Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price raised to 17.85 CNY from the previous 16.66 CNY, while the current price is 14.99 CNY [5][6]. Core Views - The company's performance meets expectations, with steady progress in the whole-house business, opening up future growth opportunities. The short-term impact of the old-for-new policy has significantly boosted terminal sales [5][6]. - Revenue is currently under pressure, but overseas business shows strong performance, with a year-on-year growth of over 30% [6]. - The company plans to increase investment in management expenses, particularly in new retail channels and new product development, to improve overall profitability [6]. Financial Summary - **Revenue**: - 2022A: 5,389 million CNY - 2023A: 6,116 million CNY (up 13.5%) - 2024E: 5,788 million CNY (down 5.4%) - 2025E: 6,482 million CNY (up 12.0%) - 2026E: 7,130 million CNY (up 10.0%) [5][12] - **Net Profit (attributable to parent)**: - 2022A: 537 million CNY - 2023A: 595 million CNY (up 10.8%) - 2024E: 520 million CNY (down 12.7%) - 2025E: 598 million CNY (up 15.0%) - 2026E: 686 million CNY (up 14.8%) [5][12] - **Earnings Per Share (EPS)**: - 2022A: 1.23 CNY - 2023A: 1.36 CNY - 2024E: 1.19 CNY - 2025E: 1.37 CNY - 2026E: 1.57 CNY [5][12] - **Return on Equity (ROE)**: - 2022A: 18.7% - 2023A: 18.1% - 2024E: 15.2% - 2025E: 16.1% - 2026E: 16.9% [5][12] - **Price-to-Earnings Ratio (P/E)**: - Current: 11.00 - 2024E: 12.59 - 2025E: 10.95 - 2026E: 9.54 [5][12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company experienced pressure on profits in Q3 2024, with a steady growth in overseas business. The revenue for Q1-Q3 2024 was 3.68 billion yuan, down 6.5% year-on-year, and the net profit attributable to shareholders was 270 million yuan, down 23.8% year-on-year. The company is expected to benefit from domestic demand recovery following stimulus policies and continued growth in overseas markets [3][4]. Revenue Analysis - For Q1-Q3 2024, the company's revenue from wardrobes and cabinets faced pressure, while the door and wall categories maintained high growth. The revenue for kitchen cabinets, custom wardrobes, and wooden doors was 1.662 billion yuan, 1.504 billion yuan, and 240 million yuan, respectively, with year-on-year changes of -5.2%, -10.2%, and +0.5% [4]. - Revenue by channel showed that direct sales, distribution, bulk business, and overseas revenue were 253 million yuan, 1.917 billion yuan, 1.105 billion yuan, and 131 million yuan, with year-on-year changes of -16.25%, -11.81%, +0.95%, and +35.24% respectively [4]. Profitability - The gross margin for Q1-Q3 2024 was 36.8%, down 1.6 percentage points, while the net profit margin was 7.2%, down 1.6 percentage points. The increase in selling expenses was attributed to the company's efforts to capture market share [5]. - The company’s operating cash flow for Q1-Q3 2024 was 30 million yuan, showing improvement compared to the first half of the year [5]. Financial Forecast - The company’s projected net profits for 2024-2026 are 506 million yuan, 544 million yuan, and 623 million yuan, respectively, with corresponding EPS of 1.16 yuan, 1.25 yuan, and 1.43 yuan. The current stock price corresponds to P/E ratios of 12.5, 11.6, and 10.2 times for the respective years [3][6].

