Group 1 - The renovation and building materials sector experienced a slight increase, closing at 11,851.20 points with a growth rate of 1.52% [1] - Several stocks in the renovation and building materials sector saw price increases, with Mengbaihe leading at 7.67 CNY per share, up 10.04% [1] - Gujia Home Furnishing and Filinger also showed significant gains, closing at 25.07 CNY per share (up 10.00%) and 7.14 CNY per share (up 5.93%) respectively [1] Group 2 - Dongwu Securities reported a recent easing of trade war sentiments, leading to a rally in the export sector [2] - The domestic political bureau meeting focused on implementing existing policies while preparing new monetary policy tools and promoting service consumption [2] - The real estate chain is nearing the end of its clearing phase, with a significant improvement in supply dynamics and stable demand expected through 2025 [2] - The report anticipates accelerated consumption in home appliances and furniture by Q4 2024 and Q3 2025, driven by trade-in subsidies [2] - The report recommends focusing on undervalued consumer leaders and expansion-oriented companies, while also considering infrastructure projects in central and western regions if external demand declines [2]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a revenue of 18.48 billion RMB in 2024, a year-on-year decrease of 3.81%, and a net profit attributable to shareholders of 1.42 billion RMB, down 29.38% year-on-year. However, in Q1 2025, the company achieved a revenue of 4.91 billion RMB, an increase of 12.95% year-on-year, and a net profit of 519 million RMB, up 23.53% year-on-year [2] - The company is actively transforming its retail strategy, responding to national subsidy policies to boost demand, and has seen significant growth in its domestic sales [4][5] - The company has launched an AI design initiative in collaboration with Qunhe Technology, enhancing its smart home solutions and improving customer experience [9] Financial Performance - In 2024, the company achieved a gross margin of 32.72% and a net margin of 7.83%. In Q1 2025, the gross margin was 32.39% and the net margin improved to 11.00% [6][8] - The company plans to distribute a cash dividend of 1.38 RMB per share, totaling 1.13 billion RMB [3] Revenue Breakdown - In 2024, the company's revenue from various segments included furniture manufacturing (17.03 billion RMB), sofas (10.20 billion RMB), and custom furniture (0.99 billion RMB), with varying year-on-year growth rates [4] - The company has seen a significant increase in its retail performance, with a 30%+ growth in domestic sales in Q1 2025 [4] Future Projections - The company expects revenues of 20.29 billion RMB in 2025, 22.56 billion RMB in 2026, and 24.71 billion RMB in 2027, with net profits projected at 1.86 billion RMB, 1.99 billion RMB, and 2.17 billion RMB respectively [10][12]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company reported a revenue of 18.48 billion RMB for 2024, a year-on-year decrease of 3.8%, and a net profit attributable to shareholders of 1.42 billion RMB, down 29.4% year-on-year, primarily due to asset and credit impairment losses of 306 million RMB [1] - The first quarter of 2025 showed strong performance with revenue of 4.91 billion RMB, up 12.9% year-on-year, and a net profit of 520 million RMB, up 23.5% year-on-year, driven by growth in both domestic and foreign trade [1] - The company expects a recovery in demand due to the implementation of domestic real estate and trade-in policies, which will support domestic sales performance [1][2] - The company is focusing on enhancing shareholder returns, achieving a dividend payout ratio of 80.06% in 2024 [3] Revenue and Profit Forecast - The company slightly adjusted its revenue forecast for domestic business for 2025-2026, with net profit estimates for 2025, 2026, and 2027 at 1.88 billion RMB, 2.08 billion RMB, and 2.29 billion RMB respectively [4] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 2.28 RMB, 2.53 RMB, and 2.79 RMB respectively [4] Financial Metrics - The company’s gross margin for 2024 was 32.7%, a decrease of 0.11 percentage points year-on-year, attributed to a decline in the proportion of high-margin domestic business and increased end-user discounts [3] - The report indicates a projected price-to-earnings (PE) ratio of 14 times for 2025, with a target price set at 31.92 RMB [4][8]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 31.92 [7][8]. Core Views - The company reported a revenue of RMB 18.48 billion for 2024, a year-on-year decrease of 3.8%, and a net profit attributable to shareholders of RMB 1.42 billion, down 29.4% year-on-year, primarily due to asset and credit impairment losses of RMB 306 million [1][2]. - The first quarter of 2025 showed a strong start with revenue of RMB 4.91 billion, up 12.9% year-on-year, and a net profit of RMB 520 million, up 23.5% year-on-year, driven by growth in both domestic and foreign trade [1][2]. - The company expects a recovery in demand due to the implementation of domestic real estate policies and trade-in programs, which should support domestic sales performance [1][4]. Summary by Sections Financial Performance - In 2024, the company's gross margin decreased by 0.11 percentage points to 32.7%, attributed to a lower proportion of high-margin domestic business and increased end-user discounts [3]. - The company increased its shareholder return efforts, achieving a dividend payout ratio of 80.06% in 2024 [3]. Revenue Breakdown - Domestic trade revenue fell by 14.4% to RMB 9.36 billion in 2024, while foreign trade revenue increased by 11.3% to RMB 8.37 billion [2]. - Sofa sales grew by 9.14% to RMB 10.20 billion, driven by strong overseas demand, while bedroom product sales declined by 20.80% to RMB 3.25 billion [2]. Profit Forecast and Valuation - The company slightly lowered its revenue forecast for domestic business for 2025-2026 and introduced a profit forecast for 2027, expecting net profits of RMB 1.88 billion, RMB 2.08 billion, and RMB 2.29 billion for 2025-2027 respectively [4]. - The estimated EPS for 2025-2027 is RMB 2.28, RMB 2.53, and RMB 2.79, with a target PE of 14 times for 2025, leading to a target price of RMB 31.92 [4].

