Investment Rating - Buy rating (first coverage) [1] Core Views - The company is actively expanding its omni-channel and multi-category strategy, with potential demand release driven by the trade-in policy [1] - The company's performance is under short-term pressure but is expected to maintain steady growth in the medium to long term [5] - The company is expected to achieve revenue of 5.974 billion, 6.401 billion, and 6.885 billion yuan in 2024, 2025, and 2026, respectively, with net profits attributable to the parent company of 521 million, 561 million, and 607 million yuan [7][8] Financial Performance - In 2024Q1-Q3, the company achieved revenue of 3.675 billion yuan, a year-on-year decrease of 6.46%, and net profit attributable to the parent company of 266 million yuan, a year-on-year decrease of 23.80% [5] - The company's gross profit margin for 2024Q1-Q3 was 36.83%, a year-on-year decrease of 1.58 percentage points, and the net profit margin was 7.24%, a year-on-year decrease of 1.65 percentage points [3] - The company's overall cabinet/custom wardrobe/wooden door gross profit margins were 41.58%/37.76%/20.77%, with year-on-year changes of -2.01/-1.01/+2.82 percentage points, respectively [3] Channel and Product Analysis - The company's direct sales/distributor/bulk/overseas business revenues were 253 million/1.917 billion/1.105 billion/131 million yuan, with year-on-year changes of -16.25%/-11.81%/+0.95%/+35.24% [6] - The company has 1,618/1,821/1,120/20 overall cabinet/custom wardrobe/wooden door/direct sales stores, with a total of 4,579 stores, a net decrease of 4 stores compared to the end of 2023 [6] Strategic Initiatives - The company is responding to the trade-in policy by offering dual subsidies, upgrading high-quality products, and providing integrated home solutions to drive demand [4] - The company is steadily advancing its whole-home strategy, expanding its product categories, and optimizing its retail and bulk business channels [7] Market Data - The company's current stock price is 14.93 yuan, with a 52-week price range of 8.85-20.16 yuan [2] - The company's total market capitalization is 6.517 billion yuan, with a circulating market capitalization of 6.485 billion yuan [2] - The company's average daily trading volume is 186.65 million yuan, with a monthly turnover rate of 3.89% [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company achieved revenue of 3.675 billion yuan, net profit attributable to shareholders of 266 million yuan, and net profit excluding non-recurring items of 233 million yuan in the first three quarters of 2024, representing declines of 6%, 24%, and 28% respectively. In Q3 2024, the figures were 1.463 billion yuan, 117 million yuan, and 107 million yuan, with declines of 10%, 31%, and 33% respectively. Retail performance was under pressure, while the decline in bulk sales was narrower. The focus on cost-effectiveness is expected to improve profitability in the future [4][5][6]. - The company is actively optimizing its organizational structure to support development in southern markets and is committed to executing its overseas strategy. Recent government subsidies in the home furnishing sector are expected to gradually boost demand and enhance the company's market share [5][6][7]. - The company is expected to see clear mid-term growth drivers, with significant potential for revenue growth in customized and supporting products, as well as in the southern and overseas markets. The recent acceleration of government subsidies is anticipated to uplift demand and improve market conditions [7]. Summary by Sections Financial Performance - In Q3 2024, the company experienced a revenue decline of 10%, with retail, bulk, and export channels showing year-on-year changes of -15%, -7%, and +23% respectively. The decline in product categories included kitchen cabinets, wardrobes, and wooden doors, which fell by 7%, 16%, and 7% respectively [4][5]. - The gross profit margin decreased by 3.6 percentage points in Q3, with retail, bulk, and export margins changing by -2.2, -6.2, and +3.6 percentage points respectively. The increase in sales expenses was primarily due to resource allocation not matching revenue trends [5][6]. Strategic Outlook - The company aims to enhance customer value through a comprehensive approach and is focusing on resource allocation and organizational policies to accelerate growth in southern markets. The overseas strategy prioritizes emerging markets, particularly Southeast Asia, Australia, and North America [6][7]. - The company is actively engaging with local governments to leverage subsidy programs, which are expected to yield significant results and enhance growth expectations for the coming year [6][7]. Earnings Forecast - The projected net profit attributable to shareholders for 2024 and 2025 is approximately 480 million yuan and 514 million yuan respectively, corresponding to price-to-earnings ratios of 14x and 13x [7].

