证券代码：603816 证券简称：顾家家居 公告编号：2024-085 顾家家居股份有限公司 关于担保额度调剂及为全资子公司提供担保的公告 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法律责任。 重要内容提示： 一、担保情况概述 （一）本次担保的基本情况 1、顾家家居股份有限公司（以下简称"公司"）全资子公司顾家宁波因经营 发展需要，于 2024 年 11 月 28 日与平安银行股份有限公司杭州分行（以下简称 "平安银行"）签署《综合授信额度合同》，申请本金金额合计不超过人民币 50,000 万元的综合授信额度。同日，公司就上述授信事项与平安银行签署《最 高额保证担保合同》，为顾家宁波提供最高担保金额人民币 30,000 万元的连带 责任担保，实际担保金额将在授信额度范围内按授信业务开展情况确定。 2、公司因全资子公司顾家宁波经营发展需要，于 2024 年 11 月 28 日与兴业 银行股份有限公司杭州分行（以下简称"兴业银行"）签署《最高额保证合同》， 为顾家宁波提供最高担保金额人民币 20,000 万元的连带责任担保，实际担保金 ...

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： 根据《上市公司股权激励管理办法》、上海证券交易所、中国证券登记结算 有限责任公司上海分公司有关规定，顾家家居股份有限公司（以下简称"公司"） 已办理完成 2024 年限制性股票激励计划（以下简称"本次激励计划"）的授予 登记工作，现将有关情况公告如下： 一、限制性股票授予情况 公司于 2024 年 10 月 17 日召开第五届董事会第六次会议与第五届监事会第 五次会议，审议通过了《关于向激励对象授予限制性股票的议案》，相关议案已 经公司董事会薪酬与考核委员会审议通过。公司监事会对激励对象名单再次进行 了审核并发表了核查意见。 证券代码：603816 证券简称：顾家家居 公告编号：2024-084 顾家家居股份有限公司 关于 2024 年限制性股票激励计划授予结果的公告 公司在办理授予登记事项过程中，2 名激励对象自愿放弃全部限制性股票， 本次激励计划授予数量由 983.5288 万股调整为 972.5288 万股，授予人数由 84 人调整为 82 人。 （一）限制 ...

证券代码：603816 证券简称：顾家家居 公告编号：2024-083 顾家家居股份有限公司 关于股份性质变更暨 2024 年限制性股票激励计划 权益授予的进展公告 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法律责任。 顾家家居股份有限公司（以下简称"公司"）于 2024 年 10 月 17 日召开第五 届董事会第六次会议和第五届监事会第五次会议，审议通过《关于向激励对象授 予限制性股票的议案》，本次激励计划规定的授予条件已经成就，以 2024 年 10 月 17日为授予日，向84名激励对象授予983.5288万股限制性股票，授予价格为11.84 元/股。相关议案已经公司董事会薪酬与考核委员会审议通过。公司监事会对授予 激励对象名单再次进行了审核并发表了核查意见。具体内容详见公司于 2024 年 10 月 18 日在上海证券交易所网站（www.sse.com.cn）及公司指定法披媒体《中国证 券报》《上海证券报》《证券日报》《证券时报》刊登的《关于向激励对象授予限制 性股票的公告》（公告编号：2024-077）。 截至本公告日，本次 ...

证券代码：603816 证券简称：顾家家居 公告编号：2024-082 顾家家居股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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法律责任。 重要内容提示： 公司已于 2024 年 10 月 28 日发布公司 2024 年第三季度报告，为便于广大投 资者更全面深入地了解公司 2024 年第三季度报告经营成果、财务状况，公司计 划于 2024 年 11 月 28 日（星期四）下午 16:00-17:00 举行 2024 年第三季度业绩 说明会，就投资者关心的问题进行交流。 一、说明会类型 本次业绩说明会以网络互动形式召开，公司将针对 2024 年第三季度报告的 经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许 的范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 1、会议召开时间：2024 年 11 月 28 日（星期四）下午 16:00-17:00 会议召开时间：2024 年 11 月 28 日（星期四）下午 16:00-17:00 会议召开 ...

