Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 11.76 CNY [8][9]. Core Views - The company reported a revenue recovery in Q1 2024, with a year-on-year increase of 23.0% to 860 million CNY, while the net profit attributable to the parent company decreased by 17.5% to 42.69 million CNY [8]. - The decline in profit is attributed to strategic investments in building its own brand, leading to increased marketing and sales expenses [8]. - The company has been expanding its domestic brand influence, with significant growth in online sales channels, particularly during the "Double Eleven" shopping festival, where sales of its proprietary brand products increased by 256% [8][9]. Financial Summary - The company's revenue for 2023 was 3.54 billion CNY, a decrease of 12.8% year-on-year, while the net profit attributable to the parent company was 300 million CNY, down 11.1% [8][10]. - The gross margin for 2023 was 22.9%, an increase of 3.6 percentage points year-on-year, and the net margin was 8.6%, up 0.3 percentage points [8]. - The company plans to distribute a dividend of 130 million CNY for 2023, with a payout ratio of 44.5% [8]. Growth Projections - The report adjusts profit forecasts, estimating net profits for 2024, 2025, and 2026 to be 330 million CNY, 420 million CNY, and 500 million CNY respectively, with corresponding P/E ratios of 12X, 9X, and 8X [9][10]. - Revenue is projected to grow significantly in the coming years, with expected increases of 25.31% in 2024, 20.67% in 2025, and 16.69% in 2026 [10][17]. Market Strategy - The company is focusing on enhancing its marketing strategies and expanding its sales channels, including entering major retail chains and developing cross-border e-commerce capabilities [8][9]. - The establishment of new production bases in Romania and Vietnam is aimed at optimizing costs and improving operational efficiency [8][9].

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：2024-001 □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 国盛证券、长江证券、域秀投资、华泰柏瑞、德邦基金、天治基金、 交银施罗德、中信建投、中信建投自营、方正富邦、东方基金、中邮 基金、泰达宏利、中意资产、广发基金、永赢基金、路博迈、巨子私 募、衍航投资、利檀投资、鑫元基金、明世伙伴基金、华商基金、金 泊投资、南方基金、农银汇理、泰康资产、平安养老、兴华基金、金 鹰基金、海宸投资、惠理基金、景熙资产、申万宏源、广发证券、广 发证券资管、淳厚基金、中信资管、泓德基金、光大保德信基金、中 科沃土基金、工银瑞信、冰河资产、申万菱信、上银基金、博时基 金、银河基金、大成基金、西部利得基金、国信自营、知未私募、青 参与机构 骊投资、富国基金、开源证券、新华养老、浙商证券、国泰君安证 ...

Investment Rating - The report maintains a "Recommended" rating for the company, which is a global leader in office chairs, with expectations for significant growth in earnings per share (EPS) over the next few years [2][6]. Core Insights - The company achieved a total revenue of 3.54 billion yuan in 2023, a decrease of 12.75% year-on-year, with a net profit attributable to shareholders of 298 million yuan, down 11.14% year-on-year. However, the company is expected to recover with projected revenues of 4.45 billion yuan in 2024, reflecting a growth of 25.71% [6][8]. - The gross margin improved to 22.88% in 2023, up 3.54 percentage points year-on-year, driven by enhanced procurement management and the growth of proprietary brands [6][8]. - The company is actively expanding its market presence both domestically and internationally, with a focus on building its own brand and enhancing channel construction [2][6]. Financial Summary - Revenue projections for 2024, 2025, and 2026 are 4.45 billion yuan, 5.36 billion yuan, and 6.37 billion yuan, respectively, with corresponding year-on-year growth rates of 25.71%, 20.43%, and 18.85% [8]. - The net profit attributable to shareholders is expected to reach 332 million yuan in 2024, 404 million yuan in 2025, and 486 million yuan in 2026, with growth rates of 11.51%, 21.58%, and 20.33% respectively [8]. - The EPS is projected to increase from 0.89 yuan in 2023 to 1.00 yuan in 2024, 1.21 yuan in 2025, and 1.46 yuan in 2026, indicating a strong upward trend [8].

