[Table_Finance] 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 7513 7648 8445 9491 10672 增长率（%） -10.3% 1.8% 10.4% 12.4% 12.4% EBITDA（百万元） 1059 918 1218 1431 1633 归母净利润（百万元） 593 425 482 616 738 增长率（%） 2.8% -28.4% 13.5% 27.8% 19.8% EPS（元/股） 0.67 0.44 0.50 0.63 0.76 市盈率（P/E） 22.69 26.95 16.45 12.87 10.74 ROE（%） 12.5% 8.5% 8.7% 10.0% 10.6% EV/EBITDA 13.63 12.24 5.65 4.42 3.24 数据来源：公司财务报表，广发证券发展研究中心 次激励计划，利润考核目标高于收 入 [Table_Title] 箭牌家居（001322.SZ） 收入稳健增长市占率加速提升，期待盈利能力修复 [Table_Summary] 核心观点： 公司发布 23 年报及 24 年一季报。23 年收入 7 ...

[ T able_StockInfo] 2024 年 04 月 22 日 证券研究报告•23 年年报及 24 年一季报点评 持有 （维持） 当前价：8.17 元 箭牌家居（001322）轻工制造 目标价：——元（6 个月） 基础数据 [Table_BaseData] 总股本(亿股) 9.70 流通 A 股(亿股) 1.66 52 周内股价区间(元) 8.17-19.71 总市值(亿元) 79.26 总资产(亿元) 96.36 每股净资产(元) 5.05 盈利暂时承压，降本增效持续发力 [Table_Summary 业绩摘要：公司发布 ] 2023年年报及 2024年一季报，2023年公司实现营收 76.5 亿元（同比+1.8%）；实现归母净利润 4.2亿元（同比-28.4%）；实现扣非净利 润 3.9亿元（同比-27.6%）。单季度来看，2023Q4公司实现营收 23.7亿元（同 比+5.4％）；实现归母净利润 1.4 亿元（同比-19.6%）；实现扣非后归母净利 润 1.3亿元（同比-14.1%）。2024Q1公司实现营收 11.3亿元（同比+2.3%）， 实现归母净利润-0.9亿元，实现扣非后归母净利润- ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance that exceeds the benchmark by more than 5% over the next 6 months [20]. Core Insights - The company, Arrow Home, is a leading player in the domestic bathroom industry, with strong brand, product, and channel capabilities. It is expected to enhance its core competitiveness through product intelligence, structured sales, and refined online operations [11]. - The company has adjusted its net profit forecasts for 2024 and 2025 to 448 million and 566 million respectively, down from previous estimates of 778 million and 937 million. The 2026 net profit is projected to be 664 million, with corresponding P/E ratios of 19X, 15X, and 13X [11]. - In 2023, the company achieved a revenue of 7.648 billion, a year-on-year increase of 1.79%, while the net profit attributable to the parent company was 424 million, a decrease of 28.43% [13]. Financial Summary - The company's total revenue is projected to grow to 10.406 billion by 2026, with a compound annual growth rate (CAGR) of approximately 9.31% from 2023 to 2026 [9]. - The gross profit margin for 2023 was 28.34%, down 4.51 percentage points year-on-year, primarily due to increased promotional activities to capture market share [15]. - The operating cash flow for 2023 was 1.166 billion, a significant increase of 190.98% year-on-year, indicating improved cash collection efficiency [11]. Product Performance - In 2023, the sanitary ceramics segment generated revenue of 3.742 billion, a year-on-year increase of 6.61%, with smart toilets contributing 1.562 billion, up 12.48% [14]. - The company has seen a decline in revenue from its distribution business, which totaled 6.561 billion, down 0.76% year-on-year, while direct sales increased by 20.03% to 1.037 billion [14]. Market Dynamics - The competitive landscape has intensified, leading to a decrease in product prices and profit margins. The company’s sales volume for sanitary ceramics grew by 13.83%, but revenue only increased by 6.61% [15]. - The overall market conditions and pricing competition are expected to continue impacting the company's profitability in the near term [11].

