Investment Rating - The report maintains a "Buy" rating for the company, with a target price set to achieve a relative return of over 20% within six months [27][31]. Core Insights - The company reported a revenue of 6.12 billion in 2023, reflecting a growth of 13.5% year-on-year, with a net profit of 595 million, up 10.8% [21]. - The company is actively promoting a whole-home strategy, enhancing collaboration with franchisees, and expanding into new business areas such as home renovation and overseas markets [9][25]. - The company has successfully implemented cost reduction and efficiency improvement measures, leading to a sustainable enhancement in profitability [10][13]. Financial Performance Summary - In Q4 2023, the company achieved a revenue of 2.19 billion, a year-on-year increase of 16.9%, and a net profit of 250 million, up 10.5% [3]. - The overall revenue for wardrobes in 2023 was 2.51 billion, with a growth of 19.2%, while the overall kitchen cabinet revenue was 2.84 billion, growing by 3.7% [4][6]. - The company plans to distribute a cash dividend of 306 million for 2023, with a dividend payout ratio of 51.3% [19]. Business Segment Performance - Retail revenue for 2023 reached 3.59 billion, growing by 9.0%, while the wholesale segment generated 2.01 billion, reflecting a growth of 21.2% [8][20]. - The overseas market saw significant growth, with revenue of 150 million in 2023, up 31.9%, and a remarkable 66.6% increase in Q1 2024 [9]. - The company has expanded its product offerings, including custom kitchen cabinets, wardrobes, and wooden doors, which have shown positive market validation [7][22]. Future Outlook - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 670 million, 754 million, and 835 million respectively, with corresponding P/E ratios of 9.4, 8.4, and 7.6 [13][14]. - The company is focusing on enhancing its digital capabilities and optimizing its cost management system to drive operational efficiency [13][10].

识别风险，发现价值 请务必阅读末页的免责声明 2 / 4 道赋能优化、生产降本增 | --- | --- | --- | --- | |------------------------------------|-------|----------------------------|---------------------| | [Table_Title] | | [ 公司评级 Table_Invest] | 证券研究报告 \n买入 | | 志邦家居（ 603801.SH ） | | 当前价格 | 15.38 元 | | 整装和海外业务表现亮眼，分红率提升 | | 合理价值 | 20.10 元 | | | | 前次评级 | 买入 | | [Table_Summary] 核心观点： | | 报告日期 | 2024-04-30 | ⚫ 志邦家居发布 23 年报及 24 年一季报。23 年营收 61.16 亿元，同比 +13.5%；归母净利润 5.95 亿元，同比+10.8%；扣非净利润 5.48 亿元， 同比+10.0%。24Q1 营收 8.20 亿元，同比+1.8%；归母净利润 0.47 亿 元，同比-8.4 ...

公 司 点 评 报 告 公 司 研 究 | --- | --- | |--------------------|------------| | | | | 日期 | 2024-04-29 | | 收盘价（元） | 15.38 | | 总股本（百万股） | 436.55 | | 流通股本（百万股） | 432.18 | | 净资产（百万元） | 3347.72 | | 总资产（百万元） | 5697.75 | | 每股净资产（元） | 7.67 | ＃相关报告 relatedReport＃ 《志邦家居 2023 年半年度报告 点评：23Q2 业绩稳步提升，整 装业务保持高增》2023-08-31 《志邦家居 2022 年报&2023 年 一季报点评：23Q1 业绩超预期， 降本增效持续释放盈利空间》 2023-05-02 《志邦家居 2022 年业绩快报点 评：业绩符合预期，降本增效持 续释放盈利空间》2023-03-13 ＃分析师： emailAuthor＃ | --- | |-------------------------------| | | | 侯宜芳 | | houyifang@xyzq.com.c ...