证券代码：603816 证券简称：顾家家居 公告编号：2024-081 顾家家居股份有限公司 关于持股 5%以上股东股份被轮候冻结的公告 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法律责任。 重要内容提示: 截至本公告披露日，顾家集团有限公司（以下简称"顾家集团"）持有顾 家家居股份有限公司（以下简称"公司"或"本公司"）103,171,483 股股票， 占本公司总股本的 12.55%；顾家集团所持本公司股份累计被轮候冻结 103,171,483 股，占其所持有本公司股数的 100%，占本公司总股本的 12.55%。 顾家集团不属于公司控股股东、实际控制人，该事项不会导致公司控制 权发生变更，不会对公司日常经营和管理造成影响。 1、顾家集团本次股份被轮候冻结事项不会导致公司控制权发生变更，不会 对公司日常经营和管理造成影响。 2、公司将继续关注上述事项进展情况，并严格按照有关法律、行政法规和 规范性文件的相关规定，及时履行信息披露义务。公司所有信息均以在指定信息 披露媒体和上海证券交易所网站（www.sse.com.cn）刊登的正式 ...

Summary of Conference Call Company and Industry - The conference call primarily discusses the home furnishing industry, specifically focusing on the company Gujia and its operations within the furniture market. Key Points and Arguments Market Recovery and Subsidy Policies - The company is observing a recovery in the real estate market, with various provinces implementing new subsidy policies for home furnishing products, which is expected to boost sales [1][2] - The company has introduced a subsidy of up to 2000 yuan for consumers, which has shown positive operational effects [2] Sales and Retail Performance - Retail sales have been improving since mid-September, with expectations for continued growth into Q4 [3] - The company is optimistic about Q4 revenue, despite concerns about potential impacts on profit margins due to increased marketing expenses [3][4] Cost Management and Profit Margins - The company is focusing on precise cost management to maintain stable expenses, although there has been a slight decline in gross margins due to increased costs and pricing strategies [4][5] - The gross margin is expected to improve if domestic sales stabilize, indicating limited impact on overall profitability [4] Customization and Product Strategy - The company is expanding its customization offerings, which are seen as a significant growth area, with a new smart manufacturing base in Hangzhou [6] - Customization is viewed as a key component for future growth, with plans to enhance design and installation services [6][7] Distribution and Logistics - The company has achieved a 50% coverage rate for its warehousing and distribution services, with plans to increase this to 60-70% next year [16] - Improved logistics are expected to alleviate pressure on distributors, allowing them to focus more on marketing [16] International Operations and Trade - The company has three major overseas production bases in Vietnam, Mexico, and the USA, with a current capacity utilization of around 80% [13] - The company is adapting to potential tariffs by increasing production efficiency in overseas facilities [12][13] Management Changes and Strategic Direction - Recent management changes, including a new chairman, are aimed at enhancing corporate governance and strategic direction [15][22] - The company is maintaining its long-term strategic plans despite leadership changes, focusing on marketing and product development [15][17] Consumer Behavior and Market Trends - There is concern about potential consumer demand being pulled forward due to subsidy programs, but the company believes that the nature of the product will mitigate this risk [24] - The company is observing a shift in consumer preferences towards more personalized and branded products, which may benefit established brands [28] Challenges and Competitive Landscape - Smaller retailers may struggle to participate in subsidy programs due to qualification requirements, potentially benefiting larger brands [26][27] - The company is actively supporting its distributors in lower-tier markets to enhance participation in subsidy programs [28] Other Important Content - The company is exploring new marketing strategies and product offerings to adapt to changing consumer preferences and market conditions [6][18] - There is an emphasis on maintaining a balance between cost control and investment in growth areas such as customization and international expansion [4][6][13]

Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Views - The company achieved revenue of 138.01 billion yuan and net profit attributable to shareholders of 13.59 billion yuan for the first three quarters of 2024, reflecting a year-on-year decline of 2% and 9% respectively. In Q3 2024, the revenue was 48.93 billion yuan, with a net profit of 4.63 billion yuan, showing a year-on-year decrease of 7% and 20% respectively [3][4]. - Domestic demand is under pressure, but customized and functional sofas continue to grow. Export sales of sofas maintain a favorable trend, while the mattress segment is still adjusting. The company expects to narrow the decline in net profit after adjusting for foreign exchange disturbances in Q3, with continued improvement in export profitability despite domestic challenges [3][4][5]. - The government subsidy for the home furnishing sector is actively promoted, which is expected to boost overall demand and enhance the company's market share. The company is focusing on enhancing product strength and channel efficiency in the domestic market while improving quality and efficiency in exports [5][6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 138.01 billion yuan, a net profit of 13.59 billion yuan, and a net profit excluding non-recurring items of 12.19 billion yuan, with year-on-year changes of -2%, -9%, and -11% respectively. In Q3 2024, the figures were 48.93 billion yuan, 4.63 billion yuan, and 4.38 billion yuan, with year-on-year changes of -7%, -20%, and -17% respectively [3][4]. - The gross profit margin in Q3 decreased by 4.0 percentage points, attributed to the structural impact of increased export proportion, scale reduction, and adjustments in domestic pricing strategies [4][5]. Market Strategy - The company is transitioning towards a "one body, two wings" strategy, focusing on integrating large stores and expanding the number of such stores, which has surpassed 300 in 2023. The company is also exploring targeted store formats and partnerships with local governments and e-commerce platforms to enhance market reach [3][4]. - The company anticipates that the ongoing government subsidies will accelerate demand recovery and improve market conditions, with expectations of benefiting significantly from these initiatives due to its leading position in the industry [5][6]. Future Outlook - The company is projected to achieve net profits of approximately 18.5 billion yuan and 20.4 billion yuan in 2024 and 2025, respectively, corresponding to price-to-earnings ratios of 15x and 14x. If the dividend payout ratio remains at 56% as in 2023, the estimated dividend yield is about 3.7% [5][6].

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 42.62 CNY per share [1][3] Core Views - The company's profitability is under short-term pressure due to weak domestic demand, but foreign trade is expected to continue growing [1] - Management changes and equity incentives are expected to release long-term operational vitality [1] - The company is a leader in the soft furniture industry, with steady progress in both domestic and international expansion [1] Financial Performance - In Q3 2024, the company achieved revenue of 4.89 billion CNY, a YoY decrease of 6.9%, and net profit of 460 million CNY, a YoY decrease of 19.9% [1] - The gross margin in Q3 2024 was 29.8%, down 4.0 pcts YoY and 3.2 pcts QoQ [1] - The net profit margin in Q3 2024 was 9.5%, down 1.5 pcts YoY [1] Business Segments - Domestic business: Affected by weak domestic demand, the company is promoting an integrated home strategy and local "trade-in" policies to stimulate consumption [1] - Foreign trade: The company is steadily advancing offline and online retail businesses, with a strong presence on platforms like Amazon, Wayfair, Shopify, and Temu [1] Management and Incentives - New management team appointed, including Chairman Kuang Guangxiong and several vice presidents overseeing different business units [1] - Equity incentive plan launched in September 2024, targeting 84 core employees to boost long-term development confidence [1] Financial Forecasts - Revenue for 2024E/2025E/2026E is projected at 18.86/20.65/22.25 billion CNY, with YoY growth rates of -1.8%/9.5%/7.7% [2] - Net profit for 2024E/2025E/2026E is forecasted at 1.87/2.06/2.24 billion CNY, with YoY growth rates of -6.7%/10.1%/8.6% [2] - EPS for 2024E/2025E/2026E is estimated at 2.28/2.51/2.72 CNY [2] Valuation - The company's PE ratio for 2024E/2025E/2026E is 15/13/12X [2] - The target price of 42.62 CNY per share is based on a 17X PE ratio for 2025E [1]