Performance Summary - In 2024, the company's revenue, net profit attributable to shareholders, and net profit excluding non-recurring items decreased by 3.81%, 29.38%, and 26.92% year-on-year to 18.48 billion, 1.417 billion, and 1.301 billion yuan respectively, with Q4 2024 revenue down 7.8% to 4.68 billion yuan [1] - In Q1 2025, revenue, net profit attributable to shareholders, and net profit excluding non-recurring items increased by 12.9%, 23.5%, and 22.2% year-on-year to 4.91 billion, 520 million, and 460 million yuan respectively [1] - The company declared a cash dividend of 1.38 yuan per share [1] Operational Analysis - The company experienced steady growth in exports, with 2024 export revenue increasing by 11.3% year-on-year to 8.367 billion yuan, while domestic sales faced challenges with a 14.4% decline [2] - Q4 2024 saw some improvement in domestic orders due to government subsidy policies, although shipment delays continued to pressure financial results [2] - Q1 2025 is expected to show a recovery in domestic sales growth, while exports are anticipated to maintain double-digit growth despite limited impacts from tariffs [2] Profitability and Cost Structure - The decline in overall profit for 2024 was primarily due to a 213 million yuan impairment on the Hongxing 03 bond and a 50 million yuan goodwill impairment, along with the divestment of certain subsidiaries [3] - The gross margin for 2024 and Q1 2025 decreased by 0.1 and 0.7 percentage points to 32.72% and 32.40% respectively, attributed to a higher proportion of low-margin customized furniture in domestic sales and increased low-margin export revenue [3] - The company's expense ratios for sales, management, R&D, and financial costs showed slight increases in 2024, with Q1 2025 reflecting mixed changes across these categories [3] Retail Transformation and Export Strategy - The company is actively pursuing a retail transformation, shifting from a manufacturing and wholesale model to a retail-oriented operation, which is expected to support domestic sales growth [4] - In response to U.S.-China trade tensions, the company is focusing on expanding non-U.S. market clients and enhancing its own brand presence abroad, while also accelerating new overseas capacity development [4] - The overall strategy for both domestic and international sales is clear, with expectations for continued growth [4] Earnings Forecast and Valuation - The company forecasts EPS for 2025, 2026, and 2027 to be 2.28, 2.48, and 2.71 yuan respectively, with current stock price corresponding to PE ratios of 10, 9, and 8 times [5]

Investment Rating - The report maintains a "Buy" rating for the company, with expected EPS for 2025-2027 at 2.28, 2.48, and 2.71 RMB respectively, corresponding to PE ratios of 10, 9, and 8 times [6]. Core Insights - The company reported a revenue decline of 3.81% year-on-year for 2024, with total revenue of 18.48 billion RMB. The net profit attributable to shareholders decreased by 29.38% to 1.417 billion RMB. However, in Q1 2025, revenue and net profit showed a recovery with increases of 12.9% and 23.5% respectively [2][3]. - The company is experiencing steady growth in exports, with a 11.3% increase in revenue from overseas markets in 2024, while domestic sales faced a decline of 14.4% due to weak real estate performance. However, domestic sales are expected to recover in 2025 [3][5]. - The company's overall profit decline in 2024 was influenced by impairment provisions totaling 213 million RMB for bonds and goodwill impairment of 50 million RMB. The gross margin slightly decreased to 32.72% in 2024 [4]. Summary by Sections Performance Review - In 2024, the company reported revenues of 18.48 billion RMB, a decrease of 3.81% year-on-year, and a net profit of 1.417 billion RMB, down 29.38%. Q4 2024 revenue was 4.68 billion RMB, a decline of 7.8% year-on-year. In Q1 2025, revenues increased to 4.91 billion RMB, with net profit rising to 520 million RMB [2]. Operational Analysis - The company’s export revenue grew by 11.3% in 2024, reaching 8.367 billion RMB, while domestic sales fell by 14.4%. The domestic market is expected to recover in 2025 due to improved order intake and government subsidies [3][5]. Financial Metrics - The company’s gross margin for 2024 was 32.72%, slightly down from the previous year, attributed to a higher proportion of low-margin customized furniture in domestic sales. The expense ratios for sales, management, and R&D increased in 2024 [4]. Retail Transformation - The company is transitioning from a manufacturing and wholesale model to a retail-oriented operation, which is expected to support domestic sales growth. In the export market, the company is focusing on expanding into non-U.S. markets and enhancing its overseas production capacity [5].

