证券代码：603600 股票简称：永艺股份 公告编号：2024-031 永艺家具股份有限公司 关于注销库存股暨减少注册资本的债权人通知公告 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。 永艺家具股份有限公司（以下简称"公司"）分别于 2024 年 4 月 23 日召开 第五届董事会第二次会议、2024 年 5 月 16 日召开 2023 年年度股东大会，审议 通过了《关于注销公司回购专用证券账户库存股并修订<公司章程>的议案》，根 据《公司法》《上市公司股份回购规则》《上海证券交易所上市公司自律监管指 引第 7 号—回购股份》等相关规定，将对回购专用证券账户中 3 年持有期限临近 届满的 1,694,606 股库存股予以注销。具体内容详见公司于 2024 年 4 月 25 日披 露的《永艺家具股份有限公司关于注销公司回购专用证券账户库存股的公告》（公 告编号：2024-018）。 本次注销完成后，公司股本总数将由 33,290.7776 万股减少至 33,121.317 万股，公司注册资本也将由 33,290.7776 ...

永艺家具股份有限公司 2023年年度股东大会 会 议 资 料 二〇二四年五月 | 2023 | 年年度股东大会会议议程 1 | | | | | --- | --- | --- | --- | --- | | 2023 | 年年度股东大会会议须知 3 | | | | | 2023 | 年年度股东大会会议议案 5 | | | | | 议案一: | 关于 | 2023 | 年度董事会工作报告的议案 | 5 | | 议案二: | 关于 | 2023 | 年度监事会工作报告的议案 | 14 | | 议案三: | 关于 | 2023 | 年年度报告及摘要的议案 | 17 | | 议案四: | 关于 | 2023 | 年度财务决算报告的议案 | 18 | | 议案五: | 关于 | 2023 | 年度利润分配方案及 2024 年中期利润分配计划的议案 ... | 25 | | 议案六: | | | 关于注销公司回购专用证券账户库存股并修订《公司章程》的议案. | 27 | | 议案七: | 关于续聘公司 | | 2024 年度审计机构的议案 | 30 | | 议案八: | 关于 | 2024 | 年度外汇衍生品交易计划的议 ...

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].

Investment Rating - The report maintains a "Buy" rating for Yongyi Co., Ltd. (603600) with a target price of 14.90 CNY, up from the previous target of 14.82 CNY [22][25]. Core Insights - The company's performance in 2023 slightly exceeded expectations, while Q1 2024 profits were slightly below expectations. The earnings forecast for 2024-2026 has been adjusted, with expected EPS of 1.02, 1.26, and 1.53 CNY respectively [22]. - Revenue growth is anticipated to be strong, with a projected increase of approximately 20% in Q4 2023 and Q1 2024, driven by the recovery of export customers and domestic brand initiatives [22]. - The gross profit margin and net profit margin for Q1 2024 are expected to be 22.1% and 5.2%, respectively, with a slight decline in net profit margin attributed to increased marketing expenses [22]. Financial Summary - Revenue for 2023 is reported at 3,538 million CNY, down 13% from 2022, with a projected recovery to 4,423 million CNY in 2024, representing a 25% increase [16]. - Operating profit (EBIT) for 2023 is 213 million CNY, with expectations of growth to 394 million CNY in 2024 [16]. - Net profit attributable to shareholders for 2023 is 298 million CNY, with a forecasted increase to 339 million CNY in 2024 [16]. Profitability and Valuation Metrics - The operating profit margin is expected to improve from 6.0% in 2023 to 8.9% in 2024 [16]. - The return on equity (ROE) is projected to rise from 13.8% in 2023 to 14.3% in 2024 [16]. - The price-to-earnings (PE) ratio for 2024 is estimated at 14.7x, reflecting the company's valuation relative to industry standards [22]. Market Performance - The stock has shown a 35% absolute increase over the past 12 months, with a relative performance of 41% compared to the index [19]. - The stock price range over the past 52 weeks is between 8.92 and 13.00 CNY, with a current market capitalization of 4,028 million CNY [17][22].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark in the next six months [4]. Core Insights - The company reported a revenue of 3.54 billion yuan for 2023, a year-on-year decrease of 12.8%, and a net profit attributable to shareholders of 300 million yuan, down 11.1% year-on-year. The performance was in line with expectations [1]. - The decline in revenue was attributed to inventory destocking in European and American markets, while gross margin improved significantly, increasing by 3.5 percentage points to 22.9% due to factors such as the depreciation of the RMB against the USD and lower raw material and shipping costs [1]. - The company’s sales expenses increased significantly due to strategic investments in building its own brand, with a sales expense ratio of 7.4%, up 3.8 percentage points year-on-year [1]. - The company’s self-owned brand revenue reached 710 million yuan in 2023, a year-on-year increase of 66.6%, with significant growth in online sales channels [1]. Summary by Sections Financial Performance - In 2023, the company achieved revenues of 3.54 billion yuan, with a breakdown of product revenues: office chairs (2.56 billion yuan), sofas (540 million yuan), massage chairs (240 million yuan), and leisure chairs (30 million yuan), reflecting year-on-year changes of -7.9%, -34.4%, -32.2%, and -18.0% respectively [1]. - Domestic revenue was 890 million yuan, up 7.9% year-on-year, while overseas revenue was 2.64 billion yuan, down 17.9% year-on-year [1]. - The company’s gross margin improved to 22.9%, driven by favorable currency exchange rates and reduced costs [1]. Market Outlook - The report indicates a gradual recovery in overseas demand, with a 30% year-on-year increase in office chair exports from China by December 2023. The company expects overseas orders to return to a growth trajectory in 2024 [1]. - The company is expanding its overseas manufacturing capabilities, with production in Vietnam and Romania, which supports its market penetration efforts [1]. Brand Development - The company is accelerating its brand development, achieving a 256% year-on-year increase in online sales during the Double Eleven shopping festival, with significant improvements in rankings on major e-commerce platforms [1]. - Offline, the company is expanding its presence through initiatives like "Hundred Cities Offensive" and "Lighthouse Benchmark Plan," increasing its customer base in major supermarkets and direct clients [1]. Profit Forecast - The company’s net profit forecasts for 2024 and 2025 are maintained at 360 million yuan and 430 million yuan respectively, with an expected net profit of 500 million yuan in 2026. Corresponding EPS estimates are 1.09, 1.29, and 1.50 yuan, with PE ratios of 11.8, 10.0, and 8.6 times [1].

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 ...