Investment Rating - The investment rating for the company is "Buy" and maintained [5][20]. Core Views - The company, Zhigang Home (603801), is driven by a whole-home strategy and has shown steady growth in performance [6][20]. - In 2023, the company achieved a revenue of 6.116 billion yuan, representing a year-on-year increase of 13.50%, and a net profit attributable to the parent company of 595 million yuan, up 10.78% year-on-year [18][23]. - The fourth quarter of 2023 saw a revenue of 2.188 billion yuan, a year-on-year increase of 16.87%, and a net profit of 246 million yuan, up 10.86% year-on-year [18][19]. Financial Performance - The company's net profit margin for Q4 2023 reached 11.24%, with a year-on-year decrease of 0.62 percentage points and a quarter-on-quarter increase of 0.80 percentage points [8]. - The revenue growth rates for 2023 Q1, Q2, Q3, and Q4 were 6.20%, 17.11%, 9.88%, and 16.87% respectively, indicating a steady recovery in terminal demand [19]. - The company is focusing on core business and main markets, transitioning from "single-category kitchen cabinets" to "whole-home customization" and eventually to "full-case delivery" [19]. Future Projections - The company is expected to achieve net profits of 695 million yuan and 797 million yuan in 2024 and 2025, respectively, with year-on-year growth rates of 16.80% and 14.76% [20][23]. - The corresponding price-to-earnings ratios (PE) for 2024 and 2025 are projected to be 10 and 9 times, respectively [20].

Investment Rating - The investment rating for the company is "Recommended" (maintained) [3][12]. Core Views - The company achieved a double-digit growth in performance for 2023, with a revenue of 6.116 billion yuan, representing a year-on-year increase of 13.5%. The net profit attributable to the parent company was 595 million yuan, up 10.78% year-on-year [12]. - The company is actively expanding its channel layout and exploring new retail strategies, which are expected to drive future growth [13]. - The company has seen significant growth in its overseas business, with expansion into retail franchises in countries like Thailand, Cambodia, and the Philippines [13]. Financial Summary - For 2023, the company reported total revenue of 6.116 billion yuan, with a net profit of 595 million yuan and a non-recurring net profit of 548 million yuan [12]. - The earnings per share (EPS) for 2023 is projected to be 1.36 yuan, with corresponding price-to-earnings (PE) ratios of 12X for 2023, 10X for 2024, and 9X for 2025 [13][14]. - The company expects to maintain a growth trajectory with projected revenues of 6.957 billion yuan in 2024 and 7.936 billion yuan in 2025, reflecting year-on-year growth rates of 13.75% and 14.07%, respectively [14].

23Q4 靓丽，整家战略成效显现 23Q1-3 公司毛利率为 38.4%（同比+1.64pct），若剔除减值影响归母净利率 提升明显。公司始终注重自身专业及运营管理能力提升，在研产供销及数 字化建设等方面匹配资源，继续加大研发投入，重视设计软件、新零售、 智能家居等领域的创新探索，深入推进供应链变革及降本增效措施落地， 注重合规治理，通过组织革新、流程优化、制度完善等方式促进运营管理 效率提升，降本增效成效逐步显现，我们预计利润率有望维持 10%。 调整盈利预测，维持"买入"评级 股价走势 -59% -48% -37% -26% -15% -4% 7% 2023-03 2023-07 2023-11 2024-03 志邦家居 沪深300 资料来源：公司公告，天风证券研究所 营业成本 3,285.34 3,357.98 3,853.86 4,443.26 5,149.56 财务费用 (7.08) (18.26) (15.57) (56.31) (94.63) 营业利润 551.76 576.31 652.47 750.45 856.29 净利润 505.52 536.72 604.19 692.82 790.9 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][10]. Core Insights - The company announced its 2023 performance report, with revenue of 6.116 billion yuan, a year-on-year increase of 13.5%, and a net profit attributable to shareholders of 595 million yuan, up 10.9% year-on-year [6][10]. - The company achieved its revenue and profit targets, with expectations for the successful unlocking of related incentives in 2023 [6][10]. - The company is expanding its retail and engineering channels, with significant growth in Q4 2023, where revenue reached 2.188 billion yuan, a 16.9% increase year-on-year [6][10]. Financial Data and Profit Forecast - Total revenue for 2023 is projected at 6.116 billion yuan, with a year-on-year growth rate of 13.5% [7]. - The net profit for 2023 is estimated at 595 million yuan, with a growth rate of 10.9% [7]. - Earnings per share for 2023 is forecasted to be 1.36 yuan, with a projected PE ratio of 11 [7][11]. Company Overview - The company is focusing on expanding its product categories, including cabinets, wardrobes, and wooden doors, while enhancing its marketing and channel strategies [6][10]. - The company is actively pursuing a southern market strategy to establish a national brand presence, with plans to optimize production and delivery efficiency [6][10]. - The company is leveraging a dual-driven model of engineering and self-owned brands to capture overseas market opportunities [10].