业绩简评 4 月 28 日公司发布 24 年报和 25Q1 季报，24 年公司营收/归母净 利 / 扣非净利 分别同比 -3.81%/-29.38%/-26.92% 至 184.8/14.17/13.01 亿元，其中 24Q4 收入同比-7.8%至 46.8 亿元。 25Q1 营收/归母净利/扣非净利分别同比+12.9%/+23.5%/+22.2%至 49.1/5.2/4.6 亿元。分红为每股现金分红 1.38 元。 经营分析 外销持续稳健增长，内销 25Q1 预计恢复增长：分区域看，公司外 销依托海外区域持续拓展叠加海外产能优势，24 年收入同比增长 11.3%至 83.67 亿元。内销方面，2024 年地产整体销售、竣工偏 弱，外部环境令公司业绩承压，公司 24 年内销收入同比-14.4%, 其中 24Q4 随着国补政策刺激，前端接单情况有所改善，而出货节 奏滞后预计使得报表端仍承压。25Q1 内销随着出货节奏加快叠加 25 年国补延续，预计整体已恢复个位数增长，而外销 25Q1 受关税 影响有限，预计仍延续双位数增长态势。 计提减值影响 24 年业绩，收入结构变化致毛利率小幅下降：公司 24 年整体利润 ...

证券代码：603816 证券简称：顾家家居 公告编号：2025-025 顾家家居股份有限公司 关于持股 5%以上股东部分股份将被司法拍卖 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。 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%，上述股份目前均处于冻结状态。 公司将密切关注上述事项的进展情况，并根据相关法律、行政法规和规范性 文件的要求及时履行信息披露义务。敬请广大投资者注意风险。 特此公告。 顾家家居股份有限公司董事会 2025 年 4 月 28 日 一、本次司法拍卖的基本情况 顾家集团收到浙江省杭州市中级人民法院的《网络拍卖告知书》（[2024]浙 01 执 1607 号）：浙江省杭州市中级人民法院将在杭州市中级人民法院淘宝网司 法拍卖网络平台对顾家集团持有的本公司 14,700,000 股无限售流通股票的价值 进行公开拍卖，确定本次拍卖拟处置股票将拆分成三次 ...

证券代码：603816 证券简称：顾家家居 公告编号：2025-021 顾家家居股份有限公司 关于回购注销 2024 年限制性股票激励计划部分 限制性股票的公告 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、本次激励计划已履行的相关程序 1、2024 年 9 月 20 日，公司召开第五届董事会第五次会议审议通过了《关 于<顾家家居股份有限公司 2024 年限制性股票激励计划（草案）>及其摘要的议 案》《关于<顾家家居股份有限公司 2024 年限制性股票激励计划实施考核管理办 法>的议案》《关于提请股东大会授权董事会办理股权激励相关事宜的议案》以及 《关于召开 2024 年第四次临时股东大会的议案》，其中《关于<顾家家居股份有 限公司 2024 年限制性股票激励计划（草案）>及其摘要的议案》《关于<顾家家居 股份有限公司 2024 年限制性股票激励计划实施考核管理办法>的议案》已经公司 董事会薪酬与考核委员会审议通过。 同日，公司召开第五届监事会第四次会议，审议通过了《关于<顾家家居股 份有限公司 2024 ...

根据回购注销议案，公司将以 11.84 元/股的回购价格回购注销部分已授予 但尚未解除限售的限制性股票共计 120,000 股。回购完毕后，公司将向中国证券 登记结算有限责任公司上海分公司申请该部分股票的注销。本次限制性股票回购 注销完成后，公司总股本由 821,891,519 股变更为 821,771,519 股，注册资本从 人民币 821,891,519 元减少为人民币 821,771,519 元。 公司本次回购注销部分股权激励限制性股票将导致注册资本减少，根据《中 华人民共和国公司法》等相关法律、行政法规和规范性文件的规定，公司特此通 知债权人，债权人自本公告之次日起四十五日内，有权要求公司清偿债务或者提 供相应的担保。债权人未在规定期限内行使上述权利的，本次回购注销将按法定 程序继续实施。公司债权人如要求公司清偿债务或提供相应担保的，应根据《中 华人民共和国公司法》等相关法律、行政法规和规范性文件的有关规定向公司提 出书面要求，并随附有关证明文件。 债权申报所需材料：公司债权人可持证明债权债务关系存在的合同、协议及 其他凭证的原件及复印件到公司申报债权。债权人为法人的，需同时携带法人营 业执照副本原件 ...