公司报告 | 年报点评报告 恒林股份（603661） 证券研究报告 公司发布 2024 年报及 2025 年一季报 25Q1 公司收入 26.54 亿元，同比+12.7%，归母净利润 0.52 亿元，同比-49.5%， 扣非归母净利润 0.53 亿元，同比-48.9%； 24Q4 公司收入 32.2 亿元，同比+33.0%，归母净利润-0.03 亿元，减亏 97.2%， 扣非归母净利润 0.16 亿元，同比+115.8%； 24 年公司收入110.29 亿元，同比+34.6%，归母净利润2.63 亿元，同比-0.02%， 扣非归母净利润 2.81 亿元，同比+19.5%。 24 年公司毛利率 18.64%，同减 5.1pct；归母净利率 2.39%，同减 0.8pct。 24 年公司营业收入创历史新高，首次突破 100 亿元大关，主要系跨境电商 业务增长所致；利润承压主要系厨博士计提商誉减值损失 7895 万元及股份 支付成本 2231 万元。 跨境电商构建外贸发展新动能 分产品，①24 年办公家具收入 35.52 亿元，同比+2.4%，毛利率 22.07%， 同比-1.36pct，其中办公椅销量 981.9 ...

2024年公司研发支出2.26亿元，创上市以来新高。截至2024年末，公司共拥有有效专利1630项，同比增 加了185项，其中发明专利142项，同比增加了34项。 公开资料显示，恒林股份是一家集研发、生产、销售办公椅、沙发、按摩椅等健康坐具及民用家具产品 于一体的国家高新技术企业。经过近三十年的技术积淀和市场积累，公司在办公家具制造领域占据较高 的市场份额，特别是在办公椅制造和出口方面，市场占有率和综合竞争实力位列办公家具行业第一梯 队。 过去一年，面对全球经济复苏的复杂形势、行业竞争的激烈态势，以及消费需求的深刻变革，恒林家居 以"创新驱动，持续精进"为战略指引，以"制造出海与品牌出海"双轨并行的策略破局，坚持"多元化发 展、专业化经营、差异化竞争"的发展模式，打造"分则能战、合则能胜"的联合舰队，构建"高效生产— 精准服务—持续创新"的良性循环。 恒林股份的沙发、按摩椅等软体家具产品秉持"创新、功能、舒适"三合一的发展理念，紧密跟随时代发 展的潮流。凭借公司垂直配套供应链的优势，在功能方面不断实现技术创新，不断尝试环保可降解材 料，以及天然可再生的面料，持续引领舒适家居的绿色革命，致力于让人们享受低碳幸福 ...

Investment Rating - The report maintains a "Buy" rating for the company, with expected EPS for 2025-2027 at 2.95, 3.60, and 4.10 RMB respectively, corresponding to PE ratios of 9, 8, and 7 times [5]. Core Insights - The company achieved a revenue of 11.03 billion RMB in 2024, representing a year-on-year growth of 34.6%, while the net profit attributable to shareholders was 260 million RMB, showing no change year-on-year [2]. - The cross-border e-commerce business is a significant growth driver, with notable revenue contributions from various segments, particularly the OBM business, which grew by 77% to 5.94 billion RMB [2][4]. - The company is pursuing a dual strategy of "manufacturing going abroad and brand going abroad," aiming for quality growth while optimizing asset allocation and improving operational efficiency [4]. Revenue and Profit Analysis - In 2024, the company reported revenues of 35.5 billion RMB from office furniture, 14.3 billion RMB from soft furniture, 10.2 billion RMB from panel furniture, 15.3 billion RMB from new material flooring, and 34.6 billion RMB from comprehensive home furnishings, with respective year-on-year growth rates of 2.4%, 10.8%, -8.8%, 2.9%, and 331.1% [2]. - The gross profit margin for 2024 decreased by 5.2 percentage points to 18.5%, primarily due to rising shipping costs and price reductions for cross-border e-commerce inventory [3]. Cost and Expense Management - The company saw a decline in inventory by 4.3 billion RMB to 18.9 billion RMB in Q1 2025, indicating effective inventory optimization [3]. - The expense ratios for sales, management, R&D, and financial expenses for the full year of 2024 were 7.1%, 3.9%, 2.1%, and 0.4% respectively, with a notable decrease in sales expense ratio in Q1 2025 due to reclassification of delivery fees and discounts [3]. Future Projections - The company expects stable performance in traditional OEM business amid steady overseas demand and increasing trade frictions, while overall revenue growth in Q1 2025 is projected at 12.7%, mainly driven by cross-border e-commerce [2][4].

