上 市 公 司 轻工制造 证 券 研 究 报 告 2024 年 09 月 03 日 志邦家居 (603801) ——2024 年中报点评：还原股权激励支付影响，表现基 本符合预期 报告原因：有业绩公布需要点评 买入（维持）投资要点： ⚫ 公司发布 2024 年中报，还原股权激励支付影响，表现基本符合预期： 24H1 实现收入 22.12 亿元，同比下降 3.9%；实现归母净利 1.49 亿元，同比下降 17.1%；扣非净利润 1.26 亿元，同比下降 23.7%；其中 Q2 单季收入 13.92 亿元，同比下降 6.9%，归母净利润 1.02 亿元，同比下降 20.5%，扣非净利润 0.87 亿元，同比下降 28.6%。24H1 归母净利润剔 除股权激励计划支付费用同比增加 1913 万元因素后，同比下降 6.2%。 ⚫ 分品类：门墙品类仍维持较稳健增长，新品类保持展店。1）橱柜：24H1 橱柜实现收入 9.66 亿元，同比下降 3.7%，其中 24Q2 收入 6.50 亿元，同比下降 5.1%；橱柜零售受渠 道分流影响较大，公司积极发力大宗、整装等渠道。2）衣柜：24H1 衣柜实现收入 9.28 亿元，同比 ...

公 司 研 究 志邦家居（603801.SH） 2024 年 09 月 03 日 投资评级：买入（维持） | --- | --- | |-------------------------|------------| | 日期 | 2024/9/3 | | 当前股价 ( 元 ) | 9.68 | | 一年最高最低 ( 元 ) | 28.37/9.26 | | 总市值 ( 亿元 ) | 42.26 | | 流通市值 ( 亿元 ) | 42.05 | | 总股本 ( 亿股 ) | 4.37 | | 流通股本 ( 亿股 ) | 4.34 | | 近 3 个月换手率 (%) | 78.97 | 股价走势图 -80% -64% -48% -32% -16% 0% 2023-09 2024-01 2024-05 志邦家居 沪深300 数据来源：聚源 相关研究报告 《2023 年营收及利润逆势双增，品类 协同及渠道开拓护航成长—公司信息 更新报告》-2024.4.30 《2023Q3 业绩稳健增长，降本增效成 效凸显 — 公 司 信 息 更 新 报 告 》 -2023.11.16 2024H1 零售渠道阶段承压，海外渠道增速 ...

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Investment Rating - The report maintains an "Outperform" rating for ZBOM Home (603801 SH) [1][3] Core Views - ZBOM Home experienced a slight revenue decline in H1 2024, with net profit significantly impacted by share-based payment expenses [1] - The company achieved steady growth in bulk business and rapid expansion overseas, while retail channels faced pressure [1] - Door and wall products showed strong performance, while cabinet and wardrobe revenues declined [1] - Gross margin remained stable, but increased expenses affected profitability [1] Financial Performance Revenue and Profit - H1 2024 revenue reached 2 21 billion yuan (-3 8% YoY), with net profit attributable to parent company of 150 million yuan (-17 0% YoY) [1] - Q2 2024 revenue was 1 39 billion yuan (-6 9% YoY), with net profit of 100 million yuan (-20 5% YoY) [1] Business Segments - Bulk business revenue grew 8 2% YoY to 610 million yuan in H1 2024 [1] - Overseas revenue surged 42 7% YoY to 90 million yuan in H1 2024 [1] - Retail channels (direct sales and distribution) declined 8 2% and 10 9% respectively in H1 2024 [1] Product Performance - Cabinet revenue decreased 3 7% YoY to 970 million yuan in H1 2024 [1] - Wardrobe revenue fell 5 9% YoY to 930 million yuan in H1 2024 [1] - Door and wall products grew 6 9% YoY to 140 million yuan in H1 2024 [1] Financial Ratios - Q2 2024 gross margin was 36 4% (-0 4pct YoY) [1] - Q2 2024 net margin was 7 3% (-1 3pct YoY) [1] - Q2 2024 expense ratios: sales 15 7% (+2 0pct), management 5 5% (+0 9pct), R&D 5 3% (-0 2pct), financial 0 1% (+0 6pct) [1] Market Position and Strategy - The company has over 2,000 distributors and 4,931 stores nationwide [1] - It is expanding through partnerships with leading home decoration companies [1] - Overseas expansion includes successful bids for projects in the US, Canada, and Qatar [1] Future Outlook - Adjusted profit forecasts for 2024-2026: net profit of 560/620/690 million yuan [1] - Expected EPS for 2024-2026: 1 29/1 42/1 57 yuan [1] - Forward PE ratios for 2024-2026: 8x/7x/6x [1]

