q3 2024 [1] - Self-brand revenue accounted for 20% of total revenue in 2023, reaching 713 million yuan [3] - 2023 cash dividend payout ratio was 44%, with mid-year dividend introduced in 2024 [4] Overseas Business - Despite 7 6% decline in China's office chair exports in Q3 2024, Yongyi achieved 38 8% revenue growth [2] - Key new clients include Costco and Sam's Club, with shipments already underway [2] - Vietnam and Romania production bases provide competitive advantages in global supply chain [24][25] Domestic Strategy - 2023 marked the first year of aggressive domestic brand development [3] - Flow series flagship products successfully launched [3] - Online channels expanded to include TikTok and Pinduoduo, with GMV up 256% during 2023 Double 11 [33] Future Outlook - Revenue growth projected at 31%, 17 6%, and 13 8% for 2024-2026 [5] - Net profit growth expected at 8%, 27%, and 25% for 2024-2026 [5] - EPS forecast at 0 98, 1 23, and 1 54 yuan for 2024-2026 [5] Industry Context - China's office chair exports grew 15 8% YoY in H1 2024 [16] - US furniture retailers' inventory-to-sales ratio showed improvement in 2024 [17] - Key clients like HNI and Office Depot demonstrated improving performance [18][20]

证券代码：603600 证券简称：永艺股份 永艺家具股份有限公司 投资者关系活动记录表（2024 年第三季度业绩说明会） 编号：2024-006 | --- | --- | --- | |------------|--------------------------------|----------------------------------| | | | | | | □特定对象调研 □分析师会议 | | | 投资者关系 | □媒体采访 √业绩说明会 | | | | □ 新闻发布会 □路演活动 | | | 活动类别 | □现场参观 □电话会议 | | | | □ 网络会议 □其他 | | | 参与机构 | 参加公司 2024 | 年第三季度业绩说明会的投资者 | | 时间 | 2024 年 11 月 6 | 日（星期三） 13:00-14:00 | | | 上海证券交易所上证路演中心 | | | 地点 | （网址： | https://roadshow.sseinfo.com/ ） | | | 董事长、总经理：张加勇先生 | | | 上市公司接 | 副总经理、财务总监：丁国军先生 | | | 待人员 | ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at 12.62 CNY, indicating an expected relative return of 10%-20% over the next six months [5]. Core Views - The company has demonstrated significant revenue growth, achieving 1.34 billion CNY in Q3 2024, a year-on-year increase of 38.8%, and a net profit of 100 million CNY, up 42.3% year-on-year [1]. - The strong performance is attributed to the acceleration of new customer acquisition, channel expansion, and project launches [1]. - The gross margin for Q3 2024 stands at 22.4%, reflecting a slight decrease of 0.6 percentage points year-on-year, while the net profit margin improved by 0.2 percentage points to 7.4% [1]. Summary by Sections External Sales - The company is focusing on new customer acquisition and channel development, with significant orders from major clients like Costco and Sam's, contributing to business growth [2]. - The establishment of overseas production bases, particularly in Vietnam and Romania, is enhancing the company's market share in the U.S. and Europe [2]. Internal Sales - The company is enhancing its online presence through platforms like Tmall, JD, and Douyin, leading to increased sales and brand recognition [3]. - Offline, the company is expanding its direct sales channels and retail presence, including flagship stores, to broaden its market coverage [3]. Financial Forecast - The company has a comprehensive sales channel strategy covering both domestic and international markets, with strong market expansion capabilities [4]. - The forecast for net profit for 2024-2026 is projected at 330 million CNY, 410 million CNY, and 490 million CNY, respectively, with corresponding P/E ratios of 13, 10, and 8 times [4].

