Core Viewpoint - Arrow Home's performance in 2024 showed a significant decline, with revenue and net profit dropping compared to previous years, attributed to intensified industry competition and increased depreciation expenses [1][4][6] Financial Performance - In 2024, Arrow Home reported operating revenue of 7.131 billion yuan, a year-on-year decrease of 6.76%, and a net profit of 66.77 million yuan, down 84.28% [4] - The company's gross profit margin decreased by 3.24 percentage points due to ongoing price declines in products and increased expenses [4] - Despite the overall decline, the fourth quarter saw a revenue spike to approximately 2.3 billion yuan, aided by the "old-for-new" consumption policy [4][5] Business Channels - The home decoration channel was one of the few areas with revenue growth, achieving 1.182 billion yuan in annual revenue, up 3.25% [4][5] - Retail channels are a focus for the company, aiming to enhance customer traffic, retention rates, and average transaction values [1][5] - E-commerce and engineering channels experienced revenue declines of 4.92% and 17.42%, respectively [5] Dividend Policy - Arrow Home proposed a cash dividend of 1.32 yuan per 10 shares, totaling approximately 126 million yuan, which is 1.88 times the net profit for 2024 [6][7] - The decision to maintain high dividends despite poor performance raised questions, but the company stated it has a solid financial position and sufficient distributable profits [6][7] Market Trends - The "old-for-new" policy is expected to influence consumer behavior positively, shifting the focus from new home purchases to renovations and upgrades [5][9] - The demand for smart bathroom products, particularly smart toilets, is anticipated to grow, despite current price competition in the market [8][9]

Market Overview - The Shanghai Composite Index closed at 3328.43 points, above the six-month moving average, with an increase of 0.37% [1] - The total trading volume of A-shares reached 12152.25 billion yuan [1] Stocks Breaking Six-Month Moving Average - A total of 144 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - JinHao Medical: 26.73% - SuAo Sensor: 19.75% - HuaWu Co., Ltd.: 17.98% [1] Stocks with Smaller Deviation Rates - Stocks with smaller deviation rates that have just crossed the six-month moving average include: - Aerospace Intelligent Manufacturing - Changqing Technology - China Merchants Highway [1] Performance of Selected Stocks - JinHao Medical: Today's increase of 29.96% with a turnover rate of 23.69% [1] - SuAo Sensor: Increased by 20.05% with a turnover rate of 8.96% [1] - HuaWu Co., Ltd.: Increased by 19.94% with a turnover rate of 20.89% [1] Additional Notable Stocks - Other stocks with notable performance include: - JiuDing Investment: 9.97% increase, 7.73% turnover rate - Arrow Home: 10.02% increase, 8.27% turnover rate - Construction Industry: 10.01% increase, 13.40% turnover rate [1]

证券代码：001322 证券简称：箭牌家居 公告编号：2025-031 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 一、公司股份回购的进展情况 截至 2025 年 4 月末，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 4,898,400 股，占公司总股本 968,597,250 股的比例为 0.5057%， 回购的最高成交价为人民币 8.79 元/股，最低成交价为人民币 7.46 元/股，成交总 金额为人民币 39,992,006.00 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。 二、其他说明 公司回购股份的时间、回购股份价格以及集中竞价交易的委托时段均符合 《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》第十七条、第十 八条的相关规定。具体说明如下： 1、公司未在下列期间内回购公司股份： （1）自可能对本公司证券及其衍生品种交易价格产生重大影响的重大事项 发生之日或者在决策过程中，至依法披露之日内； （2）中国证监会和深圳证券交易所规定的其他情形。 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 ...

中信证券股份有限公司关于 箭牌家居集团股份有限公司 首次公开发行股票并上市持续督导保荐总结报告书 保荐人编号：Z20374000 申报时间：2025 年 4 月 | 公司名称 | 箭牌家居集团股份有限公司 | | --- | --- | | 法定代表人 | 谢岳荣 | | 证券简称 | 箭牌家居 | | 证券代码 | 001322.SZ | | 证券上市时间 | 年 月 日 2022 10 26 | | 股票上市地 | 深圳证券交易所 | | 证券发行类型 | 首次公开发行股票 | | 注册地址 | 广东省佛山市三水区南山镇康裕三路 1 号 1 座 | | 办公地址 | 广东省佛山市顺德区乐从镇创兴一路 1 号箭牌总部大厦 | | 电话号码 | 0757-29964106 | | 电子邮箱 | IR@arrowgroup.com.cn | | 官网 | www.arrowgroup.com.cn | 一、发行人基本情况 三、保荐工作概述 截至 2024 年 12 月 31 日，保荐人对箭牌家居首次公开发行股票并上市的持 续督导期已届满。 保荐人及保荐代表人对箭牌家居所做的主要保荐工作如下： 1、按照法律、行政 ...