时间：2024 年 8 月 30 日、9 月 2 日 调研方式：电话会议交流 调研机构名称（排名不分先后）： 证券代码： 603801 证券简称：志邦家居 公告编号：2024-065 志邦家居股份有限公司 关于接待机构调研情况的公告 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。 志邦家居股份有限公司（以下简称"公司"）于 2024 年 8 月 30 日、9 月 2 日通过电话会议交流形式接待了机构调研，现将情况公告如下： 一、调研情况 答：今年 3 月以来，《推动大规模设备更新和消费品以旧换新行动方案》等 政策相继落地，多个省、市地方政府积极响应并启动消费品以旧换新行动，通过 财政补贴、打折让利等方式降低消费者的焕新成本，进一步满足居民和企业对消 费品以旧换新的需求和期盼，有利于加快家装厨卫等消费需求的释放。公司已针 对存量焕新市场进行相应布局，在产品研发和供应保障方面提前做了大量准备工 作，打造全流程、全价值链的服务能力，逐步完善相应资质认证，同时推进整合 各地加盟商资源积极参与消费焕新活动。 申银万国证券、广发证券 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a current stock price of 9.83 yuan [4][6]. Core Views - The company experienced a slight decline in revenue and net profit in the first half of 2024, with revenue of 2.212 billion yuan, a decrease of 3.85% year-on-year, and a net profit attributable to shareholders of 149 million yuan, down 17.05% year-on-year [3]. - The overseas business showed significant growth, with a 42.69% increase in revenue from overseas operations in the first half of 2024, while the domestic direct sales and distribution channels faced declines [3]. - The company is diversifying its product categories and expanding its overseas business, with projected net profits for 2024-2026 expected to be 573 million, 623 million, and 672 million yuan, respectively [4]. Financial Summary - In the first half of 2024, the company reported revenues of 2.212 billion yuan, with a net profit of 149 million yuan and a non-recurring net profit of 126 million yuan, reflecting year-on-year decreases of 3.85%, 17.05%, and 23.74% respectively [3]. - The gross profit margin for the first half of 2024 was 36.69%, slightly down from the previous year, with product-specific margins for cabinets, wardrobes, and wooden doors at 38.77%, 40.86%, and 17.20% respectively [3]. - The company’s sales, management, R&D, and financial expense ratios increased in the first half of 2024, primarily due to heightened market competition and increased advertising and management costs [3]. Revenue Breakdown - Revenue from cabinets, wardrobes, and wooden doors in the first half of 2024 was 966 million, 928 million, and 139 million yuan, with year-on-year changes of -3.73%, -5.86%, and +6.88% respectively [3]. - The company’s revenue from direct stores, distribution stores, bulk business, overseas business, and other channels in the first half of 2024 was 175 million, 1.166 billion, 606 million, 86 million, and 178 million yuan, with year-on-year changes of -8.18%, -10.90%, +8.22%, +42.69%, and -1.23% respectively [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 9.83 [1][9] Core Views - The company experienced a decline in revenue and net profit in Q2 due to industry competition and high base effects, with a total revenue of 2.212 billion yuan, down 3.85% year-on-year, and a net profit of 149 million yuan, down 17.05% year-on-year [3] - Despite the pressures, the company's distribution channels maintained steady growth, with significant performance in the door and wall segments [3] - The increase in operating expenses has led to a decline in profitability, with a gross margin of 36.69% and a net profit margin of 6.72% in the first half of 2024 [3][4] - The company is implementing a full-space integrated home strategy, which is expected to drive growth despite the industry pressures [4] Financial Performance Summary - Revenue for 2021 was 5,389 million yuan, with a growth rate of 4.6%, and is projected to reach 6,799 million yuan by 2025, with a growth rate of 4.9% [1] - Net profit for 2021 was 537 million yuan, with a growth rate of 6.2%, projected to increase to 719 million yuan by 2025, with a growth rate of 12.8% [1] - Earnings per share (EPS) for 2021 was 1.23 yuan, expected to rise to 1.65 yuan by 2025 [1] - The company’s price-to-earnings (P/E) ratio is projected to decrease from 8 in 2023 to 6 in 2025 [1] Cash Flow and Efficiency - The company reported an operating cash flow of -257 million yuan in the first half of 2024, indicating short-term cash flow pressure [4] - The net operating cycle increased to 123.61 days, with inventory turnover days rising to 175.87 days [4]

