证券代码：001322 证券简称：箭牌家居 公告编号：2024-050 箭牌家居集团股份有限公司 关于参加广东辖区 2024 年投资者 网上集体接待日活动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 为进一步加强与投资者的互动交流，箭牌家居集团股份有限公司（以下简称 "公司"）将参加由广东证监局、广东上市公司协会联合举办的"坚定信心 携 手共进 助力上市公司提升投资价值——2024 广东辖区上市公司投资者关系管 理月活动投资者集体接待日"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）参与本次互动交流，活动时间为 2024 年 9 月 12 日（周 四）15:30-16:30。 届时公司董事长、总经理谢岳荣先生，副总经理、董事会秘书杨伟华先生， 财务总监彭小内先生将在线就 2024 年半年度业绩、公司治理、发展战略、经营 状况和可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投 资者踊跃参与！ 特此公告！ 箭牌家居集团股份有限公司董事会 2024 年 9 月 ...

箭牌家居集团股份有限公司 证券代码：001322 证券简称：箭牌家居 公告编号：2024-049 关于以集中竞价交易方式回购公司股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 箭牌家居集团股份有限公司（以下简称"公司"）于 2023 年 10 月 27 日召开 第二届董事会第八次会议、第二届监事会第八次会议审议通过了《关于以集中竞 价交易方式回购公司股份方案的议案》，同意公司使用自有资金以集中竞价交易 方式回购公司部分社会公众股份，用于实施股权激励计划或员工持股计划。本次 回购股份的种类为公司发行的人民币普通股（A 股），回购的资金总额不低于人 民币 5,000 万元（含）且不超过人民币 10,000 万元（含），回购价格不超过人民 币 21 元/股（含）。按照回购价格上限人民币 21 元/股测算，当回购金额为上限 人民币 10,000 万元时，预计回购股份数量约为 4,761,905 股，约占公司届时总股 本的 0.4909%；当回购金额为下限人民币 5,000 万元时，回购股份数量约为 2,380,952 股，约占公司届时总股本的 0.24 ...

[Table_MainInfo] 公司研究/造纸轻工/轻工制造 证券研究报告 箭牌家居（001322）公司半年报点评 2024 年 08 月 27 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | |---------------------------------------------------------------| | 股票数据 | | 08 [ Table_StockInfo 月 26 日收盘价（元） ] | | 52 周股价波动（元） | | 总股本 / 流通 A 股（百万股） | | 总市值 / 流通市值（百万元） | | 相关研究 | | [Table_ReportInfo] 《利润率短期承压，内部降本工作加速推进》 | | 2024.04.27 | | 《商品控制权转移节点延迟，合同负债快速增 | | 长》 2023.11.23 | | 《智能坐便器销售快速放量，电商 | | 收入高增》 2023.08.31 市场表现 | [Table_QuoteInfo] -58.14% -45.14% -32.14% -19.14% -6.14% 6.86% 202 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [5][12]. Core Views - The company's performance is under short-term pressure due to external factors, but it is continuously strengthening its omnichannel layout and actively launching new products. The revenue contribution from smart toilets is increasing, which is expected to enhance brand influence [3]. - For the first half of 2024, the company achieved revenue of 3.088 billion yuan, a decrease of 10.1%, and a net profit attributable to shareholders of 38 million yuan, down 77.8%. The second quarter of 2024 saw revenue of 1.953 billion yuan, down 16.0%, and a net profit of 128 million yuan, down 23.7% [4]. - The company has adjusted its earnings per share (EPS) forecasts for 2024-2026 to 0.37, 0.44, and 0.54 yuan, respectively, down from previous estimates of 0.51, 0.59, and 0.68 yuan. The target price has been lowered to 8.14 yuan from 10.05 yuan [4][12]. Summary by Sections Financial Performance - The company reported a significant decline in revenue and net profit for the first half of 2024, with a revenue drop of 10.1% and a net profit drop of 77.8% compared to the previous year. The second quarter also showed a decline in revenue and net profit [4]. - The revenue from various product segments showed mixed results, with smart toilets experiencing a slight increase in sales volume but a decrease in revenue [4]. Product and Channel Development - The company is expanding its distribution channels and enhancing its product offerings. It is focusing on retail, e-commerce, home decoration, and engineering channels, with a combined revenue contribution of 77.16% from retail and e-commerce [4]. - The overseas business is growing significantly, with a year-on-year revenue increase of 178.3% from regions like Southeast Asia and the Middle East [4]. Profitability and Cost Management - The gross margins for various product categories have decreased due to intensified price competition, leading to a net profit margin of 1.17% for the first half of 2024, down 3.8 percentage points [4]. - The company is managing its expenses, with an increase in management and R&D expense ratios, while sales expense ratios have decreased due to changes in dealer subsidy policies [4].