Financial Overview - The total operating revenue of Henglin Co., Ltd. for Q1 2025 reached 2.654 billion yuan, an increase of 12.74% year-on-year, while the net profit attributable to shareholders was 51.8647 million yuan, a decrease of 49.49% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 52.6501 million yuan, down 48.89% year-on-year [1] Key Financial Indicators - The accounts receivable of Henglin Co., Ltd. were significantly high, with accounts receivable accounting for 718.04% of the latest annual net profit [3] - The operating cash flow per share was -0.39 yuan, a decrease of 134.51% year-on-year, indicating cash flow pressure [3] Debt Situation - The company's interest-bearing debt was 2.686 billion yuan, a decrease of 15.95% year-on-year, but the interest-bearing asset-liability ratio remained at 26.28%, necessitating ongoing monitoring of its debt situation [4] Business Model and Performance Evaluation - The company's performance relies heavily on research and marketing efforts, with a return on invested capital (ROIC) of 5.07% last year, indicating average capital returns [5] - The net profit margin was 2.41%, suggesting low added value for the company's products or services [5] Summary - Overall, Henglin Co., Ltd. exhibited weak performance in Q1 2025, particularly in net profit and cash flow, which showed significant declines. The company needs to focus on improving accounts receivable collection and cash flow, while also managing debt levels to ensure future stability [6]

Core Viewpoint - The company reported a revenue of 11.03 billion yuan for 2024, reflecting a year-on-year increase of 34.6%, while the net profit attributable to shareholders remained stable at 260 million yuan, showing no change compared to the previous year [1] Financial Performance - For Q4 2024, the company achieved a revenue of 3.22 billion yuan, up 33.0% year-on-year, but recorded a net loss of 2.92 million yuan [1] - In Q1 2025, the company reported a revenue of 2.65 billion yuan and a net profit of 50 million yuan, representing year-on-year changes of +12.7% and -49.5%, respectively [1] - The dividend proposal for shareholders is set at 0.72 yuan per share (before tax) [1] Business Analysis - The cross-border e-commerce business is a significant growth driver, with revenue contributions from various segments: office furniture (3.55 billion yuan), soft furniture (1.43 billion yuan), panel furniture (1.02 billion yuan), new material flooring (1.53 billion yuan), and comprehensive home products (3.46 billion yuan), showing year-on-year changes of +2.4%, +10.8%, -8.8%, +2.9%, and +331.1%, respectively [2] - Domestic revenue decreased by 27.5% to 1.11 billion yuan, while overseas revenue increased by 48.9% to 9.89 billion yuan [2] - The OEM business generated 5.06 billion yuan in revenue, up 5.0% year-on-year, while the OBM business saw a significant increase of 77.0% to 5.94 billion yuan, primarily driven by the expansion of cross-border e-commerce [2] - In Q1 2025, overall revenue growth of 12.7% is expected to be mainly supported by the cross-border e-commerce business, while traditional OEM business is anticipated to remain stable due to steady overseas demand and increasing trade frictions [2] Margin and Cost Analysis - The company's gross margin decreased by 5.2 percentage points year-on-year to 18.5% for 2024, with Q4 2024 and Q1 2025 gross margins at 18.9% and 16.3%, respectively [3] - The decline in gross margin is attributed to rising shipping costs and price reductions for cross-border e-commerce inventory [3] - Inventory decreased by 430 million yuan from the end of 2024 to 1.89 billion yuan in Q1 2025 [3] - The expense ratios for sales, management, R&D, and financial costs for 2024 were 7.1%, 3.9%, 2.1%, and 0.4%, respectively, with year-on-year changes of -1.2%, -1.2%, -0.7%, and +0.1 percentage points [3] - In Q1 2025, the expense ratios were 7.3%, 3.6%, 1.7%, and 0.6%, with notable decreases in sales expense ratio due to reclassification of delivery fees and promotional discounts [3] Strategic Outlook - The company is pursuing a dual strategy of "manufacturing going abroad and brand going abroad" amidst trade frictions, expanding production capacity in Vietnam and actively exploring non-U.S. markets [3] - The company aims to optimize asset allocation by disposing of low-efficiency and low-relevance assets while improving manufacturing and operational efficiency to achieve profit growth with positive cash flow [3] Earnings Forecast and Valuation - The company forecasts EPS for 2025, 2026, and 2027 to be 2.95 yuan, 3.60 yuan, and 4.10 yuan, respectively, with current stock prices corresponding to PE ratios of 9, 8, and 7 times [4]

