Investment Rating - The investment rating for the company is "Buy" with a target price of 24.96 CNY, maintaining the current rating [1]. Core Views - The company is actively promoting a retail transformation strategy while enhancing operational efficiency in foreign sales. The revenue for Q2 2024 was 4.56 billion CNY, a year-on-year decrease of 7.4%, and the net profit attributable to the parent company was 480 million CNY, down 9.1% year-on-year [1]. - The company is focusing on a "one body, two wings" strategy to drive retail transformation, with a significant portion of sales coming from large store formats [1]. - The company is expected to see continued growth in foreign sales due to a robust retail environment in the U.S. and improved operational efficiency through global supply chain management [1]. Financial Performance Summary - For H1 2024, the company's revenue was 8.91 billion CNY, a slight increase of 0.3% year-on-year, while the net profit attributable to the parent company was 900 million CNY, down 3.0% year-on-year [1]. - The company reported a gross margin of 35.1% for Q2 2024, an increase of 1.4 percentage points year-on-year [1]. - The company’s total assets are projected to reach 19.63 billion CNY by 2024, with a net profit forecast of 2.09 billion CNY [3]. Strategic Initiatives - The company is enhancing its marketing capabilities and retail operations, with a focus on high-value product offerings and digital transformation in logistics [1]. - The president of the company plans to increase his shareholding by 150 to 220 million CNY, reflecting confidence in the company's future development [1]. - The company is expected to achieve over 50% coverage in warehousing and distribution services by 2024 [1]. Earnings Forecast - The adjusted profit forecast for the company is 2.09 billion CNY for 2024, 2.32 billion CNY for 2025, and 2.60 billion CNY for 2026, with corresponding P/E ratios of 10X, 9X, and 8X respectively [1].

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 37.8 CNY per share, compared to the current price of 25.00 CNY [2]. Core Views - The company reported a slight increase in revenue of 0.3% year-on-year for the first half of 2024, but a decline in net profit by 3.0% and a decrease in net profit after deducting non-recurring items by 6.8% [2]. - The domestic market faced short-term pressure, but the company is advancing its "One Body, Two Wings" strategy, which includes enhancing supply chain efficiency and product cost reduction [2]. - The foreign trade business continued to grow, with a revenue increase of 12.6% year-on-year, supported by partnerships with major retail clients and expansion into online platforms in the U.S. [2]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 89.1 billion CNY, with a net profit of 9.0 billion CNY and a net profit after deducting non-recurring items of 7.8 billion CNY [2]. - For Q2 2024, revenue was 45.6 billion CNY, with net profit at 4.8 billion CNY and net profit after deducting non-recurring items at 4.1 billion CNY, reflecting a year-on-year decline of 7.4%, 9.1%, and 18.4% respectively [2]. Domestic Market - The domestic business generated 47.2 billion CNY in revenue, down 9.8% year-on-year, but the gross margin improved by 1.3 percentage points to 37.8% [2]. - The company implemented a strategy of high-end products and cost reduction, leading to improved gross margins across various product categories [2]. Foreign Market - The foreign trade segment reported revenue of 38.9 billion CNY, up 12.6% year-on-year, with a gross margin of 26.0%, an increase of 2.9 percentage points [2]. - The company is actively exploring brand expansion overseas, establishing flagship stores in countries like India, Vietnam, and Uzbekistan [2]. Profitability and Cost Management - The overall gross margin for H1 2024 was 33.0%, an increase of 1.5 percentage points year-on-year, driven by cost reduction and efficiency improvements [2]. - The company’s net profit margin for H1 2024 was 10.1%, a slight decrease of 0.3 percentage points year-on-year [2]. Future Outlook - The report forecasts profits of 20.71 billion CNY, 22.59 billion CNY, and 24.57 billion CNY for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 10, 9, and 8 times [2]. - The target price of 37.8 CNY per share corresponds to a 2024 price-to-earnings ratio of 15 times, indicating a favorable valuation compared to peers [2].

证券研究报告 | 半年报点评 gszqdatemark 2024 08 23 年 月 日 顾家家居（603816.SH） 内销承压、零售转型，外销增长靓丽、盈利延续改善 公司发布 2024 年半年报：2024H1 公司实现营业收入 89.08 亿元（同比+0.3%）， 归母净利润 8.96 亿元（同比-3.0%），扣非归母净利润 7.81 亿元（同比-6.8%）； 单 Q2 实现营业收入 45.58 亿元（同比-7.4%），归母净利润 4.76 亿元（同比-9.1%）， 扣非归母净利润 4.05 亿元（同比-18.4%）。受内销需求疲弱&天禧派剥离影响&外 床爬坡拖累，公司 Q2 收入&利润承压，我们预计剔除外床&天禧派影响后，Q2 收 入跌幅或有所收窄；剔除汇兑影响后，归母净利润仍实现增长。 内销零售转型、外销持续改善，盈利能力提升。24H1 公司内销/外销分别实现收 入 47.22 亿元/38.87 亿元（同比-9.8%/+12.6%），毛利率分别为 37.8%/26.0% （同比+1.3pct/+2.9pct）。24H1 公司沙发/床类/定制分别实现收入 49.42 亿元 /15.34 亿 元 /4.9 ...

