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 ...

永艺股份（ [Table_StockNameRptType] 603600） | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券研究报告 | 季报点评 gszqdatemark 2024 10 27 年 月 日 永艺股份（603600.SH） 收入持续表现靓丽，盈利表现稳步优化 公司发布三季报：2024Q3 公司实现收入 13.38 亿元（同比+38.8%），归母净利润 实现 0.98 亿元（同比+42.3%，剔除汇兑及其他财务费用扰动后，Q3 归母净利润 同比+48.1%），扣非净利润 0.98 亿元（同比+36.9%）。收入端预计受益于新客户、 新产品、新渠道放量，延续高增，单季度收入创历史新高；利润端伴随费用率优 化，盈利能力稳步上行。 海外 ODM 加速放量，大客户订单稳步爬坡。海外终端需求平稳、库存保持中枢， 公司凭借自身产品&海外产能优势加速抢占份额，在手新客户、新渠道、新项目持 续推进，预计 Costco、Sam's 等重要渠道和大客户订单快速爬坡、贡献较大业务 增量。目前公司大部分美国订单已实现越南出货，且上下游产业链延伸，效率优势 深化，越南三期&罗马尼亚基地扩建可期，海外产能充沛，关税影响可控。 内销延续高增、费用优化，多渠道同步扩张。公司围绕产品、营销、渠道协同发 力，贯彻"旗舰爆款"营销策略，新品 Flow ...

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]

证 券 研 究 报 告 永艺股份（603600）2024 年中报业绩点评 推荐（维持） 收入如期高增，盈利能力环比改善 目标价：11.7 元 当前价：9.60 元 事项： ❖ 公司发布 2024 年中报。上半年，公司实现营收/归母净利润/扣非归母净利润 20.5/1.3/1.3 亿元，yoy+33.6%/-11.0%/+2.0%。单二季度，公司现营收/归母净利 润/扣非归母净利润 12.0/0.8/0.8 亿元，同比+42.4%/-7.3%/-5.8%。公司制定了 2024 年半年度分红方案，每股派发现金红利 0.16 元（含税），分红率 41.95%。 评论： ❖ 内销外销两开花，营收增速亮眼。1）分地区看，24H1 境内/境外市场实现营 业收入 4.7/15.8 亿元，同比+38.8%/+32.1%。内销围绕产品、营销、渠道三方 面协同发力，市场精细化运营水平提升，带动营收快速增长；外销配合新客户、 新渠道、新产品落地，订单快速爬坡。2）分产品看，24H1 办公椅/沙发/按摩 椅椅身/休闲椅/其他产品分别实现营收 19.8/3.4/1.0/0.2/6.3 亿元，同比 +39.9%/+34.2%/+0.4% ...

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 年半年度业绩说明会） 编号：2024-004 | --- | --- | --- | |------------|--------------------------------|-----------------------------------------------------| | | | | | | □ | 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 | 年半年度业绩说明会的投资者 | | 时间 | 2024 年 9 月 10 | 日（星期二） 15:00-16:00 | | 地点 | 价值在线（ | https://www.ir-online.cn ） | | | 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 | 董事会秘书：顾 ...

公司点评报告 · 轻工行业 营收快速成长，内外销协同发展 2024年8月28日 核心观点 | --- | --- | --- | --- | |-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------- ...

永艺股份（ [Table_StockNameRptType] 603600） | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------|-------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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 编号：2024-003 | --- | --- | --- | |--------------|------------------------------|--------------------------------------------------------------| | | □ | 特定对象调研 □分析师会议 | | | □媒体采访 □业绩说明会 | | | 投资者关系活 | | | | | □新闻发布会 □路演活动 | | | 动类别 | | | | | □现场参观 √电话会议 | | | | □网络会议 □其他 | | | | | 长江证券、国盛证券、国联基金、诺德基金、西部利得基金、长安基 | | | | 金、希瓦资产、东方自营、华夏基金、建信基金、德邦基金、中加基 | | | | 金、永赢基金、富国基金、工银瑞信、贝莱德、泰康资产、工银安 | | | | 盛、中意资产、惠理投资、中英人寿、平安养老、混沌投资、敦和资 | | | | 产、磐厚动量、沣京资本、江苏瑞华、域秀资本、康曼德资本、北京 | ...