Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing pressure in domestic sales during Q3 2024, but there is optimism for recovery driven by the "old-for-new" policy [3] - Revenue for Q1-Q3 2024 reached 13.8 billion yuan, a year-on-year decrease of 2.4%, while net profit attributable to shareholders was 1.36 billion yuan, down 9.5% [3] - The forecast for net profit attributable to shareholders for 2024-2026 has been adjusted to 1.873 billion, 2.036 billion, and 2.195 billion yuan respectively, with corresponding EPS of 2.28, 2.48, and 2.67 yuan [3] Financial Performance - For Q3 2024, the company reported revenue of 4.89 billion yuan, a decline of 6.9%, and a net profit of 460 million yuan, down 19.9% [3] - The gross margin for Q1-Q3 2024 was 31.9%, a decrease of 0.5 percentage points, while the net profit margin was 10.1%, down 0.5 percentage points [4] - The operating cash flow for Q1-Q3 2024 was 1.56 billion yuan, reflecting a robust cash flow performance [4] Revenue Breakdown - Domestic sales continue to face challenges due to a cooling real estate market, but the "old-for-new" policy is expected to boost downstream demand [5] - The company maintains strong performance in foreign trade, with revenue expected to continue growing in Q3 2024 [5] - The company's channel strategy, including the integration of large stores and comprehensive store formats, is progressing steadily, contributing to revenue recovery [5]

发布了前三季度的业绩我们知道今年大环境下行业内的公司经营都有一定的压力但我们看到互加的经营还是非常稳健的结构上像是外销等等的表现其实也可圈可点那么展望后续其实近期我们在产业链的调研里面看到9月底以来随着已就换新走政策的逐步落地中端的客流包括我们监控的一些企业的订单其实也都出现明显的改善趋势 顾佳在已就换新方面推进节奏的转换上方可能法语上也会做一些分享所以我们还是持续看好公司后续经营上好的态势中长期来看我们也知道公司现阶段坚持一体两益的策略持续推进营销转型 增加转型我们也持续看好公司的长期的竞争优势 今天的交流会我们是非常荣幸的邀请到了公司的董秘 陈总和黄总来到线上来为大家分享公司近期的经营的情况包括后续的一些基本面的展望我想经营层面的数据经过昨天到今天可能各位投资人也都了解的非常清楚了所以我们今天的这一场会议会直接以问答的形式去开启也欢迎在线的各位投资人可以引用提问我们先来请会议秘书帮忙播报一下提问方式 嗯 陈总 黄总 然后呃 反正趁着大家抛这个举手的这个时间我先来你问一个关于这个大家也早关心可能目前这个宇宙换星的这个进程啊可能也一个来月的时间那咱们顾佳琪在这方面也也也推出了一系列的活动所以想请陈总能不能帮忙 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's foreign trade business continues to grow, with the "1+N+X" channel strategy steadily advancing [2] - Despite a decline in domestic sales due to weak real estate market conditions, the company has secured large-volume orders in advantageous categories through strategic partnerships, leading to growth in foreign sales [4] - The company's customized business is experiencing rapid growth, supported by product and store optimization, as well as the transformation of the whole-home empowerment system [4] - The company is accelerating the integration of large stores and promoting the development of a full-category home furnishing strategy, with the number of comprehensive stores continuously increasing and retail capabilities strengthening [5] - The company's gross profit margin has declined, primarily due to a decrease in the proportion of high-margin domestic sales and an increase in low-margin foreign sales [5] - The company's valuation is at a historical low, and it is expected to continue gaining market share as a leading soft furnishing company, exploring innovative business models [5] Financial Performance - In Q3 2024, the company achieved revenue of 4.89 billion yuan, a year-on-year decrease of 6.9%, and net profit attributable to the parent company of 460 million yuan, a year-on-year decrease of 19.9% [3] - For the first three quarters of 2024, the company's revenue was 13.8 billion yuan, a year-on-year decrease of 2.4%, and net profit attributable to the parent company was 1.36 billion yuan, a year-on-year decrease of 9.5% [3] - The company's gross profit margin for the first three quarters of 2024 was 31.9%, a year-on-year decrease of 0.5 percentage points, and the net profit margin attributable to the parent company was 9.8%, a year-on-year decrease of 0.8 percentage points [5] - In Q3 2024, the company's operating cash flow was 920 million yuan, a year-on-year increase of 43.7% [5] Financial Forecasts - The report revises the company's 2024 revenue forecast downward to 18.73 billion yuan, a decrease of 3.3%, while maintaining the 2025-2026 revenue forecasts [5] - The net profit attributable to the parent company for 2024-2026 is forecasted to be 1.82 billion yuan, 2.05 billion yuan, and 2.36 billion yuan, respectively, with downward revisions of 11.8%, 7.7%, and 4.7% [5] - The EPS for 2024-2026 is expected to be 2.21 yuan, 2.50 yuan, and 2.87 yuan, respectively, with corresponding P/E ratios of 15x, 13x, and 11x [5] Expense Management - The company's expense ratio for the first three quarters of 2024 was 20.1%, a year-on-year increase of 0.4 percentage points [6] - In Q3 2024, the company's expense ratio was 17.9%, a year-on-year decrease of 2.7 percentage points, with the sales expense ratio decreasing by 2.4 percentage points [6] - The increase