顾家家居（603816.SH）：外销稳步 增长，毛利率保持提升 2024 年 8 月 23 日 推荐/维持 顾家家居 公司报告 东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 事件：公司发布 2024 半年报。2024 上半年营收 89.1 亿元，同比+0.3%；归 母净利润 9.0 亿元，同比-3.0%。其中 Q2 营收 45.6 亿元，同比-7.4%；归母 净利润为 4.8 亿元，同比-9.1%。 分市场看，内销静待回暖，外销稳健增长。2024H1 内销收入 47.2 亿元，同比 -9.8%，行业需求恢复较缓。面对行业变化，公司积极提高产品性价比，推出 "惠民工程"系列产品，在定制家具商推出 698 套餐进攻市场。整家模式继续 推进中，融合大店快速拓展，整家套餐销售占比超 35%。内销毛利率 37.8%， 同比提升 1.3pct，性价比趋势下逆势提升，运营提效措施效果明显。针对存量 市场，公司探索"局装/微改换新丢旧"模式，有望在未来成为业绩增长点。 2024H1 外销收入 38.9 亿元，同比+12.6%，有所回暖。推测海运费涨价导致 订单延后，对 Q2 收入造成扰动。商超客户的拓展有望 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][6]. Core Views - The company's performance meets expectations, with a clear medium to long-term strategic path and growth trajectory. Recent executive share purchases reflect confidence in future development [5]. - The earnings forecast has been adjusted downwards due to current operational conditions and external uncertainties, with expected EPS for 2024-2026 at 2.47, 2.82, and 3.10 CNY respectively [5]. - The company has demonstrated strong performance in multiple product categories, particularly in the sofa segment, which has seen a year-on-year revenue increase of 14.2% [5]. - The gross profit margin has shown steady growth, while the expense ratio has increased, impacting net profit margins [5]. Summary by Sections Earnings Performance - Total revenue for H1 2024 reached 8.91 billion CNY, a year-on-year increase of 0.3%. Excluding the impact of divested segments, actual revenue growth is expected to be higher [5]. - Revenue breakdown for H1 2024 includes: sofas (4.94 billion CNY, +14.2%), soft beds (1.53 billion CNY, -19.9%), mattresses (1.27 billion CNY, -17.4%), custom furniture (490 million CNY, +24.8%), and IT services (320 million CNY, -22.5%) [5]. Profitability - The gross profit margin for Q2 2024 was 33.0%, up 2.0 percentage points year-on-year, while the net profit margin was 8.9%, down 1.2 percentage points year-on-year [5]. - The increase in gross margin is attributed to fluctuations in raw material prices and product mix optimization [5]. Strategic Outlook - The company is focusing on enhancing internal efficiency and capturing structural growth opportunities, such as cross-border e-commerce and custom business expansion [5]. - Recent executive share purchases by senior management, amounting to 150-220 million CNY, indicate strong confidence in the company's long-term prospects [5].

2024 年 08 月 22 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 林昕宇 S0350522110005 linxy01@ghzq.com.cn [Table_Title] 外贸业务稳步增长，一体两翼持续推进 ——顾家家居（603816）2024 年中报业绩点评 最近一年走势 用品*林昕宇》——2023-09-01 事件: 相对沪深 300 表现 2024/08/22 表现 1M 3M 12M 顾家家居 0.4% -30.8% -36.0% 沪深 300 -5.7% -10.1% -11.8% 市场数据 2024/08/22 当前价格（元） 25.00 52 周价格区间（元） 22.54-45.36 总市值（百万） 20,547.29 流通市值（百万） 20,547.29 总股本（万股） 82,189.15 流通股本（万股） 82,189.15 日均成交额（百万） 143.10 近一月换手（%） 0.93 相关报告 品*林昕宇》——2023-11-10 宇》——2023-11-02 《顾家家居（603816）事件点评：控股股东变更， "一体两翼"战略有望稳步推进（买入）*家居用 《顾家家居 ...