Investment Rating - The report maintains a "Buy" rating for the company, with expected EPS for 2025-2027 at 2.95, 3.60, and 4.10 RMB respectively, corresponding to PE ratios of 9, 8, and 7 times [5]. Core Insights - The company achieved a revenue of 11.03 billion RMB in 2024, representing a year-on-year growth of 34.6%, while the net profit attributable to shareholders was 260 million RMB, showing no change year-on-year [2]. - The cross-border e-commerce business is a significant driver of growth, with notable revenue contributions from various segments, particularly the OBM business, which grew by 77% to 5.94 billion RMB [2][4]. - The gross margin faced pressure, declining by 5.2 percentage points to 18.5% in 2024, primarily due to rising shipping costs and inventory clearance [3]. Performance Analysis - In 2024, the company reported revenues of 35.5 billion RMB from office furniture, 14.3 billion RMB from soft furniture, 10.2 billion RMB from panel furniture, 15.3 billion RMB from new material flooring, and 34.6 billion RMB from comprehensive home furnishings, with significant growth in the comprehensive home furnishings segment at 331.1% [2]. - The company’s domestic revenue decreased by 27.5% to 1.11 billion RMB, while overseas revenue increased by 48.9% to 9.89 billion RMB [2]. - The company’s inventory decreased by 4.3 billion RMB to 1.89 billion RMB in Q1 2025, indicating effective inventory management [3]. Strategic Outlook - The company is pursuing a dual strategy of "manufacturing going abroad and brand going abroad," focusing on expanding sales channels and optimizing asset allocation while improving manufacturing and operational efficiency [4]. - The company aims for quality growth by disposing of low-efficiency assets and enhancing cash flow profitability [4].

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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 证券代码：603661 证券简称：恒林股份 公告编号：2025-017 恒林家居股份有限公司 关于召开2024年年度股东大会的通知 2024年年度股东大会 召开的日期时间：2025 年 5 月 16 日 14 点 00 分 召开地点：浙江省湖州市安吉县递铺街道恒林 B 区办公楼 107 会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 股东大会召开日期：2025年5月16日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投 票系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 网络投票起止时间：自2025 年 5 月 16 日 至2025 年 5 月 16 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为 股东大会召开当 ...

证券代码：603661 证券简称：恒林股份 公告编号：2025-007 恒林家居股份有限公司 第七届监事会第四次会议决议公告 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法律责任。 一、监事会会议召开情况 恒林家居股份有限公司（以下简称公司）第七届监事会第四次会议于 2025 年 4 月 25 日在浙江省湖州市安吉县递铺街道恒林 B 区办公楼 107 会议室以现场 结合通讯方式召开，会议通知已按规定提前以书面及通讯方式送达。本次会议由 监事会主席卢小英女士召集并主持，会议应出席监事 3 名，实际出席监事 3 名。 本次会议的召集、召开及表决程序符合《中华人民共和国公司法》和《恒林家居 股份有限公司章程》（以下简称公司章程）等相关规定，会议形成的决议合法、 有效。 （一）审议通过《公司 2024 年度监事会工作报告》 表决结果：3票同意，0票反对，0票弃权。 本议案尚需提交公司股东大会审议。 （二）审议通过《公司2024年年度报告及其摘要》 经审核，公司监事会认为： 1、公司 2024 年年度报告的编制和审议程序符合法律、法规和《公司章 ...

证券代码：603661 证券简称：恒林股份 公告编号：2025-006 恒林家居股份有限公司 第七届董事会第五次会议决议公告 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。 一、董事会会议召开情况 恒林家居股份有限公司（以下简称公司）第七届董事会第五次会议于 2025 年 4 月 25 日在浙江省湖州市安吉县递铺街道恒林 B 区办公楼 107 会议室以现场 结合通讯方式召开，会议通知已按规定提前以书面及通讯方式送达。本次会议 由董事长王江林先生召集并主持，会议应出席董事 5 名，实际出席董事 5 名， 公司监事、高级管理人员全部列席了本次会议。本次会议的召集、召开及表决 程序符合《中华人民共和国公司法》和《恒林家居股份有限公司章程》等相关 规定，会议形成的决议合法、有效。 二、董事会会议审议情况 （一）审议通过《公司2024年度董事会工作报告》 表决结果：5票同意，0票反对，0票弃权。 本议案尚需提交公司股东大会审议。 （二）审议通过《公司2024年年度报告及其摘要》 经审议，董事会认为公司编制的《恒林股份 2024 年年度报 ...

证券代码：603661 证券简称：恒林股份 公告编号：2025-008 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： 每股分配比例：每股派发现金红利 0.72 元（含税）。 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日 期将在权益分派实施公告中明确。若在实施权益分派的股权登记日前公司总股本 发生变动的，公司拟维持每股分配比例不变，相应调整分配总额，并将另行公告 具体调整情况。 公司不触及《上海证券交易所股票上市规则》第 9.8.1 条第一款第（八） 项规定的可能被实施其他风险警示的情形。 本次利润分配预案尚需提交公司 2024 年年度股东大会审议。 一、利润分配预案内容 经天健会计师事务所（特殊普通合伙）审计，并出具了标准无保留意见的审 计报告。恒林家居股份有限公司（以下简称公司）2024 年度实现归属于上市公 司股东的净利润为 263,059,451.54 元，截至 2024 年 12 月 31 日，母公司期末可 供分配利润为人民币 1,545,532,794.19 元。经公司第七届董事会 ...