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company reported a revenue of 2.212 billion yuan for H1 2024, a decrease of 3.9% year-on-year, and a net profit attributable to shareholders of 149 million yuan, down 17.1% year-on-year, with a narrower decline of 6.2% after excluding stock incentive payment impacts [1]. - The company is actively pursuing its whole-home strategy and accelerating its overseas brand expansion, with significant growth in overseas revenue [2]. Financial Performance Summary - For H1 2024, the revenue breakdown is as follows: kitchen cabinets 966 million yuan (down 3.7%), wardrobes 928 million yuan (down 5.9%), wooden doors 139 million yuan (up 6.9%), and other categories 178 million yuan (down 1.2%) [1]. - The gross margin for kitchen cabinets, wardrobes, wooden doors, and other categories for H1 2024 was 38.8%, 40.9%, 17.2%, and 18.9% respectively [1]. - The company’s Q2 2024 gross margin was 36.4%, with a net profit margin of 7.3% [2]. Revenue and Profit Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 570 million yuan, 620 million yuan, and 680 million yuan respectively, with corresponding P/E ratios of 7.5X, 6.9X, and 6.3X [2][3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing pressure on its performance in H1 2024, with revenue of 2.212 billion yuan, a decrease of 3.85% year-on-year, and a net profit attributable to shareholders of 149 million yuan, down 17.05% year-on-year [1] - The company has seen steady growth in its wooden door business, with significant increases in bulk and overseas channels [1] - The company is actively expanding its distribution channels, particularly in the southern China market, with the new Qingyuan base expected to contribute significantly to revenue [2] Financial Performance Summary - For H1 2024, the company achieved revenue of 2.212 billion yuan, with a net profit of 149 million yuan, and a non-net profit of 126 million yuan, reflecting year-on-year declines of 17.05% and 23.74% respectively [1] - The company’s gross margin for H1 2024 was 36.69%, a slight decrease from the previous year [1] - Revenue projections for 2024-2026 are estimated at 6.121 billion, 6.619 billion, and 7.043 billion yuan, with expected year-on-year growth rates of 0.1%, 8.1%, and 6.4% respectively [2][4] - The net profit attributable to shareholders is projected to be 543 million, 622 million, and 702 million yuan for 2024-2026, with year-on-year changes of -8.8%, +14.6%, and +12.8% respectively [2][4] Business Segment Analysis - The company’s revenue from various product segments in H1 2024 was as follows: overall kitchen cabinets (966 million yuan), custom wardrobes (928 million yuan), wooden doors (139 million yuan), and others (178 million yuan), with year-on-year changes of -3.73%, -5.86%, +6.88%, and -1.23% respectively [1] - The company has established over 1,120 stores for its door and wall products nationwide, indicating a continuous expansion of its business footprint [1] - The company’s gross margin by product for H1 2024 was: overall kitchen cabinets (38.77%), custom wardrobes (40.86%), wooden doors (17.20%), and others (18.86%) [1] Market Strategy and Outlook - The company is focusing on a multi-channel strategy to enhance its home furnishing business, with ongoing efforts to penetrate new markets and improve its product offerings [2] - The company is also exploring overseas retail business models, having established a presence in North America, the Middle East, Australia, and Southeast Asia [1][2] - The company’s management expects that the scale effect will drive improvements in the gross margins of wardrobes and wooden doors [2]

核心观点 事件：公司公告 2024 年中报，2024 年上半年公司实现营业收入 22.12 亿元，同比下降 3.85%，实现归母净利润 1.49 亿元，同比下降 17.05%。二季度公司实现营业收入 13.92 亿元，同比下降 6.88%，实现 归母净利润 1.02 亿元，同比下降 20.54%。 ⚫ 内销疲软致零售收入承压，大宗业务稳健增长。收入分产品来看，2024 年二季度公 司整体厨柜/定制衣柜/木门/其他业务分别实现营收 6.50/5.45/0.94/1.03 亿元，同比 分别-5.1%/-14.0%/+4.8%/+19.8%，受地产行业景气度偏低、内需疲软等因素的影 响，公司厨柜、衣柜业务收入短期承压，木门业务在整家联动和新增门店的带动下 实现小幅增长。收入分渠道来看，经销/大宗/直营/海外业务分别实现营收 7.09/4.59/0.78/0.43 亿元，同比分别-15.9%/+7.8%/-25.7%/+24.3%，零售渠道增速 放缓，大宗业务稳健增长，海外业务逐步起量。 ⚫ 毛利率小幅回落，竞争加剧导致销售费率提升。2024 年二季度公司毛利率为 36.37%，同比小幅下降 0.4pct，推测主要系 ...