Summary of Zhibang Home's Conference Call Industry Overview - The overall home furnishing industry is experiencing a downturn, with a notable slowdown in the integrated home business due to reduced urban integration projects and decreased contracts between franchisees and clients, as well as collaborations with local group companies. This trend is widespread across the country, indicating a general industry malaise [2][3]. Key Points and Arguments - **Integrated Home Business Slowdown**: The decline in the integrated home business is attributed to a decrease in urban projects and franchisee caution in risk management, leading to a reduced share of the company's business in this segment [2][3]. - **Policy Impact on Channels**: The "old-for-new" policy does not differentiate between integrated and retail channels, allowing both to benefit from government subsidies as long as they meet the criteria [2][4]. - **Quarterly Performance Outlook**: The quality of operations has declined in Q3 compared to H1, making it challenging to return to earlier levels in Q4, although a slight improvement is expected. Gross margin is anticipated to remain stable, with expense ratios consistent with previous quarters [2][5]. - **Consumer Benefits from Subsidies**: The "old-for-new" policy has minimal impact on terminal prices, with government subsidies enhancing consumer benefits and boosting sales enthusiasm [2][5]. - **Sales Operations**: The company operates a subsidiary in Guangzhou and utilizes an online platform for sales, similar to competitors like Oppein and Sophia, ensuring no operational barriers [2][6]. - **Order Processing and Payment**: When orders are processed by the brand, funds go directly to the company's account rather than the renovation company. This arrangement ensures customers receive maximum benefits from subsidies [2][7]. - **Order Conversion Rates**: The transition from terminal orders to factory orders is expected to be swift for customers with pre-existing designs, although some delays may occur due to necessary adjustments [2][9]. - **Sales Volume and Customer Behavior**: There has been a noticeable increase in order volume and average transaction value, driven by the government subsidy policy, encouraging customers to increase their budgets to qualify for higher subsidies [2][10]. - **Dealer Participation in Subsidies**: Most dealers are actively participating in the "old-for-new" program, considering various factors to maximize consumer benefits [2][11]. - **Support for Dealers**: The company provides unified online activities and guidance for dealers needing local policy support, facilitating their participation in subsidy programs [2][12]. - **Pricing Strategy**: The pricing strategy remains focused on package deals, allowing consumers to maximize their use of subsidies while keeping prices stable [2][13]. - **Impact on Profit Margins**: While package sales and subsidies have affected gross and net margins, the overall impact is minimal due to product structure adjustments [2][14]. - **Market Trends**: There is an increasing demand for home renovations, with a notable rise in customer interactions, suggesting that orders may extend into the next year [2][15]. - **Partnerships with Real Estate Developers**: Collaborations with major real estate developers remain stable, with no significant changes in the number of projects [2][16]. - **Future Market Outlook**: The macroeconomic policies, including government subsidies, are expected to positively influence consumer confidence and business prospects for the upcoming year [2][17]. Additional Important Insights - The company is actively adjusting its internal strategies to address the current market challenges and is optimistic about future growth opportunities [2][17].

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10月9日分别召开五届董事 会第三次会议及五届监事会第三次会议，审议通过了《关于注销部分已授予但尚未 行权的股票期权的议案》，具体情况如下： 因公司 2023 年股票期权激励计划激励对象中有 2 名激励对象被选为监事，不 再符合激励资格，37 人因离职不再符合激励条件，根据公司《2023 年股票期权激励 计划（草案）》（以下简称"《激励计划》"）相关规定，同意注销上述激励对象涉 及需注销的股票期权合计 36.5 万份。具体内容详见公司于 2024 年 10 月 10 日在上 海证券交易所官方网站（www.sse.com.cn）和指定信息披露媒体上发布的《关于注 销部分已授予但尚未行权的股票期权的公告》（公告编号：2024-068）。 公司已向中国证券登记结算有限责任公司上海分公司提交了注销上述股票期权 的申请，经中国证券登记结算有限责任公司上海分公司审核确认，上述股票期权注销 事宜已于 2024 年 11 月 08 日办理 ...

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]

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 ...