[盈利预测与财务指标 Table_Forcast] | --- | --- | --- | --- | --- | |----------------------------------------------------|-------|------------------|------------|--------| | 项目/年度 | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 7,648 | 8,462 | 9,351 | 10,329 | | 增长率（ %） | 1.8 | 10.6 | 10.5 | 10.5 | | 归属母公司股东净利润（百万元） | 425 | 490 | 566 | 654 | | 增长率（ %） | -28.4 | 15.4 | 15.5 | 15.6 | | 每股收益（元） | 0.44 | 0.51 | 0.58 | 0.67 | | PE | 20 | 17 | 15 | 13 | | PB | 1.7 | 1.6 | 1.5 | 1.4 | | 资料来源： Wind ，民生证券研究院预测；（注：股价为 | 2024 | ...

公 司 更 新 报 告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------|----------|--------|-------|---------------|-------|-------|------------|-------| | 代码 | 简称 | 收盘价 | 2023E | EPS \n2024E | 2025E | 2023E | PE \n2024E | 2025E | | 603408.SH | 建霖家居 | 15.25 | 0.96 | 1.08 | 1.31 | 15.89 | 14.07 | 11.67 | | 002790.SZ | 瑞尔特 | 11.50 | 0.53 | 0.70 | 0.84 | 21.70 | 16.43 | 13.72 | | 603992.SH | 松霖科技 | 18.20 | 0.97 | 1.15 | 1.44 | 18.76 | 15.84 | 12.65 | | | 平均 | - | 0.82 | 0.98 | 1.19 | 18.78 | 15.45 | 1 ...

Investment Rating - The investment rating for the company is "Recommended" (Maintain) with a target price of 8.79 CNY [4][16]. Core Views - The company's revenue growth remains stable, but increased competition has led to pressure on gross margins. In 2023, the company's net profit attributable to shareholders decreased by 28.4% year-on-year, primarily due to weak industry demand and increased promotional efforts to capture market share, resulting in a gross margin decline of 4.5 percentage points to 28.3% [2][11]. - The company aims for a revenue growth rate of no less than 10% in 2024, based on the 2023 revenue as a benchmark, and a net profit growth rate of no less than 15% [2][16]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 76.5 billion CNY, a year-on-year increase of 1.8%, and a net profit of 4.2 billion CNY, a decrease of 28.4% compared to the previous year. In Q1 2024, the company reported a revenue of 11.3 billion CNY, a year-on-year increase of 2.3%, but a net loss of 0.9 billion CNY [11][12]. - The gross margin for 2023 was 28.3%, down from 32.8% in 2022, and the net margin was 5.6% [11][24]. Sales Channels - The company continues to focus on retail channels, with 86% of revenue coming from distribution (including retail, e-commerce, home decoration, and engineering) and 14% from direct sales. The total revenue from retail, e-commerce, and home decoration channels accounted for 75% of total revenue [12][16]. - The company has expanded its terminal store network to 17,567 outlets by the end of 2023 [12]. Product Development - The company is committed to smart product development, with smart toilet products accounting for over 20% of revenue. In 2023, smart toilet revenue was 15.6 billion CNY, a year-on-year increase of 2 percentage points [15][16]. - R&D investment in 2023 was 3.4 billion CNY, representing 4.5% of revenue [15]. Cash Flow and Financial Health - The operating cash flow for 2023 was 11.7 billion CNY, significantly higher than the previous year, while Q1 2024 showed a negative cash flow of 9.4 billion CNY due to increased material purchases and tax payments [15][18]. - The company's total assets were 10.64 billion CNY in 2023, with a debt-to-asset ratio of 49.1% [10][19]. Future Outlook - The company has adjusted its profit forecasts downward, expecting net profits of 4.3 billion CNY in 2024 and 5.2 billion CNY in 2025, with a new forecast for 2026 at 6.5 billion CNY [16]. - Despite the downward adjustment in profit forecasts, the company maintains a "Recommended" rating due to significant stock price adjustments [16].

