Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 4.07 CNY per share, compared to the current price of 3.27 CNY [1]. Core Insights - The company reported a revenue of 2.64 billion CNY and a net profit attributable to shareholders of -150 million CNY for the first three quarters of 2024, showing a year-over-year revenue decline of 10.0% but a net profit increase of 29.4% [1]. - The domestic market remains under pressure, while overseas orders are showing signs of recovery. The company is focusing on core business enhancement, cost optimization, and asset commercialization to improve profitability [1]. - The gross margin for Q3 2024 was reported at 36.8%, an increase of 3.9 percentage points year-over-year, indicating a trend of improving profitability [1]. Financial Summary - For 2023, the total revenue is projected at 4.028 billion CNY, with a year-over-year decline of 17.0%. The net profit attributable to shareholders is expected to be -304 million CNY, reflecting a significant decrease of 923.1% [2]. - The company anticipates a gradual recovery in net profit, projecting -176 million CNY for 2024, followed by a positive net profit of 100 million CNY in 2025 and 161 million CNY in 2026 [2]. - The price-to-earnings ratio is expected to be 22 for 2025 and 14 for 2026, indicating a potential valuation improvement as profitability returns [2]. Market Performance - The company has experienced a significant decline in stock performance over the past 12 months, with a drop of 61% compared to the benchmark index [4].

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company reported a revenue of 834 million yuan in Q3 2024, a year-on-year increase of 15.2%, while the net profit attributable to shareholders was a loss of 21 million yuan, narrowing from a loss of 49 million yuan in Q3 2023 [1]. - Domestic revenue declined by approximately 20% in Q3 2024, with expectations of pressure on retail but growth in engineering [1]. - The company is focusing on product upgrades, organizational optimization, and cost reduction, which are expected to drive improvements in domestic operations and profitability, with a forecast of achieving profitability in 2025 [1]. - Overseas, the Ekornes brand saw a revenue decline of 10.6% in Q3 2024, primarily due to short-term production constraints, but is expected to show improvement in Q4 2024 [2]. - The company is accelerating debt restructuring to optimize its financial structure and reduce interest expenses, with expectations of lower financial costs in the coming year [2]. - The profit forecast for 2024-2026 has been adjusted to -150 million yuan, 160 million yuan, and 310 million yuan respectively, with corresponding P/E ratios of 14.4X and 7.4X for 2025-2026 [2]. Summary by Sections Domestic Performance - The company is implementing significant cost reductions in management, sales, and R&D expenses, with reductions of 8.71 million, 25.01 million, and 5.62 million yuan respectively in Q3 2024 [1]. - The focus on flagship stores and new product launches is aimed at enhancing brand image and expanding market channels [1]. Overseas Performance - The revenue from Ekornes in Europe and North America accounted for 44.4% and 36.5% of total overseas revenue respectively, with Europe showing a recovery while North America continues to face challenges [2]. - The company anticipates a positive turnaround in overseas revenue in Q4 2024 due to order improvements and inventory management [2]. Financial Outlook - The financial metrics for 2024E show a projected revenue of 3.696 billion yuan, with a net profit forecast of -150 million yuan [4]. - The company’s P/E ratio is expected to improve significantly by 2026, indicating a potential recovery in profitability [4].

曲美家居集团股份有限公司 2024年第五次临时股东大会会议资料 二〇二四年十一月 | | | | 会议须知 | 3 | | --- | --- | | 会议议程 | 5 | | 议案一：2024 年第三季度利润分配方案 | 6 | 七、为保证股东大会的严肃性和正常秩序，切实维护与会股东或股东授权代 表的合法权益，除出席会议的股东或股东授权代表、公司董事、监事、高级管理 人员、相关工作人员、公司聘请的律师及董事会邀请的人员外，公司有权拒绝其 他人员进入会场； 八、为保证会场秩序，场内请勿大声喧哗、随意走动；对干扰会议正常秩序、 侵犯其他股东合法权益的行为，工作人员有权予以制止。 会议须知 为确保公司本次股东大会的顺利召开，维护投资者的合法权益，确保股东大 会的正常秩序和议事效率，根据《中华人民共和国公司法》《中华人民共和国证 券法》《上市公司股东大会规则》以及《公司章程》的有关规定，特制定本须知， 请出席股东大会的全体人员遵照执行。 一、股东大会设会务组，负责会议的组织工作和处理相关事宜； 二、股东大会期间，全体出席人员应以维护股东的合法权益、确保股东大会 的正常秩序和议事效率为原则，自觉履行法定义务； 三、本 ...

