个交易日内披露截至上月末的回购进展情况。现将公司截至上月末的回购股份进 展情况公告如下： 一、公司股份回购的进展情况 截至 2024 年 4 月 30 日，公司通过股份回购专用证券账户以集中竞价交易方 式累计回购公司股份 2,952,200 股，占公司总股本 970,122,000 股的比例为 0.3043 %；回购的最高成交价为人民币 12.56 元/股，最低成交价为人民币 7.84 元 /股，成交总金额为人民币 29,912,041 元（不含交易费用）。本次回购符合相关法 律法规的规定和公司股份回购方案的要求。 证券代码：001322 证券简称：箭牌家居 公告编号：2024-029 箭牌家居集团股份有限公司 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， ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][8]. Core Views - The company experienced a slight decline in revenue in 2023, with total revenue at 76.48 billion yuan, a year-on-year increase of 1.8%. However, the net profit attributable to shareholders decreased by 28.4% to 4.25 billion yuan [8]. - The company is focusing on accelerating new product development to enhance competitiveness and adjusting sales policies to increase market share, leading to a slight revenue increase despite profit pressure from pricing factors [8]. - The share price is currently at 9.07 yuan, with a market capitalization of 8.799 billion yuan [4]. Financial Forecasts and Indicators - Revenue projections for the upcoming years are as follows: 2024E at 84.43 billion yuan (+10.4%), 2025E at 92.58 billion yuan (+9.6%), and 2026E at 97.64 billion yuan (+5.5%) [2][8]. - The net profit forecasts are adjusted to 4.77 billion yuan for 2024, 5.63 billion yuan for 2025, and 6.27 billion yuan for 2026, reflecting year-on-year growth of 12%, 18%, and 11% respectively [8]. - Key financial ratios include a projected PE ratio of 19 for 2024, 16 for 2025, and 14 for 2026 [8]. Revenue and Profit Analysis - The company’s revenue from sanitary ceramics in 2023 was 37.4 billion yuan, up 6.6%, with smart toilets contributing 15.6 billion yuan, a growth of 12.5% [8]. - The company is expanding its retail channels, with direct sales revenue increasing by 20% to 1.04 billion yuan in 2023, while distribution revenue slightly decreased by 0.8% [8]. - The gross margin for 2023 was 28.3%, down 4.5 percentage points, and the net margin was 5.6%, down 2.3 percentage points [8].

Investment Rating - The investment rating for the company is "Buy" [1][4]. Core Views - The company's revenue remained stable due to adjustments in sales policies, but profitability is under short-term pressure. In 2023, the company achieved revenue of 7.65 billion (+1.8%) and a net profit attributable to shareholders of 420 million (-28.4%) [2][11]. - The company is accelerating new product development to enhance competitiveness and adjusting sales policies to increase promotions across all channels, leading to a slight revenue increase but significant pressure on profits due to pricing factors [2][11]. - The proportion of smart products is increasing, with smart toilets showing good growth. In 2023, sanitary ceramics revenue was 3.74 billion (+6.6%), with smart toilets contributing 1.56 billion (+12.5%) [2][11]. - The company is focusing on a retail-centric omnichannel strategy, with direct sales showing significant growth. In 2023, direct sales revenue increased by 20.0% to 1.04 billion [2][11]. Summary by Sections Financial Performance - In 2023, the company reported a gross margin of 28.3% (-4.5 percentage points) and a net margin of 5.6% (-2.3 percentage points). The gross margin is expected to decline further in Q1 2024 to 24.4% [2][11]. - The company adjusted its profit forecasts, expecting net profits for 2024-2026 to be 480 million, 560 million, and 630 million respectively, with year-on-year growth rates of 12%, 18%, and 11% [2][11]. Revenue Breakdown - Revenue from different product segments in 2023 included: sanitary ceramics at 3.74 billion (+6.6%), hardware at 2.10 billion (+1.5%), and bathroom furniture at 770 million (-4.6%). Tiles and bathtubs saw declines of 15.8% and 6.2% respectively [2][11]. - The company is expanding its e-commerce presence, with online sales increasing by 6.7% to 1.61 billion in 2023, while traditional retail channels faced a decline [2][11]. Future Outlook - The company anticipates improvements in profitability through cost reduction and efficiency enhancements. The focus will be on maintaining competitive pricing while managing costs effectively [2][11].

