[Table_Page] 季报点评|家居用品 证券研究报告 [顾Table_家Title] 家居（603816.SH） [公Tab司le_I评nves级t] 买入 当前价格 35.00元 内销经营稳健，外销持续回暖 合理价值 36.34元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-05-13 ⚫ 顾家家居发布2023年报与2024一季报。2023年公司实现收入192.12 [相Tab对le_P市icQ场uote表] 现 亿元，同比+6.67%，归母净利20.06亿元，同比+10.70%。23Q4公司 实现收入 50.76 亿元，同比+19.49%，归母净利 5.05 亿元，同比 22% +23.46%。24Q1公司实现收入43.50亿元，同比+10.04%；归母净利 13% 4.20亿元，同比+5.02%，符合预期。 4% -4%05/23 07/23 09/23 11/23 01/24 03/24 05/24 ⚫ 内销大家居逻辑稳步推进，高潜品类稳健增长。2023年沙发收入同比 -13% +4.21%，软床及床垫收入同比+15.36%，配套产品收入同比+0.39 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company achieved revenue of 19.212 billion yuan, net profit attributable to shareholders of 2.006 billion yuan, and net profit excluding non-recurring items of 1.781 billion yuan in 2023, representing year-on-year growth of 7%, 11%, and 15% respectively [6][7]. - In Q4 2023, the company reported revenue of 5.076 billion yuan, net profit of 0.505 billion yuan, and net profit excluding non-recurring items of 0.416 billion yuan, with year-on-year growth of 19%, 23%, and 58% respectively [6][7]. - For Q1 2024, the company achieved revenue of 4.350 billion yuan, net profit of 0.420 billion yuan, and net profit excluding non-recurring items of 0.376 billion yuan, with year-on-year growth of 10%, 5%, and 10% respectively [6][7]. - The company is experiencing steady growth in domestic sales and is continuously advancing towards a comprehensive home furnishing strategy [6][7]. - In external sales, the sofa segment is gradually recovering with strong growth, while the mattress segment faces some disruptions [6][7]. - The company has seen significant profit improvement in 2023, and the overall performance in Q1 2024 is expected to remain stable [6][7]. Summary by Sections Domestic Sales - Domestic sales grew by 6% year-on-year in 2023, with expectations for continued recovery in Q4 [6][7]. - The company is transitioning towards integrated stores and expanding targeted store formats, with over 300 integrated stores established in 2023 [6][7]. External Sales - External sales increased by 7% year-on-year in 2023, with a projected growth of 21% in H2 [6][7]. - The sofa category is showing steady improvement, while the mattress segment is under pressure due to anti-dumping impacts and production capacity adjustments [6][7]. Profitability - The gross profit margin improved by 2.0 percentage points in 2023, with contributions from reduced raw material costs and internal efficiency improvements [6][7]. - For Q1 2024, the gross profit margin increased by 0.9 percentage points, with net profit margins showing stable performance [6][7]. Strategic Initiatives - The company is enhancing channel efficiency and product capabilities, focusing on integrated operations and expanding into new retail channels [6][7]. - Significant progress has been made in supply chain and digital capabilities, with improved inventory turnover and a more comprehensive information system [6][7]. - The company aims to broaden its product and brand matrix to cover a wider price range and customer base, with a focus on functional sofas, mattresses, and customization as growth drivers [6][7].

公 司 研 究 顾家家居（603816.SH）：业绩增长 2024年5月13日 推荐/维持 稳定，外销表现优秀 东 顾家家居 公司报告 兴 证 公司简介： 券 事件：公司发布 2023 年报及 2024 一季报。2023 年营收 192.1 亿元，同比 顾家家居股份有限公司远销120余个国家和 股 +6.7%；归母净利润20.1亿元，同比+10.7%。其中Q4营收50.8亿元，同比 地区，拥有 6000 多家品牌专卖店，为全球 份 +19.5%；归母净利润为5.0亿元，同比+23.5%。2024Q1营收43.5亿元，同 超千万家庭提供美好生活。旗下拥有“顾家 有 比+10.0%；归母净利润4.2亿元，同比+5.0%。 工艺”、“睡眠中心”、“顾家床垫”、“顾 限 家布艺”、“顾家功能”、“全屋定制”、 分市场看年报：内销稳步增长，外销快速回暖。2023年内销收入109.4亿元， “顾家天禧”七大产品系列，与战略合作品 公 同比+6.1%，消费场景恢复后收入稳步增长。公司在渠道端保持进攻性，截至 牌“LAZBOY”美国乐至宝功能沙发、收购 司 美式家具品牌“宽邸”、出口床垫品牌 23年净开203家店有6946家 ...