轻工制造/家居用品 投资评级：买入（维持） 分产品看：2023 年公司衣柜稳健增长，品类协同效应下门墙品类保持高速增长， 整体厨柜/定制衣柜/木门墙板收入分别为 28.4/25.1/4.1 亿元，同比分别变动 +3.69%/+19.15%/+79.92%。2024Q1各产品收入同比分别-0.71%/+8.83%/+11.61%。 渠道看：2023 年公司零售（经销+直营）收入同比增长 9.0%，整装渠道收入增 速达 34.50%，拆分看，直营店/经销店/大宗业务/海外收入分别为 4.7/31.2/20.1/1.5 亿元，同比分别+18.52%/+7.75%/+21.22%/+31.86%。2024Q1 各渠道收入同比分 别+13.24%/-1.78%/+9.66%/+66.61%，海外渠道于较低基数下高增延续。 风险提示：行业竞争风险加剧、原材料价格波动、门店开拓不及预期。 股价走势图 资产负债表(百万元) 2022A 2023A 2024E 2025E 2026E 利润表(百万元) 2022A 2023A 2024E 2025E 2026E 流动资产 2957 3469 4213 4798 5501 营业收 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 6.116 billion yuan in 2023, representing a year-on-year growth of 13.5%, and a net profit of 595 million yuan, up 10.8% year-on-year. The first quarter of 2024 saw a revenue of 820 million yuan, a slight increase of 1.8%, but a net profit decline of 8.4% year-on-year [3] - The company is implementing a whole-house integration strategy with an increasingly comprehensive product layout. Revenue from cabinets, wardrobes, wooden doors, and other categories in 2023 was 2.84 billion, 2.51 billion, 410 million, and 360 million yuan, respectively, with year-on-year growth rates of 3.7%, 19.1%, 79.9%, and 12.9% [3] - The company is experiencing rapid growth in its integrated channel and is actively exploring overseas markets. In 2023, revenue from distribution, direct sales, and bulk sales was 3.124 billion, 470 million, and 2.009 billion yuan, respectively, with year-on-year growth rates of 7.8%, 18.5%, and 21.2% [3] - The company is focused on cost reduction and efficiency improvement, maintaining a stable gross margin of 37.07% in 2023 and 37.22% in Q1 2024. The net profit margin for 2023 was 9.73%, with a slight improvement when excluding stock incentive costs [3] Financial Summary - The company forecasts net profits of 670 million, 750 million, and 840 million yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 9.3X, 8.3X, and 7.4X [3][10] - The total revenue for 2023 was 6.116 billion yuan, with a projected growth rate of 11.0% for 2024 [10] - The company’s total assets increased from 5.781 billion yuan in 2022 to 6.387 billion yuan in 2023, with a projected increase to 6.970 billion yuan in 2024 [13]

志邦家居（603801.SH）2023 年年报及 2024 年一季报点评 品类协同持续推进，海外业务持续高增 2024 年 04 月 28 日 [盈利预测与财务指标 Table_Forcast] ➢ 事件：公司发布 2023 年年报和 2024 一季报，23 年实现营收/归母净利润 /扣非归母净利润 61.16/5.95/5.48 亿元，同比增长 13.50%/10.76%/10.04%， 23Q4 实现营收/归母净利润/扣非归母净利润 21.88/2.46/2.24 亿元，同比增长 16.87%/10.80%/11.43%，24Q1 实现营收/归母净利润/扣非归母净利润 8.20/0.47/0.39 亿元，同比变动+1.77%/-8.38%/-10.04%。 ➢ 品类协同持续推进，海外渠道增速亮眼：分产品看，2023 年橱柜/衣柜/木 门分别实现收入 28.38/25.05/4.10 亿元，同比增长 3.69%/19.15%/79.92%， 其中 23Q4 橱柜/衣柜/木门分别实现收入 10.85/8.30/1.71 亿元，同比增长 10.19%/25.54%/64.19%。24Q1 橱柜/衣柜/木门分别实 ...

