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].

[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]