顾家家居股份有限公司 2023 年年度股东大会 会议材料 2024 年 5 月 20 日 | 2023 年年度股东大会会议须知 | | | 1 | | --- | --- | --- | --- | | 2023 年年度股东大会会议议程 | | | 3 | | 议案一：顾家家居 2023 | | 年度董事会工作报告 | 5 | | 议案二：顾家家居 2023 | | 年度监事会工作报告 | 15 | | 议案三：顾家家居 2023 | | 年度财务决算报告 | 17 | | 议案四：顾家家居 2024 | | 年度财务预算报告 错误!未定义书签。 | | | 议案五：关于开展外汇交易业务的议案 | | | 23 | | 议案六：关于向银行申请综合授信和贷款额度的议案 | | | 25 | | 议案七：关于为全资子（孙）公司、控股子（孙）公司提供担保额度的议案 | | | 26 | | 议案八：顾家家居 2023 | | 年年度报告及摘要 | 41 | | 议案九：关于 | 2023 | 年度利润分配的议案 | 42 | | 议案十：关于续聘 2024 | | 年度会计师事务所的议案 | 43 | | 议案十一 ...

| 股东名称 | 盈峰睿和投资 | | --- | --- | | 本次解除质押股份 | 23,479,375 股 | | 占其所持股份比例 | 9.71% | | 占公司总股本比例 | 2.86% | | 解除质押时间 | 2024 年 5 月 8 日 | | 持股数量 | 241,838,695 股 | | 持股比例 | 29.42% | | 剩余被质押股份数量 | 165,365,359 股 | | 剩余被质押股份数量占其所持股份比例 | 68.38% | | 剩余被质押股份数量占公司总股本比例 | 20.12% | 证券代码：603816 证券简称：顾家家居 公告编号：2024-040 顾家家居股份有限公司 关于控股股东部分股票解除质押的公告 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: 宁波盈峰睿和投资管理有限公司（以下简称"盈峰睿和投资"）持有顾 家家居股份有限公司（以下简称"公司"或"本公司"）241,838,695 股股票， 占本公司总股本的 29.42%。本次部分股票解除质押后，盈峰睿和投资 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 05 月 08 日 顾 家家居(603816.SH) 证券研究报告 内外销稳健增长， 家具 投资评级 买入-A 盈利能力持续提升 维持评级 6个月目标价 53.10元 事件：顾家家居发布 2023 年年报以及 2024 年一季度报告。2023 年 股价 (2024-05-08) 35.00元 公司实现营业收入 192.12亿元，同比增长6.67%；归母净利润 20.06 亿元，同比增长 10.70%；扣非后归母净利润 17.81 亿元，同比增长 交易数据 15.34%。其中23Q4公司实现营业收入 50.76亿元，同比增长19.49%； 总市值(百万元) 28,766.20 归母净利润 5.05 亿元，同比增长 23.46%；扣非后归母净利润 4.16 流通市值(百万元) 28,766.20 亿元，同比增长58.29%。此外，24Q1公司实现营业收入 43.50亿元， 总股本(百万股) 821.89 同比增长 10.04%；归母净利润 4.20 亿元，同比增长 5.02%；扣非后 流通股本(百万股) 821.89 归母净利润 3.7 ...

