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 ...

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]