箭牌家居（001322.SZ）2024 年中报点评 海外收入高增，国内业务暂时承压 2024 年 08 月 23 日 [盈利预测与财务指标 Table_Forcast] ➢ 事件：公司发布 2024 年半年报：2024 年公司上半年实现营收/归母净利润 /扣非净利润 30.88/0.38/0.13 亿元，同比减少 10.07%/77.82%/91.02%。24Q2 公司实现营收/归母净利润/扣非净利润 19.53/1.28/1.19 亿元，同比减少 15.96%/23.69%/27.85%。 ➢ 海外收入高增，国内业务暂时承压：公司收入下滑主要系卫浴行业竞争加剧、 房地产市场持续调整以及消费预期转弱。分产品看，24 年上半年卫生陶瓷/龙头 五 金 / 浴 室 家 具 / 浴 缸 浴 房 / 瓷 砖 / 其 他 品 类 及 配 件 实 现 收 入 15.70/8.33/3.34/1.51/1.32/0.38 亿 元 ， 同 比 减 少 6.08%/12.13%/0.17%/ 14.15%/37.44%/50.03%，其中智能坐便器销售数量同比增长 2.55%，低价轻智 能占比提升下，收入下降 7.66%，占公司 ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a significant decline in revenue and net profit for the first half of 2024, with revenue at 3.088 billion yuan, down 10.07% year-on-year, and net profit at 38 million yuan, down 77.82% year-on-year [2] - The demand pressure has increased sequentially, with a notable decline in revenue from e-commerce and engineering channels [2] - The company is focusing on international market expansion, achieving a 178.25% year-on-year increase in overseas revenue [2] - The gross margin has slightly decreased due to intensified industry competition, with a gross margin of 27.03% for the first half of 2024, down 2.41 percentage points year-on-year [2] - The company is expected to enhance its core competitiveness in the bathroom industry through product intelligence and optimized sales strategies [3] Financial Performance Summary - For 2024, the company is projected to have total revenue of 7.043 billion yuan, a decrease of 7.91% year-on-year, and a net profit of 344.26 million yuan, down 18.93% year-on-year [1][9] - The earnings per share (EPS) is expected to be 0.36 yuan for 2024, with a price-to-earnings (P/E) ratio of 18.32 [1][10] - The operating cash flow for the first half of 2024 was -590 million yuan, a decline of 429.64% year-on-year, primarily due to reduced cash receipts from sales [3][10] - The company has a total market capitalization of 6.30557 billion yuan and a circulating A-share market value of 1.07814 billion yuan [5]