证券研究报告：轻工制造 | 公司点评报告 2024年5月6日 股票投资评级 顾家家居(603816) 买入|维持 收入增长稳健，提质增效效果明显 个股表现 ⚫ 事件： 公司发布2023年年报及2024年一季度报： 顾家家居 轻工制造 2023 年公司实现收入 192.12 亿元，同比+6.67%；归母净利润 23% 18% 20.06 亿元，同比+10.70%。收入和利润持续创新高。2024Q1 公司实 13% 8% 现收入43.50亿元，同比+10.04%;归母净利润4.20元，同比+5.02%。 3% -2% 此外，公司拟每10股派发现金红利13.90元（含税），当前股息 -7% 率为3.9%。 -12% -17% -22% -27% ⚫ 境内外业务稳步发展，境外提质增效效果明显 2023-05 2023-07 2023-09 2023-12 2024-02 2024-05 分地区看，2023年公司境内、境外收入分别为109.35、75.15亿 资料来源：聚源，中邮证券研究所 元，同比分别+6.13%、+6.84%；毛利率分别为37.55%、25.45%，同比 分别+0.27pct、+4.68pct，境内 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4] Core Views - The company achieved a steady revenue growth in 2023, with a total revenue of 19.21 billion yuan, representing a year-on-year increase of 6.7%. The net profit attributable to shareholders was 2.01 billion yuan, up 10.7% year-on-year. The first quarter of 2024 saw a revenue of 4.35 billion yuan, a 10.0% increase, and a net profit of 420 million yuan, a 5.0% increase [4][5] - The report anticipates continued growth in the company's performance, driven by operational efficiency improvements and product structure optimization, with projected net profits for 2024-2026 at 2.24 billion, 2.55 billion, and 2.86 billion yuan respectively [4][6] Financial Performance Summary - In 2023, the company's gross margin was 32.8%, an increase of 2.0 percentage points. The net profit margin was 10.5%, with a non-recurring net profit margin of 9.3% [5] - The company’s revenue breakdown for 2023 included 9.35 billion yuan from sofas, 4.10 billion yuan from beds, 3.03 billion yuan from integrated products, and 0.88 billion yuan from customized furniture, with respective year-on-year growth rates of 4.2%, 15.4%, 0.4%, and 15.6% [6] - The company’s domestic sales reached 10.94 billion yuan, a 6.1% increase, while international sales were 7.52 billion yuan, up 6.8% [6][7] Earnings Forecast - The earnings forecast for 2024-2026 includes net profits of 2.24 billion yuan (2024), 2.55 billion yuan (2025), and 2.86 billion yuan (2026), with corresponding EPS of 2.73 yuan, 3.10 yuan, and 3.47 yuan [4][7] - The current price-to-earnings (P/E) ratios are projected at 12.2 for 2024, 10.8 for 2025, and 9.6 for 2026 [4][7]

Investment Rating - The investment rating for the company is "Buy" with a target price maintained at 35.2 CNY [1][5][9] Core Views - The company is experiencing growth in both domestic and international sales, supported by optimized supply chain capabilities [1][2] - The company reported a revenue of 43.5 billion CNY in Q1 2024, a year-on-year increase of 10.0%, with a net profit of 4.2 billion CNY, up 5.0% year-on-year [2][3] - The company aims to enhance its operational efficiency and profitability through various strategic initiatives, including supply chain management and product innovation [3][4] Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 192.1 billion CNY, representing a 6.7% year-on-year growth, with a net profit of 20.1 billion CNY, up 10.7% year-on-year [3][10] - The gross margin for 2023 was 32.8%, an increase of 2 percentage points compared to the previous year [3][10] - The company plans to distribute a cash dividend of 11.3 billion CNY, accounting for 56.3% of its net profit [3] Sales Breakdown - Domestic sales in 2023 reached 109.4 billion CNY, a 6.1% increase year-on-year, while international sales were 75.2 billion CNY, up 6.8% year-on-year [2][3] - The sofa segment generated 93.5 billion CNY in revenue, growing 4.2% year-on-year, while the bed segment saw a 15.4% increase to 41.0 billion CNY [2][3] Strategic Initiatives - The company is focusing on enhancing its channel structure and expanding its market presence through new store formats and partnerships [2][4] - The establishment of a value chain control mechanism in Vietnam has significantly improved operational efficiency and profitability [4][5] - The company is exploring new business models and innovations, including the development of a comprehensive quality control system for its products [4][5]

Investment Rating - The investment rating for the company is "Buy" [1][4][12] Core Views - The company has demonstrated steady revenue growth, with 2023 revenue reaching 19.21 billion (+6.8%) and net profit of 2.01 billion (+10.7%). The fourth quarter of 2023 saw a revenue increase of 19.5% year-on-year [1] - The company is focusing on efficiency improvements to drive growth, with a significant increase in profit margins and a proposed cash dividend of 13.9 yuan per 10 shares, raising the payout ratio to 56% [1] - High-potential product categories such as sofas and customized furniture are key growth drivers, with expected continued strong performance in 2024 [1] - Both domestic and international markets are showing growth, with domestic revenue at 10.94 billion (+6.1%) and international revenue at 7.52 billion (+6.8%) in 2023 [1] Financial Performance Summary - 2023 revenue: 19.21 billion, net profit: 2.01 billion, with a projected net profit of 2.27 billion for 2024 (+13.3%) [2][13] - Gross margin improved to 32.8% in 2023 (+2.0 percentage points), with a net margin of 10.4% (+0.4 percentage points) [1][13] - The company expects diluted EPS to be 2.76, 3.12, and 3.50 yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 12, 11, and 10 times [2][13] Market Position and Strategy - The company is actively restructuring its channels and expanding its partnerships with major retail properties, enhancing its domestic market presence [1] - Internationally, the company has successfully increased its profit margins and established flagship stores in India, marking a significant step in its global expansion strategy [1] - The company is expected to continue benefiting from operational efficiency and cost reduction strategies, contributing to its profitability [1]