中信证券股份有限公司 关于箭牌家居集团股份有限公司 2024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：史松祥 | 联系电话：0755-23835265 | | 保荐代表人姓名：邱斯晨 | 联系电话：0755-23835359 | 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《2024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 | | （ ...

中信证券股份有限公司 关于箭牌家居集团股份有限公司 2024 年度持续督导定期现场检查报告 保荐人名称：中信证券股份有限公司 （以下简称"中信证券"或"保荐人"） 被保荐公司简称：箭牌家居 保荐代表人姓名：史松祥 联系电话：0755-23835265 保荐代表人姓名：邱斯晨 联系电话：0755-23835359 现场检查人员姓名：邱斯晨 现场检查对应期间：2024 年度 现场检查时间：2025 年 4 月 17 日 一、现场检查事项 现场检查意见 （一）公司治理 是 否 不适用 现场检查手段： 查阅了上市公司最新章程、三会议事规则及会议材料，取得上市公司董事、监事、 高级管理人员名单及其变化情况，取得上市公司关联方清单，查阅关于公司控股 股东、实际控制人、董事、监事、高级管理人员的信息披露文件及相关变更决策 文件，查看上市公司生产经营场所，对上市公司高级管理人员进行访谈。 1.公司章程和公司治理制度是否完备、合规 √ 2.公司章程和三会规则是否得到有效执行 √ 3.三会会议记录是否完整，时间、地点、出席人员及会议内 容等要件是否齐备，会议资料是否保存完整 √ 4.三会会议决议是否由出席会议的相关人员签名确认 ...

Core Insights - Arrow Home's 2024 annual report shows a revenue of 7.131 billion yuan, a year-on-year decline of 6.76% [2] - The net profit attributable to shareholders dropped significantly by 84.28% to 66.77 million yuan, marking the lowest since the company's listing in 2022 [2] - Despite the profit decline, the company plans to distribute a cash dividend of 126 million yuan, with a dividend payout ratio of 188.42% [2] Financial Performance - The company's non-recurring net profit fell by 92.59% to 29.04 million yuan, with basic earnings per share at 0.07 yuan [2] - The weighted average return on equity was only 1.32% [2] - In Q1 2025, revenue decreased by 7.46% to 1.05 billion yuan, but losses narrowed to 73 million yuan, with a gross margin increase of 4.62 percentage points [3] Market and Competitive Landscape - The decline in net profit is attributed to industry competition, leading to a decrease in product prices, and rising costs from raw materials like copper [2] - The overseas market is still in the development phase, impacting profit and gross margin performance [2] Growth Areas - Smart toilets emerged as a revenue highlight for 2024, with sales volume reaching 1.1896 million units and revenue of approximately 1.523 billion yuan, accounting for 21.36% of total revenue, a year-on-year increase of 8.94% [3] - R&D investment increased to 372 million yuan, representing 5.21% of revenue, up 8.8% year-on-year, supporting product upgrades [3] Strategic Initiatives - The fourth quarter of 2024 is seen as a critical turning point, benefiting from the "old-for-new" policy and a recovery in the real estate market, with direct e-commerce channel revenue growing by 25.58% [3] - In 2025, the company plans to implement a dual strategy of product and marketing, enhancing product design and R&D investment to improve competitiveness and meet diverse consumer needs [3]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company is experiencing temporary operational pressure but is actively adjusting its strategies with expectations for profit recovery [8] - The company reported a revenue of 7.13 billion yuan in 2024, a year-on-year decrease of 6.76%, and a net profit attributable to shareholders of 67.7 million yuan, down 84.28% year-on-year [8] - The company is focusing on retail channels and aims to enhance product strength and brand marketing to optimize product structure and improve store efficiency [8] Financial Summary - Revenue projections for the company are as follows: 2023A: 7.648 billion yuan, 2024A: 7.131 billion yuan, 2025E: 7.558 billion yuan, 2026E: 7.974 billion yuan, 2027E: 8.383 billion yuan [1] - Net profit projections are: 2023A: 424.64 million yuan, 2024A: 66.77 million yuan, 2025E: 304.78 million yuan, 2026E: 355.95 million yuan, 2027E: 419.60 million yuan [1] - The company's earnings per share (EPS) are projected to be: 2023A: 0.44 yuan, 2024A: 0.07 yuan, 2025E: 0.31 yuan, 2026E: 0.37 yuan, 2027E: 0.43 yuan [1] - The price-to-earnings (P/E) ratio is projected to be: 2024A: 118.96, 2025E: 26.06, 2026E: 22.31, 2027E: 18.93 [1] - The company’s gross profit margin for 2024 is 25.24%, a decrease of 3.1 percentage points year-on-year, primarily due to intensified industry competition [8]