-10% 3% 17% 30% 44% 57% -5% 7% 19% 32% 44% 56% 2023-04 2023-09 2024-02 股票绝对涨幅和相对涨幅 永艺股份价格涨幅 永艺股份相对指数涨幅 -13% -5% 2% 10% 17% 25% 22A 23A 24E 25E 26E 利润率趋势 收入增长率(%) EBIT/销售收入(%) 8% 10% 12% 14% 17% 19% 22A 23A 24E 25E 26E 回报率趋势 净资产收益率(%) 投入资本回报率(%) 52% 55% 59% 62% 65% 68% 1207 1290 1374 1457 1541 1624 22A 23A 24E 25E 26E 净资产(现金)/净负债 净负债(现金)(百万) 净负债/净资产(%) 请务必阅读正文之后的免责条款部分 2 of 4 [Table_Page] 永艺股份(603600) | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------|--------------------- ...

证券研究报告·公司点评报告·家居用品 2023 年报点评：海外需求逐步改善，自主品 牌建设加速 2024 年 04 月 25 日 [Table_Tag] [Table_Summary] 投资要点 ◼ 事件：公司发布 2023 年年报，2023 全年实现营收 35.4 亿元，同比下降 12.8%；实现归母净利润 3.0 亿元，同比下降 11.1%。业绩符合预期。 ◼ 欧美渠道去库存导致 2023 年收入下降，毛利率显著提升。分产品看， 2023 年 公 司 办 公 椅 / 沙 发 / 按 摩 椅 椅 身 / 休 闲 椅 分 别 实 现 收 入 25.6/5.4/2.4/0.3 亿元，同比分别为-7.9%/-34.4%/-32.2%/-18.0%；分地区 看，公司境内/境外分别实现营收 8.9/26.4 亿元，同比分别为+7.9%/- 17.9%。境外收入下降主要是因为欧美收紧货币政策，加剧市场需求收 缩，同时欧美渠道商库存压力较大，去库存压制出口订单。利润率方面： 公司 2023 年毛利率同比增长 3.5pct 至 22.9%，我们认为主要是人民币 兑美元汇率下降、原材料成本下降、海运费用下降等因素导致。费控方 ...

Investment Rating - The investment rating for the company is "Buy" as of the previous report [10]. Core Insights - The company reported a revenue of 3.538 billion yuan in 2023, a decrease of 12.8% year-on-year, with a net profit attributable to shareholders of 298 million yuan, down 11.1% year-on-year. However, Q4 2023 showed signs of recovery with a revenue increase of 19.7% year-on-year [2]. - The company is expected to see revenue growth accelerate in Q2 2024 due to overseas inventory optimization and product/channel expansion [2][3]. - The company has successfully expanded its product categories, including the introduction of height-adjustable desks, which have entered major global retail supply chains [3]. Financial Performance - In 2023, the company's gross margin was 22.9%, an increase of 3.5 percentage points year-on-year, while the net profit margin was 8.4%, up 0.2 percentage points year-on-year [5]. - The company achieved a net operating cash flow of 324 million yuan in 2023, although it faced a decline compared to the previous year [6]. - The forecast for net profit attributable to shareholders for 2024-2026 is 330 million, 410 million, and 490 million yuan, respectively, with corresponding P/E ratios of 13.0X, 10.4X, and 8.7X [6]. Sales Performance - Domestic sales increased by 7.91% in 2023, while foreign sales decreased by 17.88%. However, the second half of 2023 showed a recovery in both domestic and foreign sales [4]. - The company has actively participated in trade shows and expanded its customer base, successfully entering major retail clients like Costco and Sam's [4]. Production and Efficiency - The company has improved production efficiency, with a reduction in unit costs for office chairs and sofas by 4.5% and 6.2% respectively in 2023 [5]. - The company is focusing on lean manufacturing and cost optimization, which is expected to enhance profitability in the future [5].