证券代码：603818 证券简称：曲美家居 公告编号：2024-082 曲美家居集团股份有限公司 关于限制性股票回购注销实施的公告 本公司董事会及全体董事会成员保证本公告内容不存在任何虚假记载、误导 性陈述或重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 公司拟回购注销 3 名离职激励对象已获授但尚未解锁的 20.00 万股限制性股 票。本次注销股份的有关情况如下： | 回购股份数量 | 注销股份数量 | | 注销日期 | | | | | --- | --- | --- | --- | --- | --- | --- | | 20.00 万股 | 20.00 | 万股 | 2024 年 | 11 | 月 | 8 日 | 一、本次限制性股票回购注销的决策与信息披露 曲美家居集团股份有限公司（以下称"公司"）根据 2021 年年度股东大会审 议通过的《关于公司<2022 年限制性股票激励计划（草案）>及其摘要的议案》 《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》。于 2024 年 8 月 30 日召开第五届董事会第十次会议，审议通过了《关于回购注销部分限制性 股票的议 ...

法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于曲美家居集团股份有限公司 2022 年限制性股票激励计划 部分限制性股票回购注销事项之 上海市锦天城律师事务所 关于曲美家居集团股份有限公司 2022 年限制性股票激励计划部分限制性股票 回购注销事项之 或原件一致，所有文件的签名、印章均是真实的，不存在虚假记载、误导性陈述 或重大遗漏。 3、本所律师是以某项事项发生之时所适用的中国（为本法律意见书之目的， 不包括香港特别行政区、澳门特别行政区和台湾地区）法律、法规为依据认定该 事项是否合法、有效，对与出具本法律意见书相关而因客观限制难以进行全面核 查或无法得到独立证据支持的事实，本所律师依赖政府有关部门、其他有关机构 出具的证明文件出具本法律意见书。 4、本所并不对有关会计、审计等专业事项发表意见。本所律师在本法律意 见书中对于有关报表、数据、报告中某些数据和结论的引用，并不意味着本所律 师对这些数据、结论的真实性做出任何明示或默示 ...

证券代码：603818 证券简称：曲美家居 公告编号：2024-081 曲美家居集团股份有限公司关于回购注销 部分限制性股票减少注册资本的债权人通知公告 本公司董事会及全体董事会成员保证本公告内容不存在任何虚假记载、误导 性陈述或重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 曲美家居集团股份有限公司（以下简称"公司"）于 2024 年 8 月 30 日召开第 五届董事会第十次会议、第五届监事会第八次会议审议通过了《关于回购注销部 分限制性股票的议案》，根据公司《2022 年限制性股票激励计划（草案）》及相关 政策要求，本次拟回购注销 20.00 万股限制性股票。 3、联系人：孙潇阳、刘琼 4、联系电话：010-84482500 5、传真号码：010-84482500 本次回购注销实施完毕后，公司总股本将由 689,061,855 股减少为 688,861,855 股，公司注册资本将由 689,061,855 元减少至 688,861,855 元。具体 内容详见公司于2024年8月31日刊登于上海证券交易所网站（www.sse.com.cn） 及《上海证券报》的《关于回购注销部分限制性股票的 ...