公司点评 [Table_Industry] 公司点评 志邦家居（603801）/轻工 证券研究报告/公司点评 2024 年 4 月 26 日 23 年业绩靓丽符合预期，木门实现快速增长 风险提示：地产景气程度下滑风险、行业竞争加剧风险。 来源：Wind、中泰证券研究所 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------|-------|-------|-----------|-------------------------|-----------------------|-------|-------|-------|-----------------------| | 图表 1 ：志邦家居三大财务报表 \n资产负债表 \n会计年度 | 2023 | 2024E | \n 2025E | 单位:百万元 \n 2026E | 利润表 \n会计年度 | 2023 | 2024E | 2025E | 单位:百万元 \n 202 ...

Investment Rating - The report maintains a "Buy" rating for ZBOM Home Collection (603801 SH) [6][8] Core Views - ZBOM Home Collection achieved revenue and profit growth in 2023, with significant progress in whole-home customization channels and overseas business [1][3] - The company's 2023 revenue reached 6 116 billion yuan, a 13 5% YoY increase, while net profit attributable to parent company was 595 million yuan, up 10 87% YoY [14][21] - For 2024-2026, the report forecasts revenue of 6 706/7 357/8 301 billion yuan and net profit of 652/714/799 million yuan, with EPS of 1 49/1 63/1 83 yuan [6][14] Business Performance Product Performance - In 2023, kitchen cabinets, wardrobes, and wooden doors generated revenues of 2 84/2 51/0 41 billion yuan, with YoY growth rates of 3 7%/19 2%/79 9% respectively [3] - 1Q2024 saw kitchen cabinet/wardrobe/wooden door revenues of 0 32/0 38/0 05 billion yuan, with YoY changes of -0 7%/+8 8%/+11 6% [11] Channel Performance - Direct sales, distribution, and project channels achieved 2023 revenues of 0 47/3 12/2 01 billion yuan, growing 18 5%/7 8%/21 2% YoY [3] - Whole-home customization channel revenue grew 34 5% YoY in 2023 [3] - Overseas business reached 0 15 billion yuan in 2023, a 31 9% YoY increase [3] Operational Metrics - As of 1Q2024, the company operated 4 742 stores, including 4 717 franchised stores and 25 directly-operated stores [10] - 2023 average revenue per franchised store was 0 69 million yuan (-0 6% YoY), while directly-operated stores achieved 13 43 million yuan (+18 5% YoY) [10] Financial Performance Profitability - 2023 gross margin was 37 1%, down 0 6 percentage points YoY, with net margin at 9 7% (-0 2 percentage points) [10] - 1Q2024 gross margin improved to 37 2% (+0 3 percentage points YoY), though net margin declined to 5 8% (-0 6 percentage points) [5] Expense Management - 2023 operating expense ratio was 24 4%, down 0 8 percentage points YoY [4] - 1Q2024 operating expense ratio increased to 34 2% (+2 9 percentage points YoY) [25] Strategic Development - The company is accelerating overseas expansion, with flagship stores in Singapore and a global brand strategy launched in 2023 [3][13] - International business focuses on both B2B and B2C models, with projects including luxury hotels in Australia and Qatar [13] Valuation - Current PE ratios for 2024-2026 are 10/9/8x, with PB ratios of 1 7/1 5/1 3x [6][14] - The stock price was 14 23 yuan as of the report date, with a market cap of 6 212 billion yuan [1][8]

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志邦家居股份有限公司 2023年度环境、社会及公司治理报告 Environmental, Social and Governance Report(2023) 联系我们 400-887-7018 志邦官网 WWW.ZBOM.COM 联系地址 中国·安徽省合肥市庐阳工业区连水路19号 目 录 | 0 | 1 | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 关 | 于 | 本 | 报 | 告 | 0 | 2 | - | 1 | 3 | A | b | o | ut t | his r | e | p | o | r | t | | | | 0 | 4 | 报 | 告 | 简 | 介 | 0 | 6 | 走 | 进 | 志 | 邦 | | | | | | | | | | | | 1 | 2 | E | S | G ...