证券研究报告 箭牌家居 (001322 CH) 毛利率环比改善, 海外市场加速拓展 华泰研究 中报点评 2024 年 8 月 22 日│中国内地 陶瓷 24Q2 收入/归母净利同比-16.0%/-23.7%，维持"买入" 24H1 公司实现收入/归母净利 30.9/0.4 亿元，同比-10.1%/-77.8%，基本符 合业绩预告，其中 24Q2 收入/归母净利 19.5/1.3 亿元，同比-16.0%/-23.7%， 单季度盈利能力环比有所回升。考虑卫浴行业价格竞争仍激烈，我们预计公 司 24-26 年归母净利为 4.1/4.8/5.7 亿元。可比公司 Wind 一致预期均值对 应 24 年 13xPE，我们看好公司智能卫浴的增长潜力，消费品以旧换新政策 有望驱动需求增长，给予公司 24 年 20xPE，目标价 8.40 元，维持"买入"。 智能坐便器收入占比继续提升，Q2 毛利率环比有所改善 24H1 公 司 卫 生 陶 瓷 / 龙 头 五 金 / 浴 室 家 具 / 浴 缸 浴 房 / 瓷 砖 收 入 15.7/8.3/3.3/1.5/1.34 亿元，同比-6.1%/-12.1%/-0.2%/-14.2% ...

Financial Performance - The company reported a revenue of 1.2 billion RMB for the first half of 2024, representing a year-on-year increase of 15%[2]. - The company has set a revenue guidance of 2.5 billion RMB for the full year 2024, which reflects a growth target of 10%[2]. - The company's revenue for the first half of 2024 was CNY 3,087,920,811.39, a decrease of 10.07% compared to CNY 3,433,745,940.59 in the same period last year[12]. - Net profit attributable to shareholders was CNY 37,998,473.31, down 77.82% from CNY 171,291,877.24 year-on-year[12]. - The net cash flow from operating activities was negative CNY 590,704,474.02, a decline of 429.64% compared to CNY 179,195,537.48 in the previous year[12]. - Basic earnings per share decreased to CNY 0.0394, down 77.79% from CNY 0.1774 in the same period last year[12]. - The total operating revenue for the first half of 2024 was CNY 3,087,920,811.39, a decrease of 10.06% compared to CNY 3,433,745,940.59 in the same period of 2023[183]. - Net profit for the first half of 2024 was CNY 36,201,023.94, a significant decline of 78.74% from CNY 170,708,544.99 in the first half of 2023[184]. - The total comprehensive income for the first half of 2024 is CNY 21,331,495.22, a decrease from CNY 235,243,908.85 in the same period of 2023[186]. Market Expansion and Strategy - The company is expanding its market presence in Southeast Asia, with plans to open 50 new retail locations by the end of 2024[2]. - The company is focusing on developing products tailored to the needs of the second-hand housing market, enhancing its service model to include comprehensive renovation solutions[21]. - The company continues to deepen its retail channel strategy while promoting an omnichannel marketing system to mitigate the impact of real estate market fluctuations[21]. - The company is actively pursuing strategies for brand upgrading, channel expansion, and digital transformation to mitigate risks and enhance operational efficiency[85]. Research and Development - Research and development expenses increased by 25% to enhance product innovation and technology[2]. - R&D investment in the first half of 2024 reached 169.22 million yuan, an increase of 12.68% year-on-year, accounting for 5.48% of total revenue[33]. - The company has established 16 R&D departments and invested over 4% of its revenue in R&D for both 2022 and 2023[48]. - The company has developed multiple proprietary technologies, including antibacterial technology and intelligent toilet platform technology[48]. Environmental Responsibility - The company is committed to environmental responsibility and has established a framework for monitoring and managing its environmental impact[100]. - The company has implemented strict adherence to pollution discharge standards, ensuring compliance across all monitored pollutants[104]. - The company has invested in clean energy sources, such as natural gas, to reduce emissions from fuel combustion[116]. - The company has established a wastewater management system, ensuring that production wastewater is treated and either reused or discharged in compliance with regulations[117]. Subsidiary Performance - The company's subsidiary, Guangdong Lehua Intelligent Sanitary Ware Co., Ltd., reported a net loss of 18,413,991.41 RMB for the period[79]. - The subsidiary, Foshan Faan Anhua Sanitary Ware Co., Ltd., reported a net loss of 9,987,630.39 RMB for the period[79]. - The subsidiary, Foshan Lehua Hengye Kitchen and Bath Co., Ltd., reported a net loss of 15,742,739.93 RMB for the period[79]. - The company reported a significant loss in several subsidiaries, including a net loss of CNY 46.96 million for Foshan Gaoming Anhua Ceramics Co., Ltd.[80]. Shareholder and Equity Information - The company will not distribute cash dividends or issue bonus shares for this fiscal year[1]. - The company approved a restricted stock incentive plan on May 19, 2023, involving the grant of 6 million shares, representing approximately 0.6214% of the total share capital at the time of the announcement[90]. - The total number of shares is 970,122,000, with 82.93% being restricted shares and 17.07% being unrestricted shares[163]. - The largest shareholder, Foshan Lehua Hengye Industrial Investment Co., Ltd., holds 49.48% of the shares, totaling 480,000,000 shares[164]. Legal and Compliance Matters - Arrow Home Group reported a total of 977.13 thousand yuan involved in lawsuits against other parties, primarily related to contract disputes, with no significant impact on the company[126]. - The company has no significant litigation or arbitration matters during the reporting period[124]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[122]. Financial Position - The company's total assets reached approximately CNY 4.5 billion, with a net asset value of CNY 1.2 billion as of the reporting period[80]. - The total liabilities decreased to CNY 4,752,100,714.67 from CNY 5,632,542,487.42, a reduction of approximately 15.6%[179]. - The total equity at the end of the reporting period was CNY 4,905,953,745.01 from CNY 5,007,003,543.60, a decrease of approximately 2%[179]. - The company’s total liabilities were reported at CNY 1.21 billion, maintaining a healthy debt-to-equity ratio[192].