in the financial expense ratio is mainly attributed to reduced foreign exchange gains, with the average USD/RMB exchange rate in Q3 2024 at 7.17, a decrease of 0.08 yuan compared to Q3 2023 [6] Historical Financial Data - The company's revenue in 2022 and 2023 was 18.01 billion yuan and 19.21 billion yuan, respectively, with a growth rate of -1.81% and 6.67% [7] - The net profit attributable to the parent company in 2022 and 2023 was 1.81 billion yuan and 2.01 billion yuan, respectively, with growth rates of 8.87% and 10.70% [7] - The ROE (diluted) for 2022 and 2023 was 20.40% and 20.88%, respectively [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report indicates that the company's revenue performance aligns with expectations, with a recovery in foreign trade observed [2] - The company is positioned as a leading player in the domestic soft furniture market, benefiting from a robust product, brand, and channel moat [1][3] - The report highlights the potential for industry valuation recovery, driven by domestic renovation subsidy policies and improved demand dynamics [1] Financial Performance Summary - **Revenue (in million CNY)**: - 2022A: 18,010 - 2023A: 19,212 - 2024E: 19,268 - 2025E: 21,270 - 2026E: 23,425 - **Year-over-Year Growth Rate**: - 2022A: -2% - 2023A: 7% - 2024E: 0% - 2025E: 10% - 2026E: 10% [1] - **Net Profit (in million CNY)**: - 2022A: 1,812 - 2023A: 2,006 - 2024E: 1,889 - 2025E: 2,128 - 2026E: 2,383 - **Year-over-Year Growth Rate**: - 2022A: 9% - 2023A: 11% - 2024E: -6% - 2025E: 13% - 2026E: 12% [1] - **Earnings Per Share (in CNY)**: - 2022A: 2.20 - 2023A: 2.44 - 2024E: 2.30 - 2025E: 2.59 - 2026E: 2.90 [1] Market Position and Strategy - The company is transitioning towards a "whole home" operation model, focusing on upgrading store formats and optimizing product matrices [1] - The report anticipates that the recovery of foreign trade orders will benefit the company, with expectations for improved demand and industry dynamics [1][3] - The company is expected to maintain a competitive edge due to its strong brand and distribution network, particularly as it adapts to market changes [1]

Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company reported a revenue of 4.893 billion yuan in Q3 2024, a year-on-year decrease of 6.9%, while the net profit attributable to shareholders was 463 million yuan, an increase of 19.9% year-on-year [1] - Domestic sales continue to face pressure, with a significant decline in sofa sales and a double-digit drop in bed sales, although customized products show positive growth [1] - The company is focusing on external sales, which are expected to maintain double-digit growth, particularly in key markets such as North America and Europe [1] - The gross profit margin for Q3 2024 was 29.8%, down 4.0 percentage points year-on-year, primarily due to changes in sales structure and increased costs [1] - Cash flow is improving, with net operating cash flow reaching 923 million yuan, an increase of 281 million yuan year-on-year [1] Financial Summary - The company expects net profits for 2024, 2025, and 2026 to be 1.83 billion yuan, 1.96 billion yuan, and 2.14 billion yuan respectively, with corresponding P/E ratios of 14.7X, 13.7X, and 12.6X [1][2] - Revenue for 2024 is projected to be 18.594 billion yuan, reflecting a year-on-year decrease of 3.2% [2] - The latest diluted EPS is expected to be 2.22 yuan for 2024, with a projected net asset return rate of 17.7% [2][3]

Investment Rating - The report maintains a "Buy" rating for Gujia Home Furnishing (603816.SH) [2][7] Core Views - The company reported a revenue decline of 2.4% year-on-year for the first three quarters of 2024, with net profit down 9.5% and net profit excluding non-recurring items down 10.7% [2] - The company expects continued growth in exports while facing short-term pressure in domestic sales due to weak consumer demand [2] - The gross margin decreased by 0.5 percentage points to 31.9% in the first three quarters of 2024, primarily due to a higher proportion of lower-margin export business [2] - The company is actively implementing its "One Body, Two Wings" strategy to enhance marketing and logistics capabilities, which is expected to support future growth [2] Summary by Sections Performance Overview - For Q3 2024, revenue, net profit, and net profit excluding non-recurring items were down 6.9%, 19.9%, and 16.9% year-on-year, respectively [2] - The company’s revenue for the first three quarters of 2024 was 13.6 billion yuan, with net profit at 1.36 billion yuan [2] Operational Analysis - The company’s export business is expected to continue growing despite a slowdown in the overall furniture export market [2] - Domestic sales are under pressure, with a decline in foot traffic in home furnishing stores noted in Q3 [2] Financial Metrics - The gross margin for Q3 2024 was 29.8%, down 4.0 percentage points year-on-year [2] - The company’s expense control measures have been relatively effective, with a sales expense ratio of 14.0% in Q3 2024, down 2.4 percentage points year-on-year [2] Profit Forecast and Valuation - EPS forecasts for 2024, 2025, and 2026 are 2.27 yuan, 2.57 yuan, and 2.88 yuan, respectively [2] - The current stock price corresponds to a PE ratio of 14, 13, and 11 times for the years 2024, 2025, and 2026 [2]