Investment Rating - The report assigns a "Buy" rating for the company [18] Core Views - The company achieved a revenue of 7.648 billion yuan in 2023, representing a year-on-year increase of 1.79%, while the net profit attributable to shareholders was 425 million yuan, a decrease of 28.43% compared to the previous year [18] - The company is focusing on enhancing its product competitiveness through accelerated new product development and adjusting sales policies to capture market share [18] - The company plans to expand its overseas market presence and promote coordinated development of domestic and export sales in 2024 [18] Financial Performance Summary - **Revenue**: The company reported total revenue of 76.48 billion yuan in 2023, with a year-on-year growth of 1.79% [18] - **Net Profit**: The net profit attributable to shareholders was 425 million yuan in 2023, down 28.43% year-on-year [2][18] - **Gross Margin**: The gross margin for 2023 was 28.34%, a decrease of 4.5 percentage points compared to the previous year [18] - **Earnings Per Share (EPS)**: The diluted EPS for 2023 was 0.44 yuan, with projections of 0.50 yuan, 0.58 yuan, and 0.67 yuan for 2024, 2025, and 2026 respectively [3][18] - **Return on Equity (ROE)**: The ROE for 2023 was 8.5%, with expectations of 8.9%, 9.3%, and 9.7% for the following years [3][18] Product and Market Insights - The company’s smart toilet sales reached 1.56 billion yuan in 2023, growing by 12.5% year-on-year, accounting for 20.4% of total revenue [18] - The company has increased its terminal network to 17,567 points by the end of 2023, with a focus on expanding into lower-tier markets [18] - Direct sales, including e-commerce, generated 1.04 billion yuan in revenue, reflecting a year-on-year increase of 20.03% [18]

证券代码：001322 证券简称：箭牌家居 公告编号：2024-009 箭牌家居集团股份有限公司 第二届董事会第十次会议决议公告 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、董事会会议召开情况 具体内容详见与本公告同日披露于巨潮资讯网（http://www.cninfo.com.cn） 等指定信息披露媒体上的公司《2023 年年度报告》"第四节 公司治理"之"六、 报告期内董事履行职责的情况"及"七、董事会下设专门委员会在报告期内的情 况"等内容。 （二）审议通过了《2023 年度独立董事述职报告》 独立董事王晓华先生、李胜兰女士、饶品贵先生向董事会递交了独立董事述 职报告，并将在 2023 年度股东大会上进行述职。 1 表决情况：同意 9 票，反对 0 票，弃权 0 票。 具体内容详见与本公告同日披露于巨潮资讯网（http://www.cninfo.com.cn） 等指定信息披露媒体上的《2023 年度独立董事述职报告》。 箭牌家居集团股份有限公司（以下简称"箭牌家居"或"公司"）已于 2024 年 4 月 8 日以电子邮件及电话通知的方式向全体董事 ...

关于会计政策变更的公告 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。 重要提示： 本次会计政策变更系根据中华人民共和国财政部（以下简称"财政部"） 相关规定进行的相应变更，无需提交公司董事会和股东大会审议，不会对公司 财务状况、经营成果和现金流量产生重大影响 箭牌家居集团股份有限公司（以下简称"公司"）根据财政部发布的《企 业会计准则解释第 17 号》的要求变更会计政策。根据《深圳证券交易所股票上 市规则》等的相关规定，本次会计政策变更无需提交公司董事会和股东大会审 议批准。本次会计政策变更具体情况如下： 一、会计政策变更概述 证券代码：001322 证券简称：箭牌家居 公告编号：2024-011 箭牌家居集团股份有限公司 1 3、变更后采取的会计政策 本次会计政策变更后，公司将按照解释第 17 号要求执行。其他未变更部分， 公司继续执行财政部发布的《企业会计准则--基本准则》和各项具体会计准则、 企业会计准则应用指南、企业会计准则解释公告以及其他相关规定。 二、本次变更对公司的影响 本次会计政策变更是公司根据财政部发布的最新会计准则解释进行的相应 变更，符 ...

箭牌家居集团股份有限公司 募集资金管理制度 （2024年4月修订） 第一章 总则 第一条 为规范箭牌家居集团股份有限公司（以下简称"公司"）募集资金的 存放、使用和管理，保证募集资金的安全，最大限度地保障投资者的合法权益， 根据《中华人民共和国公司法》《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》《深 圳证券交易所股票上市规则》《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》等法律、法规和规范性文件和《箭牌家居集团股份有 限公司章程》的有关规定，结合公司实际情况，特制定本管理制度（下称"本制 度"）。 第二条 本制度所称募集资金是指公司通过发行股票及其衍生品种，向投资 者募集并用于特定用途的资金，但不包括公司实施股权激励计划募集的资金。 本制度所称超募资金是指实际募集资金净额超过计划募集资金金额的部分。 第三条 募集资金到位后，公司应及时办理验资手续，由符合《证券法》规 定的会计师事务所审验并出具验资报告。 第四条 公司的董事、监事和高级管理人员应当勤勉尽责，督促公司规范使 用募集资金，自觉维护公司募集资金 ...