若本公司以外的其他机构（以下简称"该机构"）发送本报告，则由该机构独自为此发送行为负责。通过此途径获得本报告的 投资者应自行联系该机构以要求获悉更详细信息或进而交易本报告中提及的证券。本报告不构成本公司向该机构之客户提供的 投资建议，本公司、本公司员工或者关联机构亦不为该机构之客户因使用本报告或报告所载内容引起的任何损失承担任何责任。 证 券 研 究 报 告 公 司 更 新 报 告 请务必阅读正文之后的免责条款部分 [Table_Range] 52 周内价格范围 13.12-37.69 市值（百万元） 6,334 93% 95% 98% 100% 102% 105% 2708 2936 3165 3393 3621 3850 21A 22A 23E 24E 25E 净资产(现金)/净负债 净负债(现金)(百万) 净负债/净资产(%) 数据来源：Wind、国泰君安证券研究 表 1：可比公司估值表（收盘价参考 2024 年 3 月 11 日） 注：盈利预测来自 Wind 一致预期，收盘价及 EPS 单位为元。 [Table_Page] 志邦家居(603801) 分析师声明 免责声明 本报告的信息来源于已公开的资料 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock in the coming months [11][14]. Core Insights - The company achieved double-digit growth in both revenue and profit in 2023, with total revenue reaching 6.116 billion yuan, a 13.50% increase year-on-year, and net profit attributable to shareholders at 595 million yuan, up 10.78% [1][14]. - The company is focusing on a multi-channel strategy to drive growth, including enhancing its retail business through new models and expanding its presence in the southern market and overseas [2][14]. - The company is expected to continue its revenue growth trajectory, with projected revenues of 7.063 billion yuan in 2024 and 8.137 billion yuan in 2025, reflecting growth rates of 15.47% and 15.21% respectively [17][24]. Summary by Sections Financial Performance - In 2023, the company reported an adjusted total revenue of 6.116 billion yuan, a 13.50% increase from 2022, and a net profit of 595 million yuan, marking a 10.78% growth [1][17]. - The basic earnings per share (EPS) for 2023 was 1.36 yuan, an increase of 8.59% compared to the previous year [1][14]. Business Strategy - The company is enhancing its retail strategy by focusing on the "whole home" concept, which includes expanding product categories and improving customer engagement through innovative sales models [2][14]. - The company is also strengthening its large-scale business segment, which accounts for approximately 30% of its revenue, by managing systemic risks and adjusting its customer structure [2][14]. Market Outlook - The company is expanding its operations in Southeast Asia through franchise stores, with plans to penetrate the U.S. and Australian markets, aiming to unlock new growth opportunities [2][14]. - The projected financials indicate a steady increase in net profit, with estimates of 698 million yuan in 2024 and 808 million yuan in 2025, reflecting growth rates of 17.29% and 15.72% respectively [17][24].

Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Insights - The company is expected to achieve steady growth in its cabinet business, with a revenue increase of 0.04% year-on-year for Q1-Q3 2023, and a continued robust performance anticipated in Q4 2023 due to integrated business efforts [1]. - The wardrobe segment has shown significant growth, with a 16.22% year-on-year increase in revenue for Q1-Q3 2023, and further acceleration is expected in Q4 2023 as the company expands its product categories and market reach [1]. - The wooden door and wall panel business has experienced remarkable growth, with a 93.13% year-on-year revenue increase for Q1-Q3 2023, and this high growth is expected to continue into Q4 2023 [1]. - The retail channel is projected to see accelerated growth in Q4 2023, driven by the company's integrated home strategy and innovative marketing approaches [2]. - The company is also focusing on international expansion, with plans to enhance its overseas business through strategic resource allocation and market development [2]. - The company's profitability remains stable, with a projected net profit margin of 9.73% for 2023, slightly down from the previous year, primarily due to increased asset impairment losses and higher R&D expenses [3]. - The forecasted net profits for 2023-2025 are expected to be 5.95 billion, 6.90 billion, and 7.94 billion yuan, reflecting year-on-year growth rates of 10.9%, 15.8%, and 15.2% respectively [3][4]. Financial Summary - The company achieved a total revenue of 61.2 billion yuan in 2023, representing a 13.5% year-on-year increase, with Q4 2023 revenue expected to reach 21.9 billion yuan, a 16.9% increase [10]. - The projected earnings per share for 2023-2025 are 1.36 yuan, 1.58 yuan, and 1.82 yuan, with corresponding price-to-earnings ratios of 11, 9, and 8 [4].