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company reported a revenue of 13.81 billion yuan for the first nine months of 2024, a year-on-year decrease of 2.4%, and a net profit attributable to shareholders of 1.36 billion yuan, down 9.5% year-on-year. In Q3 2024, revenue was 4.89 billion yuan, a decline of 6.9% year-on-year, with a net profit of 460 million yuan, down 19.9% year-on-year [1]. - Domestic sales remain under pressure due to the downturn in the real estate market, while exports continue to grow. The report suggests that Q3 export revenue maintained the growth trend seen in the first half of the year, while domestic demand remains weak, showing no significant improvement from Q2 [1]. - Core product categories show resilience, with the custom furniture business growing rapidly. The sofa category benefited from increased revenue through foreign trade channels, while bedroom product sales faced pressure. The custom furniture segment maintained rapid growth from a low base, supported by product and store format optimization, enhancing competitiveness in the retail space [1]. - The company has controlled expense inputs, maintaining stable profitability. The gross margin for the first nine months of 2024 was 31.9%, a decrease of 0.5 percentage points year-on-year. The net profit margin was 9.8%, down 0.8 percentage points year-on-year [1]. Financial Forecasts - The company is projected to achieve revenues of 19.01 billion yuan in 2024, with a revenue growth rate of -1.06%. The net profit is expected to be 1.99 billion yuan, with a profit growth rate of -0.34% [3]. - The estimated EPS for 2024, 2025, and 2026 are 2.43 yuan, 2.51 yuan, and 2.72 yuan respectively, with corresponding PE ratios of 10X for 2024 and 2025, and 9X for 2026 [1][3].

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法律责任。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 （一）主要会计数据和财务指标 单位：元 币种：人民币 注："本报告期"指本季度初至本季度末3个月期间，下同。 （二）非经常性损益项目和金额 √适用 □不适用 单位:元 币种:人民币 对公司将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》未列举的项目认定为的 非经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号一一非经常 性损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因。 □适用 √不适用 （三）主要会计数据、财务指标发生变动的情况、原因 □适用 √不适用 二、股东信息 （一）普通股股东总数和表 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥4,892,937,035.38, representing a decrease of 6.94% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was ¥462,522,344.57, down 19.92% year-over-year[2]. - The basic earnings per share for Q3 2024 was ¥0.56, reflecting a decline of 20.00% compared to the previous year[2]. - Total operating revenue for the first three quarters of 2024 was CNY 13.80 billion, a decrease of 2.36% compared to CNY 14.14 billion in the same period of 2023[13]. - Net profit attributable to shareholders of the parent company for the first three quarters of 2024 was CNY 1.36 billion, a decrease of 9.46% from CNY 1.50 billion in the same period of 2023[14]. - The basic earnings per share for the first three quarters of 2024 was CNY 1.65, down from CNY 1.83 in the same period of 2023, a decline of 9.84%[15]. - The company reported a net profit margin of approximately 10.09% for the first three quarters of 2024, compared to 10.61% in 2023, indicating a slight decrease in profitability[14]. Assets and Liabilities - Total assets at the end of Q3 2024 were ¥16,107,544,527.73, a decrease of 4.01% from the end of the previous year[3]. - Current assets totaled RMB 5,997,624,602.82, down from RMB 7,536,319,692.44 at the end of 2023, indicating a decline of approximately 20.5%[10]. - The company’s total liabilities decreased to RMB 5,669,790,142.09 from RMB 6,475,197,507.03, indicating a reduction of about 12.5%[11]. - The total liabilities decreased to CNY 6.13 billion in Q3 2024 from CNY 6.99 billion in Q3 2023, a reduction of 12.38%[12]. Cash Flow - The net cash flow from operating activities for the year-to-date was ¥1,559,244,186.25, an increase of 9.86% compared to the same period last year[2]. - The net cash flow from operating activities for Q3 2024 was CNY 1,559,244,186.25, an increase of 9.8% compared to CNY 1,419,291,411.61 in Q3 2023[17]. - Cash flow from operating activities was CNY 14.11 billion in the first three quarters of 2024, compared to CNY 13.99 billion in 2023, showing a slight