Financial Performance - In the first three quarters of 2024, the company achieved a sales revenue of CNY 3.39 billion, a year-on-year increase of 35.58% [2] - The net profit attributable to shareholders was CNY 225 million, up 6.46% year-on-year, while the net profit after deducting non-recurring items was CNY 224 million, an increase of 14.85% [2] - In Q3 2024, sales revenue reached CNY 1.34 billion, reflecting a year-on-year growth of 38.79% [2] - The gross profit margin for the first three quarters was 22.68%, remaining stable compared to the previous year [3] - The net profit margin for the first three quarters was 6.63%, slightly down from the previous year due to last year's significant government subsidies and exchange gains [3] Sales and Market Development - The company has focused on acquiring new customers, channels, and products, leading to significant business growth [2] - The export value of office chairs from January to September 2024 increased by 9.33% year-on-year, benefiting from global economic recovery [2] - The company’s sales expenses ratio for the first three quarters was 6.57%, up 0.41 percentage points year-on-year, but showed a trend of quarterly optimization [3] Strategic Investments - The company is investing in brand development and new business areas, such as height-adjustable desks and a new base in Romania, which may impact short-term profitability but are aimed at long-term growth [2][3] - The management expense ratio for the first three quarters was 4.82%, down 0.30 percentage points year-on-year, indicating improved operational efficiency [3] International Expansion - The company has established production bases in Vietnam and Romania, with the Vietnam base significantly contributing to the business growth by producing most of the U.S. orders [4] - The Romanian base began production in 2023 and is expected to contribute to revenue growth in the coming years [4] Customer Insights - Approximately half of the revenue growth is attributed to new customers, with existing customers also increasing their share [5] - The company is focusing on deepening its market strategy in the top 30 GDP countries and enhancing its overseas sales organization [4][5]

Investment Rating - The report maintains a "Recommend" rating for the company [1][4] Core Views - The company reported strong performance in Q3 2024, with revenue reaching RMB 3.39 billion, a YoY increase of 35.58%, and net profit attributable to shareholders of RMB 225 million, up 6.46% YoY [1] - Q3 2024 single-quarter revenue was RMB 1.338 billion, a YoY increase of 38.79%, with net profit attributable to shareholders of RMB 98 million, up 42.29% YoY [1] - The company's gross margin for the reporting period was 22.68%, a slight decrease of 0.39 pct YoY, while the expense ratio increased by 1.3 pct YoY to 14.85% [1] - The company is advancing its export business with new clients and channels, and is accelerating overseas production capacity construction, including a new Vietnam production base and a Romania base that started production in H1 2023 [1] - Domestically, the company launched a new product, Flow 360, which achieved sales of 3,500 units in 25 days and 10,000 units in 60 days, while expanding its online and offline sales channels [1] Financial Performance Summary - The company's revenue for 2024E is projected to be RMB 4.783 billion, with a YoY growth of 35.17%, and net profit attributable to shareholders of RMB 325.19 million, up 9.17% YoY [3] - For 2025E, revenue is expected to reach RMB 5.722 billion, a YoY increase of 19.64%, with net profit attributable to shareholders of RMB 405.98 million, up 24.84% YoY [3] - The company's EPS for 2024E, 2025E, and 2026E is forecasted to be RMB 0.98, RMB 1.23, and RMB 1.48, respectively, with corresponding P/E ratios of 12X, 10X, and 8X [1][3] Business Development - The company is focusing on the development of its adjustable desk business, which is expected to become its third-largest product category within the next five years [1] - The company is strengthening its domestic brand and channel construction, with a focus on e-commerce platforms such as Tmall, JD, and Douyin, as well as expanding offline retail channels [1]

股 票 研 究 证 券 研 究 报 告 —永艺股份 2024 年三季报点评 | --- | |-----------------------------------| | | | [table_Authors] 刘佳昆 ( 分析师 ) | | 021-38038184 | | liujiakun029641@gtjas.com | | 登记编号 S0880524040004 | | --- | --- | |----------------------------|-------| | | | | 毛宇翔 ( 分析师 ) | | | 021-38038672 | | | maoyuxiang029547@gtjas.com | | | S0880524080013 | | 本报告导读： 公司业绩在内外销双端发力下继续取得亮眼业绩，自身优异的战略落地及执行能力 进一步得到确认。 投资要点： [Table_Summary] 维持盈利预期及"增持"评级。公司业绩符合预期，因而我们维持 盈利预期，预计公司 2024-2026 年 EPS 为 1.02/1.26/1.54 元，参考行 业估值水平，给予公司 2024 年 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company reported a revenue of 1.338 billion yuan in Q3 2024, representing a year-on-year increase of 38.8%. The net profit attributable to shareholders reached 98 million yuan, up 42.3% year-on-year, and the non-recurring net profit also stood at 98 million yuan, reflecting a 36.9% increase year-on-year [1]. - The growth in revenue is attributed to the expansion of new customers, products, and channels, achieving a record high for quarterly revenue. Profitability is improving steadily due to optimized expense ratios [1]. - The company is accelerating its overseas ODM (Original Design Manufacturer) business, with stable demand from major clients like Costco and Sam's Club, contributing significantly to business growth. Most U.S. orders are now shipped from Vietnam, enhancing efficiency and mitigating tariff impacts [1]. - Domestic sales continue to grow significantly, supported by a multi-channel expansion strategy and the successful launch of new products like Flow360, which has increased both revenue and brand recognition [1]. - The gross margin for Q3 2024 was 22.4%, slightly down by 0.6 percentage points year-on-year, while the net profit margin improved to 7.4%, up 0.2 percentage points year-on-year, indicating a steady enhancement in profitability despite some pressure on gross margins due to the rising share of new business [1]. Financial Summary - The company’s net operating cash flow for Q3 2024 was 70 million yuan, a decrease of 8 million yuan year-on-year. The turnover days for accounts receivable, accounts payable, and inventory were 50.46, 67.34, and 48.06 days respectively [2]. - The forecast for net profit attributable to shareholders for 2024-2026 is 320 million, 410 million, and 510 million yuan, corresponding to PE ratios of 12.2X, 9.5X, and 7.7X respectively [2][3].