Investment Rating - The report maintains a "Buy" rating for the company [3][17]. Core Insights - The company is experiencing steady growth across multiple product categories, including kitchen cabinets, wardrobes, and wooden doors, driven by integrated design and order advantages [2][15]. - The company's retail business continues to grow steadily, with significant contributions from bulk sales and strategic partnerships in the home decoration sector [15][14]. - The financial forecast for 2024-2025 estimates net profits of 6.9 billion and 8.0 billion yuan, with corresponding P/E ratios of 9.2X and 7.9X [3][4]. Financial Performance - The company achieved a revenue of 6.116 billion yuan in 2023, representing a year-on-year growth of 13.5% [14]. - The net profit for 2023 was 595 million yuan, with a year-on-year increase of 10.8% [14]. - The projected revenue for 2024 and 2025 is 7.035 billion and 8.085 billion yuan, respectively, with growth rates of 15.0% and 14.9% [4]. Market Strategy - The company is expanding its presence in the southern market and enhancing its multi-category strategy, which is expected to drive further growth [3][15]. - The integration of kitchen, wardrobe, and wooden door products is expected to increase the overall order rate [2][15]. - The company has signed strategic partnerships with over 20 leading decoration companies, anticipating continued high growth in integrated home decoration revenue [15].

志邦家居股份有限公司 独立董事关于四届董事会第二十二次会议 相关事项的独立意见 志邦家居股份有限公司于 2023 年 12 月 22 日召开了四届董事会第二十二次 会议，作为公司的独立董事，我们根据《上市公司独立董事规则》《上海证券交 易所股票上市规则》等规章制度、规范性文件及《公司章程》《独立董事工作细 则》的有关规定对其中提交会议审议的各项议案进行了审查和监督，发表如下独 立意见： 一、关于增加 2023 年度日常关联交易预计的独立意见 公司增加与关联人发生的日常关联交易系为了满足公司正常经营的实际需 要，符合《公司法》、《上海证券交易所股票上市规则》等相关法律法规的规定， 双方交易遵循了客观、公平、公允的原则，交易价格根据市场价格确定，不存在 损害公司和其他非关联方股东利益的情况，相关议案审议、表决程序符合有关法 律、法规及《公司章程》的规定。同意公司增加 2023 年度日常关联交易的预计 额度 500 万元人民币，即 2023 年日常关联交易预计额度变更为 2,800 万元人民 币。 独立董事：张京跃 鲁昌华 王文兵 2023 年 12 月 22 日 ...

志邦家居股份有限公司 总裁工作细则 第三条 公司总裁应当遵守法律、行政法规和公司章程的规定，履行诚信和勤勉的义务。以 公司总裁为代表的经理层团队负责公司的日常经营管理，对公司董事会负责并报告工作。 经理层人员应以公司利益为出发点，应当谨慎、认真、勤勉地行使权利，以保证： （一）依照法律法规、公司章程规定和董事会授权行使职权； （二）以诚信原则对公司董事会负责； （三）执行公司股东大会、董事会决议； （四）接受董事会、监事会对其履行职责的监督，认真履行职责。 （2023 年 12 月） 第一章 总则 第一条 为进一步完善志邦家居股份有限公司（以下简称"公司"）治理结构，依照《中华 人民共和国公司法》（以下简称"《公司法》"）等有关法律、法规、规章及规范性文件与《公 司章程》的规定，并结合公司实际情况，特制定本细则。 第二条 公司设总裁 1 名，由董事会聘任或解聘。总裁主持公司日常经营管理工作，组织实 施董事会会议决议，行使《公司章程》和董事会赋予的职权，并对董事会负责。 公司设副总裁若干名，财务总监 1 名，董事会秘书 1 名，由董事会聘任或解聘。公司总裁、 副总裁、财务总监、董事会秘书为公司高级管理人员。 第 ...