中信证券股份有限公司 关于箭牌家居集团股份有限公司 2023年度保荐工作报告 | 保荐人名称：中信证券股份有限公司 | 被保荐公司简称：箭牌家居 | | --- | --- | | 保荐代表人姓名：杨锐彬 | 联系电话：0755-23835332 | | 保荐代表人姓名：史松祥 | 联系电话：0755-23835265 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不 限于防止关联方占用公司资源的制度、募集资金 | 是 | | 管理制度、内控制度、内部审计制度、关联交易 | | | 制度） | | | （2）公司是否有效执行相关规章制度 | 是，根据箭牌家居《2023年度内部控制评价报 | | | 告》，发行人有效执行了相关规章制度。 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月一次 | | （ ...

尊敬的各位投资者社会各界关心和支持建牌家居发展的朋友们大家下午好欢迎大家参加建牌家居集团股份有限公司2023年度业绩说明会我是公司的副总经理总事位秘书梁伟华也是本次会议的主持人首先请允许我介绍出席本次业绩说明会的嘉宾 剑牌家居集团股份有限公司董事长总经理谢日荣先生财务总监彭小内先生公司保健代表人中信证券全球投资银行管理委员会高级副总裁杨瑞彬先生以及线上参会的公司独立董事李胜楠女士 公司已于2024年4月20日发布了2023年度的报告及相关的公告汇报了公司年度经营情况及重要事项为便于投资者更好地了解公司业务和经营情况特举行本次业绩说明会与广大的投资者互通交流 广泛接受投资者的提问和建议首先有请公司的董事长董经理谢瑞荣先生进行致辞尊敬的各位投资者朋友们下午好我是剑牌家机集团股份有限公司董事长 总经理谢月荣欢迎各位参加剑牌家居2023年度业绩说明会在过去的一年公司坚持深耕未育空间聚焦智能家居营业收入特别是智能家居产品收入保持了增长 但我们坦诚地承认公司的净利润指标并未达到预期在此我代表公司董事会管理层向一直以来支持关心键牌夹击发展的投资者朋友们表示诚挚的歉意尽管新房市场仍在调整中但存量房市场的机会还是巨大的 我们始 ...

Investment Rating - The report does not provide a clear investment rating for the company [20]. Core Views - The company achieved a revenue of 7.648 billion yuan in 2023, with a year-on-year growth of 2%, while net profit attributable to the parent company decreased by 28% to 425 million yuan [6][8]. - The growth drivers for 2023 included home decoration and e-commerce, with expectations for export to be a key growth driver in Q1 2024 [7][8]. - The company is focusing on enhancing customer acquisition, improving average transaction value, and optimizing channel layouts to strengthen its competitive advantage [8]. - The report anticipates net profits of 470 million yuan and 540 million yuan for 2024 and 2025, respectively, corresponding to current price-to-earnings ratios of 17x and 15x [8]. Financial Performance Summary - In 2023, the company reported a revenue of 7.648 billion yuan, with a net profit of 425 million yuan and a non-deductible net profit of 392 million yuan, reflecting a year-on-year decrease of 28% [6]. - The gross profit margin for 2023 was 28%, with a decline of 4.5 percentage points compared to the previous year [12]. - The company’s sales expenses for 2023 were 603 million yuan, accounting for 8% of total revenue [18]. - The report projects revenues of 8.264 billion yuan and 9.099 billion yuan for 2024 and 2025, respectively [18]. Product and Market Insights - The smart toilet segment continues to show significant growth, with a notable increase in sales volume driven by e-commerce and home decoration channels [8][12]. - The company is enhancing its product offerings by increasing the sales of related products alongside its core sanitary ceramics [8]. - The average price of smart toilets remains significantly higher than that of sanitary ceramics, contributing positively to overall revenue [12].