Group 1 - Shenzhen Zhijia Technology Co., Ltd. has been established recently, with Li Rongrong as the legal representative [1] - The company's business scope includes internet data services, internet device sales, data processing services, and sales of textiles and raw materials [1] - Zhijia Technology is wholly owned by Zhizhong Home [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a challenging performance in Q3 2024, with total revenue for the first three quarters of 2024 at 3.675 billion, a year-on-year decrease of 6.46%, and a net profit attributable to shareholders of 266 million, down 23.80% year-on-year [1] - The cabinet and wardrobe businesses are under pressure, while the door business is still in an expansion phase, with high growth in overseas markets [1] - The overall gross margin for the first three quarters of 2024 was 36.83%, a decrease of 1.58 percentage points year-on-year [1] Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 1.463 billion, a year-on-year decrease of 10.14%, and a net profit of 117 million, down 30.93% year-on-year [1] - The revenue breakdown for the first three quarters of 2024 shows cabinet revenue at 1.662 billion, wardrobe revenue at 1.504 billion, door revenue at 240 million, and other revenue at 269 million, with year-on-year changes of -5.18%, -10.22%, +0.46%, and +2.77% respectively [1] - The company’s direct stores, distribution stores, bulk business, overseas business, and other channels generated revenues of 253 million, 1.917 billion, 1.105 billion, 131 million, and 269 million respectively, with year-on-year changes of -16.25%, -11.81%, +0.95%, +35.24%, and +2.77% [1] Profitability Metrics - The gross margin for the first three quarters of 2024 was 36.83%, with a third-quarter gross margin of 37.04%, both showing declines year-on-year [1] - The net profit margin for the first three quarters of 2024 was 7.24%, down 1.65 percentage points year-on-year, while the third-quarter net profit margin was 8.03%, down 2.41 percentage points year-on-year [1] Future Outlook - The company is expected to achieve revenues of 5.881 billion, 6.323 billion, and 6.740 billion for 2024, 2025, and 2026 respectively, with year-on-year changes of -3.9%, +7.5%, and +6.6% [2] - The net profit forecast for the same years is 512 million, 560 million, and 608 million, with year-on-year changes of -14.0%, +9.5%, and +8.5% [2] - The company is steadily advancing its home furnishing strategy, with stable growth in the core cabinet business and rapid development in the wardrobe and door segments, which are expected to drive margin improvements [1]

来源：公司年报、国金证券研究所 志邦家居 (603801.SH) 买入(维持评级) 公司点评 证券研究报告 业绩简评 10 月 29 日公司发布 24 年三季报，24Q1-Q3 营收/归母净利/扣非 归母净利润分别同比-6.5%/-23.8%/-28.3 至 36.8/2.7/2.3 亿元。 24Q3 营收/归母净利/扣非归母净利润分别同比-10.1%/-30.9%/- 33.1%至 14.6/1.2/1.1 亿元。 经营分析 多重因素致使 Q3 收入下降，大宗渠道仍具经营韧性：24Q1-3 公司 直 营 / 经 销 / 大 宗 收 入 分 别 同 比 -16.3%/-11.8%/+1.0% 至 2.5/19.2/11.1 亿元，其中 24Q3 直营/经销/大宗收入分别同比30.0%/-13.2%/-6.7%至 0.8/7.5/5.0 亿元。公司在大宗渠道上积 极开发适老、企事业公寓、工程高定等产品，加速拓展优质新客 户，展现经营韧性。而经销、直营渠道仍处下滑，预计主因公司在 Q3 对相关门店进一步调整叠加行业整体需求依然偏弱。分产品来 看，公司 24Q1-3 厨/衣/木收入分别同比-5.2%/-10.2%/ ...

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Views - The company experienced pressure on domestic operating performance in the first three quarters, while overseas business showed strong growth [2][5] - The company’s revenue for the first three quarters of 2024 was 3.68 billion yuan, a year-on-year decrease of 6.5%, with a net profit of 270 million yuan, down 23.8% year-on-year [3][5] - The report highlights the impact of weak real estate sales on the kitchen cabinet and wardrobe business, while the overseas business grew rapidly [5][8] Revenue Performance - Kitchen cabinets, wardrobes, and wooden doors generated revenues of 1.66 billion, 1.50 billion, and 240 million yuan respectively in the first three quarters, with year-on-year changes of -5.2%, -10.2%, and +0.5% [5] - The company’s overseas business achieved revenue of 130 million yuan in the first three quarters, reflecting a year-on-year increase of 35.2% [5] Profitability Analysis - The overall gross margin for the first three quarters was 36.8%, a decrease of 1.6 percentage points year-on-year [5] - The gross margins for kitchen cabinets, wardrobes, and wooden doors were 41.6%, 37.8%, and 20.8%, with year-on-year changes of -2.0, -1.0, and +2.8 percentage points respectively [5] Future Outlook - The report projects a recovery in the home furnishing industry due to recent supportive policies in real estate and consumer subsidies [8] - Revenue forecasts for 2024-2026 have been adjusted to 5.53 billion, 6.25 billion, and 6.98 billion yuan, with corresponding net profit forecasts of 460 million, 550 million, and 640 million yuan [8]