Revenue and Profit Growth - Revenue for the third quarter reached 1,337,740,397.70 RMB, a year-on-year increase of 38.79%[2] - Net profit attributable to shareholders of the listed company for the third quarter was 98,492,450.75 RMB, up 42.29% year-on-year[2] - Total operating revenue for the first three quarters of 2024 reached 3,389,890,021.11 RMB, a significant increase from 2,500,240,943.55 RMB in the same period of 2023[15] - Net profit attributable to the parent company's shareholders in the first three quarters of 2024 was 224,830,855.09 RMB, compared to 211,182,981.99 RMB in the same period of 2023[18] - The increase in revenue was primarily driven by improved external demand and accelerated growth from new customers, channels, and projects[6] Asset and Liability Changes - Total assets as of the end of the reporting period were 3,987,774,352.59 RMB, an increase of 18.07% compared to the end of the previous year[3] - Total assets increased to 3,987,774,352.59 RMB as of September 30, 2024, compared to 3,377,328,300.56 RMB at the end of 2023[13] - Current assets rose to 2,291,235,971.92 RMB, up from 1,851,930,367.32 RMB at the end of 2023[13] - Cash and cash equivalents grew to 838,144,560.48 RMB, a significant increase from 663,944,120.12 RMB at the end of 2023[13] - Accounts receivable increased to 686,294,772.43 RMB, up from 580,685,586.37 RMB at the end of 2023[13] - Inventory rose to 536,598,964.55 RMB, compared to 396,454,269.50 RMB at the end of 2023[13] - Short-term borrowings surged to 701,950,614.23 RMB, a substantial increase from 251,603,890.37 RMB at the end of 2023[14] - Accounts payable increased to 704,188,505.93 RMB, up from 603,153,643.83 RMB at the end of 2023[14] - Total current liabilities grew to 1,711,165,784.64 RMB, compared to 1,168,346,011.65 RMB at the end of 2023[14] - Fixed assets increased to 1,055,334,635.17 RMB, up from 998,235,571.25 RMB at the end of 2023[13] - Construction in progress rose to 153,062,810.69 RMB, compared to 92,852,132.49 RMB at the end of 2023[13] - Total liabilities as of the end of Q3 2024 were 1,781,299,574.97 RMB, up from 1,207,231,360.56 RMB at the end of Q3 2023[15] Cash Flow and Financial Activities - Operating cash flow for the first three quarters was 78,093,323.52 RMB, a decrease of 69.53% year-on-year[2] - The decrease in operating cash flow was mainly due to increased accounts receivable and inventory resulting from revenue growth[7] - Net cash flow from operating activities for the first three quarters of 2024 was 78,093,323.52 RMB, a significant decrease from 256,263,049.13 RMB in the same period of 2023[19] - Cash received from tax refunds in the first three quarters of 2024 was 154,448,497.08 RMB, an 18.6% increase compared to 130,226,795.68 RMB in the same period of 2023[19] - Cash paid for goods and services in the first three quarters of 2024 was 2,447,983,023.41 RMB, a 44.89% increase compared to 1,689,282,883.46 RMB in the same period of 2023[19] - Net cash flow from investing activities for the first three quarters of 2024 was -180,234,579.68 RMB, a 10.7% increase in outflow compared to -162,820,765.84 RMB in the same period of 2023[20] - Cash received from borrowing in the first three quarters of 2024 was 843,917,421.89 RMB, a 32.38% increase compared to 637,500,994.20 RMB in the same period of 2023[20] - Net cash flow from financing activities for the first three quarters of 2024 was 258,588,972.61 RMB, a significant improvement from -60,996,831.30 RMB in the same period of 2023[20] - The ending balance of cash and cash equivalents as of September 2024 was 809,760,976.58 RMB, a 16.29% increase compared to 696,360,471.17 RMB in the same period of 2023[20] Earnings and Shareholder Information - Basic earnings per share for the third quarter were 0.30 RMB, a year-on-year increase of 41.60%[3] - Weighted average return on equity for the third quarter was 4.53%, an increase of 1.11 percentage points year-on-year[3] - The company's total number of ordinary shareholders at the end of the reporting period was 12,364[9] - Total comprehensive income for the first three quarters of 2024 was 221,075,695.71 RMB, slightly higher than 210,983,647.18 RMB in the same period of 2023[18] - Basic earnings per share for the first three quarters of 2024 remained stable at 0.68 RMB, the same as in the same period of 2023[18] - Minority shareholders' comprehensive income for the first three quarters of 2024 was 4,731,085.39 RMB, compared to 2,895,433.66 RMB in the same period of 2023[18] Expenses and Costs - R&D expenses for the first three quarters of 2024 amounted to 117,483,108.24 RMB, an increase from 95,260,183.56 RMB in the same period of 2023[17] - Sales expenses for the first three quarters of 2024 were 222,807,310.83 RMB, up from 154,007,183.49 RMB in the same period of 2023[17] - Operating costs for the first three quarters of 2024 were 2,620,942,447.24 RMB, up from 1,923,334,507.52 RMB in the same period of 2023[17] Government Subsidies and Other Income - Government subsidies received during the reporting period amounted to 2,104,041.09 RMB[4] - Sales revenue from goods and services received in cash for the first three quarters of 2024 was 3,354,965,212.45 RMB, a 34.96% increase compared to 2,486,119,254.14 RMB in the same period of 2023[19]