志邦家居股份有限公司 2024 年第三次临时股东大会 志邦家居股份有限公司 2024 年第三次临时股东大会 （证券代码：603801） 会议资料 2024 年 11 月 1 | | | | 2024 | | 年第三次临时股东大会会议议程 | 4 | | --- | --- | --- | --- | | 议案 | 1： | 关于变更注册资本、修订《公司章程》并办理工商备案的议案 | 5 | | 议案 | 2： | 关于聘任 2024 年度审计机构的议案 19 | | 志邦家居股份有限公司 2024 年第三次临时股东大会 2024 年第三次临时股东大会会议须知 为维护投资者的合法权益，保障股东或股东代表（以下统称"股东"）在公司 2024 年 第三次临时股东大会期间依法行使权利，确保股东大会的正常秩序和议事效率，根据《中华 人民共和国公司法》、《中华人民共和国证券法》、中国证监会《上市公司股东大会规则》 以及《志邦家居股份有限公司章程》、《志邦家居股份有限公司股东大会议事规则》的相关 规定，特制定本须知： 一、务必请出席大会的股东准时到达会场签到确认参会资格。没有在规定的股东登记日 通过电话、邮件或传真方式登记 ...

证券代码：603801 证券简称：志邦家居 公告编号：2024-084 志邦家居股份有限公司 关于完成工商变更并换发营业执照的公告 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 3、类型：股份有限公司(上市、自然人投资或控股) 4、住所：安徽省合肥市庐阳工业区连水路 19 号 5、法定代表人：孙志勇 6、注册资本：人民币肆亿叁仟陆佰伍拾万伍仟捌佰壹拾叁圆整 7、成立日期：2005 年 04 月 04 日 8、经营范围：许可项目：道路货物运输（不含危险货物）（依法须经批准的项目，经相 关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准） 志邦家居股份有限公司（以下简称"公司"）于 2024 年 7 月 10 日召开四届董事会第二 十五次会议，2024 年 7 月 26 日召开 2024 年第一次临时股东大会，审议通过了《关于回购注 销部分限制性股票的议案》，同意对公司 2023 年限制性股票激励计划中 2 名离职的激励对象 已获授但尚未解除限售的 42,000 股限制性股票进行回购注销，具体内容详见 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [3][12]. Core Views - The company experienced a double-digit decline in revenue in Q3 2024, with a revenue of 1.46 billion (-10.1%) and a net profit of 120 million (-30.9%) [1]. - The decline in revenue is attributed to pressures in the real estate sector, reduced customer traffic, and consumption downgrade [1]. - Retail operations are under short-term pressure, while overseas business is growing rapidly, with overseas revenue increasing by 35.2% to 130 million [1]. - The company is focusing on developing products for senior apartments and high-end engineering projects, leading to a stable growth in bulk business [1]. - The gross margin decreased to 37.0% (-3.6 percentage points), primarily due to a drop in terminal prices and a high base from the previous year [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 3.68 billion (-6.5%) and a net profit of 270 million (-23.8%) [1]. - The company’s revenue from direct sales and distribution was 250 million (-16.3%) and 1.92 billion (-11.8%) respectively [1]. - The company’s gross profit margin and net profit margin were reported at 37.0% and 8.0% respectively, indicating a temporary pressure on profitability [1]. - The forecast for net profit for 2024-2026 is adjusted to 470 million, 530 million, and 590 million, reflecting a year-on-year change of -20%, +11%, and +12% respectively [1][2]. Valuation Metrics - The estimated earnings per share (EPS) for 2024-2026 are projected to be 1.09, 1.21, and 1.36 yuan, with corresponding price-to-earnings (PE) ratios of 13, 12, and 11 times [1][2]. - The company’s market capitalization is approximately 6.29 billion, with a closing price of 14.40 yuan [3]. Market Trends - The company is actively exploring retail models in Southeast Asia, with stores established in countries such as Cambodia, the Philippines, and Malaysia since the opening of its first store in Bangkok in 2022 [1]. - The overall market environment is challenging due to the deep adjustment in the real estate sector, impacting the company's revenue and profit forecasts [1].