Investment Rating - The report assigns a Neutral rating to Arrow Home Group [7][8]. Core Views - The company reported 2024 total revenue and net profit of RMB 7.131 billion and RMB 67 million, respectively, reflecting a year-on-year decline of 7% and 84% [1]. - The management aims for a 10% year-on-year revenue growth in 2025, targeting a net profit of RMB 400 million, with retail channels expected to drive growth [2]. - Despite the anticipated support from the old-for-new policy, the report maintains a conservative outlook on the company's performance due to ongoing challenges in the real estate market and consumer confidence [3]. Financial Performance Summary - For 2024, total revenue is projected at RMB 7.131 billion, with a gross profit margin of 23.8% [6]. - The company experienced a net loss of RMB 73 million in Q1 2025, with a gross margin improvement to 27% [1]. - The report adjusts the earnings per share (EPS) forecast for 2025-2027, reflecting changes in performance expectations, with a new target price of RMB 6.3 [3][8]. Market and Competitive Landscape - Arrow Home Group is the leading domestic bathroom brand in China, particularly in the low-penetration smart toilet market [7]. - The management noted that approximately 60-70% of offline stores participated in the old-for-new policy, benefiting more from this initiative compared to online channels [2]. - The smart toilet segment is expected to recover, with sales prices stabilizing in Q1 2025 after a decline in previous periods [2].

Investment Rating - The investment rating for the company is maintained at "Hold" with a target price of 9.72 RMB [7][8]. Core Views - The company reported a revenue of 7.13 billion RMB and a net profit of 0.07 billion RMB for 2024, reflecting a year-on-year decline of 6.8% and 84.3% respectively. The net profit slightly exceeded the midpoint of the earnings forecast [1]. - In Q1 2025, the company’s revenue was 1.05 billion RMB, with a net loss of 0.07 billion RMB, showing a year-on-year decline of 7.5% but a narrowing of losses by 0.02 billion RMB. The improvement in gross margin is expected to drive demand recovery due to policies like "old-for-new" [4]. Summary by Sections Financial Performance - For 2024, the company’s revenue from various segments was as follows: sanitary ceramics 3.49 billion RMB, leading hardware 2.06 billion RMB, bathroom furniture 0.79 billion RMB, bathtubs and shower rooms 0.34 billion RMB, and tiles 0.29 billion RMB, with year-on-year changes of -6.6%, -1.8%, +2.4%, -11.5%, and -33.3% respectively. The sales of smart toilets reached 1.19 million units, generating 1.52 billion RMB in revenue, a year-on-year increase of 8.9% [2]. - The overall gross margin for 2024 was 25.2%, down 3.1 percentage points year-on-year, while Q4 gross margin was 22.8%, with a year-on-year decline of 3.2 percentage points [2]. Cost and Cash Flow - The company’s expense ratio for 2024 was 23.0%, up 1.9 percentage points year-on-year, with sales, management, R&D, and financial expense ratios at 8.0%, 9.2%, 5.2%, and 0.5% respectively [3]. - The operating cash flow for 2024 was 5.1 billion RMB, down 55.9% year-on-year, but improved to 10.1 billion RMB in Q4, up 45.9% year-on-year, mainly due to reduced operating expenses [3]. Profit Forecast and Valuation - The company’s net profit forecasts for 2025-2027 are 0.35 billion RMB, 0.42 billion RMB, and 0.49 billion RMB, reflecting upward adjustments of 9% and 10% from previous estimates [5]. - The target price is set at 9.72 RMB based on a 27x PE for 2025, indicating a potential recovery in demand driven by the "old-for-new" policy and an increase in the share of smart products [5].