证券代码：603801 证券简称：志邦家居 公告编号：2024-079 志邦家居股份有限公司 关于变更注册资本、修订《公司章程》并办理工商备 案的公告 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。 2024 年 10 月 29 日，志邦家居股份有限公司（以下简称"公司"）召开第五届 董事会第四次会议审议通过了《关于变更注册资本、修订<公司章程>并办理工商备 案的议案》，具体内容如下： 一、注册资本变更情况 2024 年 7 月 10 日召开四届董事会第二十五次会议、四届监事会第二十四次会 议审议通过了《关于回购注销部分限制性股票的议案》，鉴于公司 2023 年限制性股 票激励计划的 2 名激励对象离职，不再具备激励对象资格，公司拟对上述激励对象 已获授但尚未解除限售的限制性股票合计 42,000 股进行回购注销。具体情况详见公 司于 2024 年 7 月 11 日披露的《关于回购注销部分限制性股票的公告》（公告编号： 2024-038）。 本次回购注销 2023 年限制性股票激励计划部分限制性股票后，公司总股本由 43 ...

（一）报刊、电视、网络等媒体对公司进行的负面报道； （二）社会上存在的已经或将给公司造成不良影响的传言或信息； （三）可能或者已经影响社会公众投资者投资取向，造成股价异常波动的 信息； 志邦家居股份有限公司 舆情管理制度 第一章 总则 第一条 为提高志邦家居股份有限公司（以下简称"公司"）应对各类舆情 的能力，建立快速反应和应急处置机制，充分发挥网络互动优势，正确把握和 引导网络舆论导向，及时、妥善处理各类舆情对公司股价、商业信誉及正常生 产经营活动造成的影响，切实保护投资者合法权益，根据《上海证券交易所股 票上市规则》等法律、法规、规范性文件及《志邦家居股份有限公司章程》（以 下简称"公司章程"）的相关规定，结合公司实际情况，制定本制度。 第二条 本制度所称舆情包括： （四）其他涉及公司信息披露且可能对公司股票及其衍生品交易价格产生 较大影响的事件信息。 第三条 公司舆情应对坚持"科学应对、突出导向、注重实效"的总体原则， 有效引导内部舆论和社会舆论，避免和消除因媒体可能对公司造成的各种负面 影响，切实维护公司的利益和形象。 第二章 舆情管理的组织体系及其工作职责 第四条 公司应对各类舆情实行统一领导、统一 ...

志邦家居股份有限公司 章程 二〇二四年十月 1 | | 志邦家居股份有限公司 1 | | --- | --- | | | 章程 1 | | 第一章 | 总则 3 | | 第二章 | 经营宗旨和范围 4 | | 第三章 | 股份 4 | | 第一节 | 股份发行 4 | | 第二节 | 股份增减和回购 6 | | 第三节 | 股份转让 7 | | 第四章 | 股东和股东会 8 | | 第一节 | 股东 8 | | 第二节 | 股东会的一般规定 10 | | 第三节 | 股东会的召集 12 | | 第四节 | 股东会的提案与通知 13 | | 第五节 | 股东会的召开 14 | | 第六节 | 股东会的表决和决议 16 | | 第五章 | 董事会 20 | | 第一节 | 董事 20 | | 第二节 | 董事会 25 | | 第六章 | 高级管理人员 30 | | 第七章 | 监事会 33 | | 第一节 | 监事 33 | | 第二节 | 监事会 34 | | 第八章 | 党建 35 | | 第九章 | 财务会计制度、利润分配和审计 35 | | 第一节 | 财务会计制度 35 | | 第二节 | 利润分配制度 ...

证券代码：603801 证券简称：志邦家居 公告编号：2024-083 志邦家居股份有限公司 关于召开 2024 年第三次临时股东大会的通知 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 2024 年第三次临时股东大会 召开的日期时间：2024 年 11 月 15 日 13 点 30 分 召开地点：安徽合肥市庐阳区工业园连水路 19 号行政楼 101 会议室 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者 的投票，应按照《上海证券交易所上市公司自律监管指引第 1 号—规范运作》 等有关规定执行。 (七) 涉及公开征集股东投票权 (五) 网络投票的系统、起止日期和投票时间。 股东大会召开日期：2024年11月15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 ...