证券代码：001322 证券简称：箭牌家居 公告编号：2024-048 箭牌家居集团股份有限公司 关于公司及全资子公司向银行申请综合授信并提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 一、授信及担保情况概述 箭牌家居集团股份有限公司（以下简称"公司"或"箭牌家居"）于 2024 年 4 月 19 日 召开的第二届董事会第十次会议、2024 年 5 月 13 日召开的 2023 年度股东大会审议通过了 《关于 2024 年度向银行申请综合授信并提供担保的议案》，鉴于公司与众多大型商业银行长 期保持良好的业务合作关系，为提高融资效率并降低融资成本，结合公司及全资子公司日常 生产经营和业务发展需要，公司及部分全资子公司 2024 年度拟向银行申请总额为 693,600.00 万元（敞口为 572,000.00 万元）的综合授信，并在综合授信额度内向银行申请贷款或采用其 他业务方式向银行融资，同时，公司及各全资子公司拟为上述综合授信与融资事项提供总额 度不超过人民币 693,600.00 万元的担保，包括公司对子公司、子公司相互间及子公司对公司 ...

箭牌家居集团股份有限公司 董事、监事和高级管理人员持有本公司股份及其变动的管理制度 （2024 年 8 月） 第一条 为加强对箭牌家居集团股份有限公司（以下简称"公司"或"本公司"） 董事、监事和高级管理人员所持本公司股份及其变动的管理，根据《中华人民共 和国公司法》《中华人民共和国证券法》《上市公司董事、监事和高级管理人员 所持本公司股份及其变动管理规则》《上市公司股东减持股份管理暂行办法》《深 圳证券交易所上市公司自律监管指引第1号——主板上市公司规范运作》《深圳 证券交易所上市公司自律监管指引第10号——股份变动管理》等法律法规及规范 性文件的要求，结合《公司章程》的有关规定，制定本制度。 第二条 公司的董事、监事和高级管理人员应当遵守本制度。 公司董事、监事和高级管理人员就其所持股份变动相关事项（包括但不限于 持有股份比例、持有期限、变动方式、变动价格）作出承诺的，应当严格遵守。 第三条 公司董事、监事和高级管理人员所持本公司股份，是指登记在其名下 和利用他人账户持有的所有本公司股份。 公司董事、监事和高级管理人员从事融资融券交易的，其所持本公司股份还 包括记载在其信用账户内的本公司股份。 第四条 公 ...