[Table_Page] 年报点评|轻工制造 阶段性压力已过，自主品牌实现高增 预计阶段性压力已过，自主品牌表现亮眼。分产品看，23 年公司办公 椅/沙发/按摩椅/休闲椅分别实现收入 25.58/5.37/2.37/0.29 亿元，同比 -7.86%/-34.36%/-32.23%/-17.97%。23 年受制于海外经济复苏动能不 足及大客户去库影响，公司各项业务皆出现一定下滑。行业虽然暂时承 压，但公司仍在自主品牌端表现出亮眼增长，据公司 23 年年报，"双十 一"期间撑腰椅产品线上全渠道 GMV 同比+256%，预计永艺股份国内 自主品牌线上、线下双轮驱动，叠加海外跨境电商持续助力，公司有望 依靠自主品牌的高增继续实现业绩的稳步复苏。 [Table_Title] 永艺股份（603600.SH） 公司发布 23 年年报及 24 年一季报。2023 年公司实现收入 35.38 亿 元，同比-12.75%；实现归母净利润 2.98 亿元，同比-11.14%。分季度 来看，23Q4 及 24Q1 分别实现收入 10.38/8.57 亿元，同比+19.70%/ +22.96%；实现归母净利润 0.87/0.43 亿 ...

重要内容提示： 本次会计政策变更系永艺家具股份有限公司（以下简称"公司"）根据中 华人民共和国财政部（以下简称"财政部"）发布的《企业会计准则解释第 17 号》 相关规定进行的变更。 本次会计政策变更不会对公司的财务状况、经营成果和现金流量产生重 大影响，不涉及以前年度的追溯调整，也不存在损害公司及中小股东利益的情况。 一、会计政策变更情况概述 （一）2023 年 10 月 25 日，财政部发布了《企业会计准则解释第 17 号》， 规定了"关于流动负债与非流动负债的划分"、"关于供应商融资安排的披露"、 "关于售后租回交易的会计处理"，自 2024 年 1 月 1 日起施行。其中"关于售后 租回交易的会计处理"允许企业自发布年度提前执行。 证券代码：603600 股票简称：永艺股份 公告编号：2024-020 永艺家具股份有限公司 关于会计政策变更的公告 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。 （三）本次会计政策变更后采用的会计政策 （二）审议程序 公司于 2024 年 4 月 22 日召开的第五届董事会审计委员 ...

目 录 | 一、审计报告…………………………………………………………第 | 1—6 页 | | --- | --- | | 二、财务报表……………………………………………………… 第 | 7—14 页 | | （一）合并资产负债表…………………………………………… | 第 7 页 | | （二）母公司资产负债表………………………………………… | 第 8 页 | | （三）合并利润表………………………………………………… | 第 9 页 | | （四）母公司利润表………………………………………………第 | 10 页 | | （五）合并现金流量表……………………………………………第 | 11 页 | | （六）母公司现金流量表…………………………………………第 | 12 页 | | （七）合并所有者权益变动表……………………………………第 | 13 页 | | （八）母公司所有者权益变动表…………………………………第 | 14 页 | | 三、财务报表附注 ……………………………………………… 第 | 15—96 页 | | 四、附件………………………………………………………… 第 | 97—100 页 | | ...

证券代码：603600 股票简称：永艺股份 公告编号：2024-014 永艺家具股份有限公司 第五届监事会第二次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 永艺家具股份有限公司（以下简称"公司"）第五届监事会第二次会议于 2024 年 4 月 23 日在公司会议室以现场方式召开。本次监事会会议通知于 2024 年 4 月 13 日以电话和书面方式发出。会议应出席监事 3 名，实际出席监事 3 名。本 次会议的召集和召开程序符合《公司法》等相关法律法规及《公司章程》的有关 规定，会议决议合法、有效。 二、监事会会议审议情况 经与会监事逐项审议，会议通过了如下议案： （一）审议通过《关于 2023 年度监事会工作报告的议案》 表决结果：同意 3 票、反对 0 票、弃权 0 票。 本议案尚需提交股东大会审议。 （二）审议通过《关于 2023 年年度报告及摘要的议案》 监事会对公司《2023 年年度报告》及摘要进行了认真审核，审核意见如下： 1、公司《2023 年年度报告》及摘要的编制和 ...