浙江省杭州市老复兴路白塔公园 B 区 15 号楼、2 号楼（国浩律师楼 ） 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 关于 顾家家居股份有限公司 2024 年第三次临时股东大会的 法律意见书 国浩律师（杭州）事务所 北京 上海 深圳 杭州 广州 昆明 天津 成都 宁波 福州 西安 南京 南宁 济南 重庆 苏州 长沙 太原 武汉 贵阳 乌鲁木齐 香港 巴黎 马德里 硅谷 斯德哥尔摩 BEIJING|SHANGHAI|SHENZHEN|HANGZHOU|GUANGZHOU|KUNMING|TIANJIN|CHENGDU|NINGBO|FUZHOU|XI'AN|NANJING|NANNING|JINAN|CHONGQING|SUZHOU|CHANGSHA|TAIYUAN|WUHAN|GUIYANG|URUMQI|HONG ...

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 ...