公司点评报告 · 轻工行业 外销发力实现稳增,内销"一体两翼"均衡发展 核心观点 ● 事件:公司发布 2024 年半年度报告。2024 年上半年，公司实现营收 89.08 亿元，同比+0.34%;归母净利润 8.96 亿元,同比-2.97%;扣非净利润 7.81 亿元,同比-6.76%;基本每股收益 1.09元。24Q2,公司实现营收 45.58亿元, 同比-7.44%;归母净利润 4.76亿元,同比-9.07%;扣非净利润 4.05亿元, 同比-18.45%。 ● 毛利率改善&费用率提升,扣非净利率有所下滑。 2024年上半年,公司综合毛利率为 33.03%,同比+1.52 pct。24Q2,单季毛 利率为 32.98%,同比+1.97 pct,环比-0.1 pct。 2024年上半年,公司期间费用率为 21.27%,同比+2.07 pct。其中,销售/管 理/研发/财务费用率分别为 17.02% / 2.39% / 2.03% /-0.17%,同比分别变动 +0.92 pct / +0.21 pct / +0.65 pct / +0.29 pct。销售费用率提升源于职工薪 酬增长;研发费用率提升源于物料耗 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 25.00 yuan [3]. Core Insights - The company reported a revenue of 8.96 billion yuan and a net profit of 0.896 billion yuan for the first half of 2024, showing a year-on-year change of +0.34% and -2.97% respectively [2]. - The company is expanding its foreign sales through multiple channels, achieving a 12.59% increase in overseas revenue while domestic revenue decreased by 9.79% [2]. - The gross margin improved by 1.52 percentage points to 33.03% in the first half of 2024, driven by cost reduction and efficiency improvements [2]. - The company is focusing on retail transformation and enhancing its logistics coverage, aiming for over 50% coverage in 2024 [2]. - The projected net profits for 2024-2026 are 20.10 billion, 21.81 billion, and 23.52 billion yuan, with corresponding growth rates of 0.2%, 8.5%, and 7.8% [2]. Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 8.908 billion yuan, with a net profit of 0.896 billion yuan, reflecting a slight decline in profitability [2]. - The second quarter of 2024 saw revenues of 4.558 billion yuan, with net profits down by 9.07% year-on-year [2]. - The company’s gross margin for the first half of 2024 was 33.03%, with a net profit margin of 10.06% [2]. - The projected revenue for 2024 is 19.804 billion yuan, with a growth rate of 3.1% [3]. Product Performance - In the first half of 2024, the company’s revenue from sofas was 4.942 billion yuan, showing a year-on-year increase of 14.24%, while bedroom products saw a decline of 19.92% [2]. - The company’s integrated products and custom products reported revenues of 1.268 billion yuan and 0.491 billion yuan, with growth rates of +24.85% and -17.42% respectively [2]. Strategic Initiatives - The company is implementing a dual strategy of "one body, two wings" to enhance its retail operations and improve the sales of complete home packages [2]. - The focus on expanding foreign trade includes targeting key markets in North America and Europe, as well as exploring opportunities along the Belt and Road Initiative [2].

2024 年 8 月 22 日 公司研究 外贸业务表现亮眼，毛利率同比有所提升 ——顾家家居（603816.SH）2024 年半年报点评 买入（维持） 当前价：25.10 元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 联系人：吴子倩 021-52523872 wuziqian@ebscn.com 股价相对走势 市场数据 | --- | --- | |---------------------|-------------| | 总股本(亿股) | 8.22 | | 总市值(亿元)： | 206.29 | | 一年最低/最高(元)： | 22.54/43.68 | | 近 3 月换手率： | 47.32% | -43% -30% -16% -3% 10% 08/23 11/23 02/24 05/24 顾家家居 沪深300 % 1M 3M 1Y 相对 6.34 -21.74 -24.70 绝对 0.84 -31.38 -35.64 收益表现 资料来源：Wind 相关研报 业绩符合预期，内外销收入双双增长——顾 家家居（60381 ...

买入（维持） 所属行业：轻工制造/家居用品 当前价格(元)：25.10 证券分析师 毕先磊 资格编号：S0120524030001 邮箱：bixl3＠tebon.com.cn 研究助理 李陌凡 邮箱：limf3＠tebon.com.cn 市场表现 顾家家居 沪深300 -46% -34% -23% -11% 0% 11% 23% 2023-08 2023-12 2024-04 | --- | --- | --- | --- | |-------------|-------|--------|--------| | 沪深300对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -0.36 | -23.94 | -31.38 | | 相对涨幅(%) | 5.79 | -18.96 | -21.74 | 资料来源：德邦研究所，聚源数据 相关研究 1.《顾家家居（603816.SH）：一体化 整家运营发力，盈利能力进一步提 升》，2023.8.31 [Table_Main] 证券研究报告 | 公司点评 顾家家居(603816.SH) 2024 年 08 月 22 日 顾家家居（603816.SH）：境外业 ...