轻工制造/家居用品 公 司 研 究 箭牌家居（001322.SZ） 2024 年 04 月 24 日 2024Q1 业绩短期承压，渠道及产品布局持续加速 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|------------| | 日期 | 2024/4/23 | | 当前股价 ( 元 ) | 8.30 | | 一年最高最低 ( 元 ) | 20.08/7.72 | | 总市值 ( 亿元 ) | 80.52 | | 流通市值 ( 亿元 ) | 13.75 | | 总股本 ( 亿股 ) | 9.70 | | 流通股本 ( 亿股 ) | 1.66 | | 近 3 个月换手率 (%) | 170.61 | 股价走势图 -64% -48% -32% -16% 0% 16% 2023-04 2023-08 2023-12 箭牌家居 沪深300 数据来源：聚源 相关研究报告 《2023H1 业绩阶段承压，智能化+全 渠道持续推进—公司信息更新报告》 -2023.8.23 《发布股权激励草案，彰显对未来规 模和盈利能力提升信心—公司信息更 新 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [2][9] Core Views - The company's performance is currently under pressure, but its smart products and overseas business are performing well [9] - The company reported a revenue of 1.135 billion yuan in Q1 2024, a year-on-year increase of 2.26%, while the net profit attributable to shareholders was -90.35 million yuan, a decline of 300.4% year-on-year [2][3] - For the full year 2023, the company achieved a revenue of 7.648 billion yuan, a slight increase of 1.79% year-on-year, but the net profit attributable to shareholders decreased by 28.43% to 425 million yuan [4][9] Financial Performance Summary - In Q1 2024, the company's gross margin and net margin were 24.40% and -8.03%, respectively, down 6.04 and 8.28 percentage points year-on-year [3] - The company experienced a significant increase in asset impairment losses in Q1 2024, amounting to 19.93 million yuan, compared to -6.56 million yuan in the same period last year [3] - The operating cash flow for 2023 was 1.166 billion yuan, a year-on-year increase of 190.98%, mainly due to increased cash received from sales and reduced tax payments [8] Product and Market Performance - The company’s smart toilet and overseas business showed strong performance, with smart toilet revenue reaching 1.562 billion yuan in 2023, a year-on-year increase of 12.48% [4][9] - The company’s revenue from sanitary ceramics, faucets, and bathroom furniture for 2023 was 3.742 billion yuan, 2.101 billion yuan, and 771 million yuan, respectively, with year-on-year changes of +6.61%, +1.50%, and -4.56% [4] - The company’s direct sales model, primarily through e-commerce and direct engineering, generated 1.037 billion yuan in revenue, a year-on-year increase of 20.03% [4] Future Outlook - The company is expected to achieve net profits of 4.95 billion yuan, 5.82 billion yuan, and 6.80 billion yuan for 2024, 2025, and 2026, representing year-on-year growth rates of 17%, 18%, and 17%, respectively [9] - The report highlights the rise of domestic brands and the theme of "smart transformation" in the industry, indicating a positive future outlook for the company [9]

公 司 研 究 证券研究报告 ＃industryId＃ 轻工制造 | --- | --- | --- | --- | --- | |-------|-----------------------------------------------------------------------------------------|----------------------------------------------|----------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 12.15 CNY, maintaining the rating [5][12]. Core Views - The company is focusing on smart product upgrades and is expected to see a recovery in profitability [2][12]. - The company achieved a revenue of 7.648 billion CNY in 2023, a year-on-year growth of 1.79%, but the net profit decreased by 28.43% to 425 million CNY [2][12]. - The company is actively expanding its product development and market share through promotional strategies and channel adjustments [3][12]. Revenue and Profitability - In 2023, the company reported revenue of 76.48 billion CNY, with a net profit of 4.25 billion CNY, reflecting a decline in profitability [2][12]. - The gross margin for 2023 was 28.34%, down 4.51 percentage points year-on-year, with a further decline in Q1 2024 to 24.40% [4][11]. - The company is implementing cost reduction measures to mitigate the impact of pricing pressures [4][11]. Product and Market Performance - The company has seen a significant increase in the market share of smart toilets, with revenue growth of 12.48% in this segment [3][12]. - The sales of bathroom products grew by 8.92% in volume, although revenue growth was slower due to pricing factors [3][12]. - The company is expanding its retail and e-commerce channels, with a total of 17,567 retail outlets by the end of 2023 [3][12]. Financial Forecast - The company is projected to achieve revenues of 85.65 billion CNY, 97.53 billion CNY, and 110.53 billion CNY for 2024, 2025, and 2026, respectively, with corresponding net profits of 4.92 billion CNY, 5.76 billion CNY, and 6.75 billion CNY [12][19]. - The expected PE ratios for the next three years are 16.1x, 13.8x, and 11.7x, indicating a favorable valuation outlook [12][19].