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：2024-005 | --- | --- | --- | |--------------|---------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

第三个是经济率前三季度规模经济率是6.63%扣费以后规模经济率是6.60%就要去年同期有所下降那么主要原因我们大概做了一些分析主要原因我们拨开两个杠杆一个是增幅补助一个是汇率水平增幅补助我们去年一季度有比上个月比较大的一个增幅补助 有千多万的补助那么汇税损益呢 去年前三季度和今年前三季度比今年是损失 去年是收益所以这两块购物补助和汇税收益这两块加起来今年前三季度比去年同期税后这个影响了大概四五千万吧 所以如果计较顺序因素的影响计较中国制作汇赘损益干扰因素的影响那么今年前三季度规模净利率和扣费后的规模净利率跟去年同期是基本持平的那么从单三季度来看的话如果计较汇赘损益的影响今年单三季度的规模净利率和扣费后的规模净利率这个是比去年提升的比去年还好所以整个经营的质量是在改善 那么分纪录看看分纪录规模经济率是7.36%扣费用规模经济率是7.34%我们环比的看这个三级度的这个增级率比二级度是提升所以在营业能力方面我们认为是在经济的改善那么这里还要特别说明的是公司在业务拓展上更加布局战略高度上的资源投入努力实现多渠道业务增长专注主义并实现高质量的发展 我们战略性的投入自主品牌建设以及发展新业务刚才讲到的比如说生酿作业务罗马 ...

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]

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 ...

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% ...