[Table_MainInfo] 公司研究/造纸轻工/轻工制造 证券研究报告 顾家家居（603816）公司季报点评 2024 年 11 月 04 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-----------------------------------------------------------------------------------|-------------| | 股票数据 | | | 11 [ Table_StockInfo 月 04 日收盘价（元） ] | 32.25 | | 52 周股价波动（元） | 21.44-40.99 | | 总股本 / 流通 A 股（百万股） | 822/822 | | 总市值 / 流通市值（百万元） | 26506/26506 | | 相关研究 | | | [Table_ReportInfo] 《沙发业务基本盘保持快速增长，看好公司长 期发展》 2024.08.26 | | | 《沙发收入稳步增长，床类及定制家具业务快 | | | 速突破》 2024.05.25 | | | 《 23Q3 业绩稳定增 ...

Investment Rating - The report maintains an "Outperform" rating for the company [1][3] Core Views - Domestic sales under pressure due to real estate downturn and weak demand, while foreign trade continues to grow [1] - Q3 revenue declined by 6.9% YoY to 4.89 billion, with net profit attributable to shareholders dropping by 19.9% YoY to 460 million [1] - Gross margin slightly decreased, but expense ratios improved [1] - The "trade-in" policy is expected to stimulate domestic demand and improve domestic sales in Q4 [1] Financial Performance Revenue and Profit - Q1-Q3 2024 revenue was 13.8 billion, down 2.4% YoY, with net profit attributable to shareholders at 1.36 billion, down 9.5% YoY [1] - Q3 2024 revenue was 4.89 billion, down 6.9% YoY, with net profit attributable to shareholders at 460 million, down 19.9% YoY [1] Profitability - Q1-Q3 2024 gross margin was 31.9%, down 0.5 pct YoY, with net margin at 9.8%, down 0.8 pct YoY [1] - Q3 2024 gross margin was 29.8%, down 4.0 pct YoY, with net margin at 9.7%, down 1.4 pct YoY [1] Expense Ratios - Q1-Q3 2024 sales/management/R&D/financial expense ratios were 15.9%/2.2%/1.8%/0.1%, with sales expense ratio down 0.3 pct YoY [1] - Q3 2024 sales/management/R&D/financial expense ratios were 17.9%, down 2.7 pct YoY, with sales expense ratio down 2.4 pct YoY [1] Industry and Policy Impact - The "trade-in" policy, supported by 150 billion in special treasury bonds, is expected to boost domestic demand in Q4 [1] - The company launched a nationwide "trade-in season" in September, offering up to 2,000 yuan in subsidies to consumers [1] Financial Forecasts Revenue and Profit Forecasts - 2024-2026 revenue forecasts are 19.0/20.7/22.4 billion, with YoY changes of -1.1%/8.8%/8.4% [2] - 2024-2026 net profit attributable to shareholders forecasts are 1.85/2.09/2.30 billion, with YoY changes of -7.6%/12.6%/10.1% [2] Key Financial Ratios - 2024-2026 EPS forecasts are 2.26/2.54/2.80 yuan, with PE ratios of 14.7/13.0/11.8x [2] - 2024-2026 ROE forecasts are 17.7%/18.5%/19.0%, with EBIT margins of 11.1%/12.5%/13.2% [2] Valuation Metrics - 2024-2026 EV/EBITDA forecasts are 13.2/11.1/9.8x, with P/B ratios of 2.60/2.41/2.25 [2] Historical Performance Revenue and Profit Trends - 2018-2023 revenue grew from 18.0 billion to 19.2 billion, with a CAGR of 1.3% [6] - 2018-2023 net profit attributable to shareholders grew from 1.81 billion to 2.01 billion, with a CAGR of 2.1% [8] Profitability Trends - 2018-2023 gross margin fluctuated between 31% and 33%, with net margin ranging from 9.8% to 10.2% [9] - Q3 2024 gross margin was 29.8%, down 4.0 pct YoY, with net margin at 9.7%, down 1.4 pct YoY [1]