increase of 0.84%[16]. - The total cash inflow from investing activities was CNY 291,354,156.54, down 34.6% from CNY 445,495,029.23 in the same period last year[17]. - The net cash flow from investing activities was -CNY 2,109,109,798.42, worsening from -CNY 870,110,694.40 year-over-year[17]. - The net cash flow from financing activities was -CNY 1,712,695,756.75, contrasting with a positive cash flow of CNY 359,888,431.69 in the previous year[18]. Shareholder Equity - The equity attributable to shareholders increased to ¥9,782,056,565.44, marking a growth of 1.81% year-over-year[3]. - The total equity attributable to shareholders of the parent company increased to CNY 9.78 billion in Q3 2024, up from CNY 9.61 billion in Q3 2023, reflecting a growth of 1.78%[12]. - The company’s equity position remains stable, with total equity reflecting the changes in asset and liability management strategies[11]. Expenses and Costs - Total operating costs for the first three quarters of 2024 were CNY 12.27 billion, down from CNY 12.44 billion in 2023, reflecting a cost reduction of 1.36%[14]. - Research and development expenses increased to CNY 252.85 million in 2024, up 29.05% from CNY 195.78 million in 2023, indicating a focus on innovation[14]. - The company paid CNY 2,625,173,410.41 in employee compensation, an increase of 16.5% from CNY 2,253,340,146.50 in the same quarter last year[17]. - The cash outflow for purchasing goods and services was CNY 8,388,228,909.35, a slight decrease from CNY 8,435,245,408.44 year-over-year[17]. Other Financial Metrics - Non-recurring gains and losses for Q3 2024 totaled ¥24,237,364.05, significantly lower than the ¥139,451,537.19 recorded in the previous year[4]. - The weighted average return on equity for Q3 2024 was 4.84%, a decrease of 1.30 percentage points year-over-year[2]. - The company reported a decrease in net profit excluding non-recurring items to ¥438,284,980.52, down 16.87% from the previous year[2]. - Deferred income increased to CNY 132.36 million in Q3 2024 from CNY 127.72 million in Q3 2023, reflecting a growth of 3.06%[12]. - The total cash and cash equivalents at the end of Q3 2024 stood at CNY 1,282,400,655.68, down from CNY 5,271,652,939.49 at the end of Q3 2023[18].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][24]. Core Views - The company has launched a new stock incentive plan aimed at core personnel, which is expected to enhance talent retention and align interests among shareholders, the company, and the core team [1][12]. - The company is focusing on a dual strategy of domestic and international trade, with a notable emphasis on integrating product categories and enhancing channel development [2][3]. - The report anticipates a recovery in the company's financial performance, with projected net profits for 2024-2026 showing a slight decline in 2024 followed by growth in subsequent years [4][19]. Summary by Sections Stock Incentive Plan and Management Changes - On September 23, the company announced a 2024 restricted stock incentive plan, granting 8.935 million shares at a price of 11.84 yuan per share, with performance targets set for net profit growth from 2025 to 2027 [1][12]. - The company appointed a new chairman, Kwang Guangxiong, who has a background in finance and management, which is expected to enhance collaboration with the controlling shareholder, Yingfeng Group [1][12]. Domestic Trade Strategy - In the first half of 2024, the company's domestic revenue decreased by 9.8% due to industry weakness and the divestment of Tianxi Home, but the underlying performance was better than the reported figures [2][19]. - The company is implementing a "one body, two wings" strategy, focusing on soft furniture innovation and integrated home solutions, with new marketing centers and distribution departments established to drive growth [2][15]. International Trade and Production Capacity - The company's international trade revenue increased by 12.6% in the first half of 2024, benefiting from improved operational efficiency in its overseas facilities, particularly in Vietnam and Mexico [3][19]. - The report highlights the successful launch of a mattress production facility in the U.S. and the establishment of marketing subsidiaries in various countries to enhance local market penetration [3][19]. Financial Forecast and Investment Recommendations - The company is projected to achieve net profits of 1.99 billion yuan in 2024, followed by 2.11 billion yuan in 2025 and 2.25 billion yuan in 2026, reflecting a compound annual growth rate of over 5% from 2025 to 2027 [4][19]. - The current price-to-earnings ratio for 2024 is estimated at 13 times, which is in line with comparable companies, indicating potential for valuation improvement as market conditions stabilize [4][24].