Investment Rating - The report maintains a "Buy" rating for the company [2][6] Core Views - The company is experiencing short-term operational pressure, with expectations for demand recovery [3][4] - The domestic market is under pressure, while overseas business shows significant growth [4] - Profitability is declining, with increased sales expenses [5][6] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 3.675 billion yuan, a year-on-year decrease of 6.46%, and a net profit of 266 million yuan, down 23.80% [3] - In Q3 alone, revenue was 1.463 billion yuan, a decline of 10.14%, with net profit at 117 million yuan, down 30.93% [3] - Revenue from various product lines for the first three quarters includes: kitchen cabinets (1.662 billion yuan, -5.18%), custom wardrobes (1.504 billion yuan, -10.22%), wooden doors (240 million yuan, +0.46%), and others (269 million yuan, +2.77%) [4] - The overall gross margin for the first three quarters was 36.83%, down 1.58 percentage points year-on-year [5] Future Outlook - The company expects a gradual recovery in domestic market demand due to government incentives for home renovation and increased market expansion efforts [4] - Projected net profits for 2024-2026 are 439 million yuan, 482 million yuan, and 523 million yuan, respectively, with corresponding P/E ratios of 14, 13, and 12 [6][8]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 1.463 billion yuan in Q3 2024, a year-on-year decrease of 10.1%, and a net profit attributable to shareholders of 117 million yuan, down 30.9% year-on-year, primarily due to a weak real estate and consumer environment [1] - The company is increasing market incentives, which has led to short-term pressure on gross and net profit margins [1] - The company is expected to benefit from the "old-for-new" policy, which may drive a recovery in sales [3] Revenue and Profitability - In Q3 2024, revenue from cabinets, wardrobes, wooden doors, and others was 700 million, 580 million, 100 million, and 90 million yuan respectively, with year-on-year changes of -7.1%, -16.5%, -7.2%, and +11.7% [2] - The gross margins for cabinets, wardrobes, wooden doors, and others were 45.5%, 32.8%, 25.7%, and 12.1%, showing year-on-year declines of 3.9 percentage points, 5.6 percentage points, and increases of 7.7 percentage points and 2.1 percentage points respectively [2] - The company’s overall gross margin in Q3 2024 was 37.0%, down 3.6 percentage points year-on-year, with a net profit margin of 8.0%, down 2.4 percentage points year-on-year [4] Operational Performance - The company’s cash flow from operating activities in Q3 2024 was 285 million yuan, a decrease of 15 million yuan year-on-year [4] - As of the end of Q3 2024, the inventory turnover days were 161 days, an increase of 13 days year-on-year, while accounts receivable turnover days were 20 days, up 7 days year-on-year [4] Future Earnings Forecast - The forecast for net profit attributable to shareholders for 2024, 2025, and 2026 is 490 million, 534 million, and 580 million yuan respectively, with corresponding P/E ratios of 12.8X, 11.8X, and 10.8X [4][7]

上 市 公 司 证 券 研 究 报 告 轻工制造 公 司 研 究/ 公 司 点 评 11-0112-0101-0102-0103-0104-0105-0106-0107-0108-0109-0110-0111-01 -60% -40% -20% 0% 20% 40% 志邦家居 沪深300指数 (收益率) 一年内股价与大盘对比走势： | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 11 月 01 日 | | 收盘价（元） | 14.40 | | 一年内最高/最低（元） | 20.28/8.85 | | 市净率 | 1.9 | | 息率（分红/股价） | 4.86 | | 流通 A 股市值（百万元） | 6,255 | | 上证指数/深证成指 | 3,272.01/10,455.50 | | --- | --- | |------------------------------|-------------------------------| | 基础数据 : | 2024 ...

[Table_MainInfo] 公司研究/造纸轻工/轻工制造 证券研究报告 志邦家居（603801）公司季报点评 2024 年 11 月 02 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | |-------------------------------------------------------------| | 股票数据 | | 11 [ Table_StockInfo 月 01 日收盘价（元） ] | | 52 周股价波动（元） | | 总股本 / 流通 A 股（百万股） | | 总市值 / 流通市值（百万元） | | 相关研究 | | [Table_ReportInfo] 《大宗业务稳中求新，布局海外新兴市场》 | | 2024.09.14 | | 《 23 年整装渠道增速 34.5% ，门墙品类表现 | | 亮眼》 2024.06.03 | | 《大宗业务表现亮眼，拓品类进展顺利》 | | 2023.11.07 市场表现 | [Table_QuoteInfo] -52.11% -41.11% -30.11% -19.11% -8.11% 2023/11 2 ...

公司报告 | 季报点评 基本数据 A 股总股本(百万股) 436.51 流通 A 股股本(百万股) 434.35 A 股总市值(百万元) 6,285.68 流通 A 股市值(百万元) 6,254.64 每股净资产(元) 7.56 资产负债率(%) 47.83 一年内最高/最低(元) 20.28/8.85 志邦家居（603801） 证券研究报告 2024 年 11 月 02 日 投资评级 行业 轻工制造/家居用品 6 个月评级 买入（维持评级） 当前价格 14.4 元 目标价格 元 关注以旧换新进展 公司发布 24Q3 报告 24Q3 收入 14.6 亿，同减 10.1%，归母净利润 1.2 亿，同减 30.9%，扣非归 母净润 1.1 亿，同减 33.1%，毛利率 37%，同减 3.7pct，归母净利率 8%， 同减 2.4pct； 24Q1-3 收入 36.8 亿，同减 6.5%，归母净利润 2.7 亿，同减 23.8%，扣非归 母净利 2.3 亿，同减 28.3%，毛利率 36.8%，同减 1.6pct，净利率 7.2%，同 减 1.7pct。 经营整体承压主要系国内需求仍弱、消费降级趋势明显，且全国房地 ...