证券代码：603818 证券简称：曲美家居 公告编号：2024-080 重要内容提示： 公司控股股东、实际控制人赵瑞海先生持有公司 128,516,972 股股份，持股 比例 18.65%，累计质押 63,190,300 股，占其所持公司股份的 49.17%。 公司控股股东、实际控制人赵瑞宾先生持有公司 125,829,600 股股份，持股 比例 18.26%，累计质押 55,180,000 股，占其所持公司股份的 43.85%。 公司股东赵瑞杰先生持有公司 34,244,000 股股份，持股比例 4.97%，累计 质押 0 股。 公司于近日获悉公司控股股东、实际控制人赵瑞海先生、赵瑞宾先生向华泰 证券股份有限公司办理了部分解除质押及延期购回事宜，具体情况如下： 2、股份被解质情况 | 股东名称 | 赵瑞海 | 赵瑞宾 | | --- | --- | --- | | 本次解质股份 | 19,199,700 | 20,040,000 | | 占其所持股份比例% | 14.94 | 15.93 | | 占公司总股本比例% | 2.79 | 2.91 | 曲美家居集团股份有限公司 关于股东部分解除质押及延期购回的公 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥834,382,536.19, a decrease of 15.24% compared to the same period last year[2] - The net profit attributable to shareholders for Q3 2024 was -¥20,744,372.94, an increase of 57.98% year-on-year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2024 was -¥12,201,846.11, an increase of 80.85% year-on-year[2] - The basic earnings per share for Q3 2024 was -¥0.03, an increase of 62.50% year-on-year[2] - The diluted earnings per share for Q3 2024 was -¥0.03, an increase of 62.50% year-on-year[2] - Total operating revenue for the first three quarters of 2024 was CNY 2,637,486,515.62, a decrease of 10% compared to CNY 2,931,652,634.21 in the same period of 2023[12] - Net loss for the first three quarters of 2024 was CNY 148,933,326.90, an improvement from a net loss of CNY 210,769,396.70 in the same period of 2023[13] - Basic and diluted earnings per share for the first three quarters of 2024 were both CNY -0.21, compared to CNY -0.35 in the same period of 2023[13] Assets and Liabilities - The total assets at the end of the reporting period were ¥6,786,504,714.80, a decrease of 2.44% from the end of the previous year[3] - The total assets of the company decreased to CNY 6.79 billion from CNY 6.96 billion, a decline of 2.4%[10] - The total liabilities increased to CNY 2.09 billion, compared to CNY 1.98 billion, marking an increase of 5.6%[10] - Total liabilities as of September 30, 2024, were CNY 4,448,626,004.61, a decrease from CNY 4,910,008,435.31 at the end of 2023[11] - The total equity attributable to shareholders of the parent company increased to CNY 2,200,846,889.69 from CNY 1,900,997,582.33 at the end of 2023[11] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥386,570,848.42, a decrease of 27.08% compared to the same period last year[2] - In the first three quarters of 2024, the cash inflow from operating activities was CNY 3,024,675,898.88, a decrease of 9.2% compared to CNY 3,332,515,611.32 in the same period of 2023[14] - The net cash flow from operating activities was CNY 386,570,848.42, down 27.1% from CNY 530,152,726.82 year-on-year[14] - The cash inflow from investment activities totaled CNY 3,157,640.99, compared to CNY 1,411,045.66 in the previous year, indicating a significant increase[15] - The net cash flow from investment activities was -CNY 61,945,797.29, an improvement from -CNY 81,085,154.10 in the same period last year[15] - The cash inflow from financing activities was CNY 906,189,259.93, down 40% from CNY 1,508,860,621.76 in 2023[15] - The net cash flow from financing activities was -CNY 124,391,082.26, an improvement from -CNY 591,300,578.96 year-on-year[15] - The total cash outflow from financing activities was CNY 1,030,580,342.19, a decrease of 50.9% from CNY 2,100,161,200.72 in 2023[15] Shareholder Information - The number of common shareholders at the end of the reporting period was 26,600, with the top ten shareholders holding a combined 44.25% of the shares[8] - The largest shareholder, Zhao Ruihai, holds 18.65% of the shares, with a total of 128,516,972 shares pledged[8] - The company has no significant changes in the participation of major shareholders in margin trading and securities lending[8] Operational Insights - The company reported non-recurring gains and losses totaling -¥8,542,526.83 for the current period[5] - The company has not reported any significant new strategies or product developments during the quarter[9] - The company’s cash flow management strategies are being evaluated to improve liquidity and operational efficiency[12] - The company is focusing on market expansion and new product development to enhance revenue streams in the upcoming quarters[12] - Research and development expenses for the first three quarters of 2024 were CNY 50,338,596.59, down from CNY 61,981,333.47 in the same period of 2023[12] - The company reported a decrease in financial expenses to CNY 151,044,036.83 in 2024 from CNY 190,115,572.23 in 2023[12] - The company reported a decrease in cash paid to employees to CNY 814,957,038.18, down 10.3% from CNY 908,500,082.87 in the same period last year[14] Inventory and Current Assets - As of September 30, 2024, the total current assets amounted to approximately CNY 2.09 billion, an increase of 5.3% from CNY 1.99 billion on December 31, 2023[9] - The cash and cash equivalents reached CNY 895.62 million, up from CNY 721.48 million, reflecting a growth of 24.1%[9] - The company's inventory decreased to CNY 583.68 million, down 12.4% from CNY 666.17 million[9] - The company reported a decrease in long-term equity investments to CNY 1.59 million from CNY 1.95 million, a decline of 18.6%[10]

证券代码：603818 证券简称：曲美家居 公告编号：2024-079 曲美家居集团股份有限公司 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个别及连带责任。 重要内容提示： 曲美家居集团股份有限公司（以下简称"公司"）已于 2024 年 10 月 31 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 年第三季度经营成果、财务状况，公司计划于 2024 年 11 月 8 日上午 10:00-11:00 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 本次投资者说明会以网络互动形式召开，公司将针对 2024 年三季度的经营 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 （一）会议召开时间：2024 年 11 月 8 日上午 10:00-11:00 （二）会议召开地点：上海证券报 ·中国证券网路演中心（网址： https:// ...

证券代码：603818 证券简称：曲美家居 公告编号：2024-077 曲美家居集团股份有限公司 2024 年前三季度利润分配方案公告 本公司董事会及全体董事会成员保证本公告内容不存在任何虚假记载、误导 性陈述或重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示 每股分配比例：每 10 股派发现金红利 0.20 元（含税），不送红股，不以 公积金转增股本。 本次利润分配以实施权益分派股权登记日登记的总股本（扣除回购专户 的股份）为基数，具体日期将在权益分派实施公告中明确。 在实施权益分派的股权登记日前公司总股本发生变动的，拟维持每股分 配比例不变，相应调整分配总额，并将在相关公告中披露。 本议案已经公司第五届董事会第十一次会议审议通过，尚需提交公司股 东大会审议。 一、利润分配方案内容 曲美家居集团股份有限公司（以下简称"公司"）2024 年 1-9 月实现归属于 母公司股东的净利润-145,331,578.22 元，截至 2024 年 9 月 30 日，母公司报表中 期末未分配利润为 593,337,120.13 元。 为促进全体股东共享公司经营发展成果，经综合考虑公司盈利状况和 ...