永艺家具股份有限公司 关于召开2024年第三季度业绩说明会的公告 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： 永艺家具股份有限公司（以下简称"公司"）已于 2024 年 10 月 26 日在上 海证券交易所网站（www.sse.com.cn）披露《2024 年第三季度报告》。为便于 广大投资者更全面深入地了解公司 2024 年第三季度经营成果、财务状况，公司 计划于 2024 年 11 月 06 日（星期三）下午 13:00-14:00 举行 2024 年第三季度 业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 证券代码：603600 证券简称：永艺股份 公告编号：2024-042 三、参加人员 董事长、总经理：张加勇 副总经理、财务总监：丁国军 董事会秘书：顾钦杭先生 本次投资者说明会以网络互动形式召开，公司将针对 2024 年第三季度的经 营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的 范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 会议召开时间：2 ...

证券代码：603600 股票简称：永艺股份 公告编号：2024-041 重要内容提示： 一、本次股份解除质押的具体情况 2024 年 10 月 17 日，张加勇先生将其质押给华夏银行股份有限公司湖州安 吉绿色支行（以下简称"华夏银行"）的 13,000,000 股公司无限售条件流通股 办理了解除质押手续，具体情况如下： 单位：股 | 股东名称 | | 张加勇 | | --- | --- | --- | | 本次解除质押股份 | | 13,000,000 | | 占其所持股份比例 | | 60.87% | | 占公司总股本比例 | | 3.92% | | 解除质押时间 | 2024 年 | 10 月 17 日 | | 持股数量（股） | | 21,358,147 | | 持股比例 | | 6.45% | 永艺家具股份有限公司（以下简称"公司"）实际控制人张加勇先生持有 公司股份 21,358,147 股，占公司总股本的 6.45%，本次股份解除质押后， 张加勇先生所持公司股份无质押。 张加勇先生及其一致行动人永艺控股有限公司（以下简称"永艺控 股"）、安吉尚诚永盛股权投资管理有限公司（以下简称"尚诚永盛"） 合 ...