编号：2024-005 证券代码：001323 证券简称：慕思股份 慕思健康睡眠股份有限公司投资者关系活动记录表 | --- | --- | --- | |-------------------|--------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | 特定对象调研 | 分析师会议 | | | □媒体采访 | □业绩说明会 | | 投资者关系活 | □新闻发布会 □路演活动 | | | 动类别 | 现场参观 | | | | 其他 2024 | 年第三季度报告解读交流会 | | | | 博时基金、嘉实基金、景顺长城、南方基金、平安基金、融通基金、西部利得 | | | ...

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company reported a revenue of 1.249 billion yuan in Q3 2024, a year-on-year decrease of 11.2%, and a net profit attributable to shareholders of 149 million yuan, down 8.3% year-on-year. However, the non-recurring net profit increased by 17.1% year-on-year [1] - The company is experiencing a recovery driven by its "old-for-new" program, which is expected to boost performance in Q4 2024. The company launched the "Musi Renewal Season" in April 2024, offering high-cost performance new products and services [1] - The company has optimized its offline channels and achieved rapid growth in e-commerce, with over 5,700 offline stores established by the end of Q2 2024, covering major KA markets and advantageous locations [1] Financial Performance Summary - For 2024-2026, the company is projected to achieve net profits of 790 million, 860 million, and 950 million yuan, respectively, with corresponding P/E ratios of 19X, 18X, and 16X [1] - The gross margin for Q3 2024 was 49.9%, a decrease of 1.1 percentage points year-on-year, while the net profit margin was 11.9%, an increase of 0.4 percentage points year-on-year [1] - The company’s operating cash flow for Q3 2024 was 183 million yuan, showing a slight increase year-on-year [1] Key Financial Metrics - Revenue for 2022 was 5.813 billion yuan, with a year-on-year decline of 10.3%. The projected revenue for 2024 is 5.587 billion yuan, with a growth rate of 0.1% [2] - The net profit for 2022 was 708 million yuan, with a year-on-year growth of 3.2%. The projected net profit for 2024 is 792 million yuan, reflecting a year-on-year decrease of 1.3% [2] - The latest diluted EPS for 2023 is 2.01 yuan, with projections of 1.98 yuan for 2024, 2.15 yuan for 2025, and 2.38 yuan for 2026 [2][9]

Investment Rating - The report maintains a "Buy" rating for the company, with an expected price increase of over 20% within the next six months [6][14]. Core Views - The company is expected to benefit from the "old-for-new" subsidy policy, particularly in the mattress segment, which is anticipated to see improved sales and profits in Q4 2024 [2][4]. - The company is actively implementing cost reduction and efficiency enhancement measures, aiming for stable and quality growth [3][5]. - The financial forecast has been adjusted due to the current weak operating environment, with expected net profits for 2024-2026 revised to 8.1 billion, 9.1 billion, and 10.3 billion respectively [4][9]. Financial Performance Summary - In Q3 2024, the company reported revenues of 1.25 billion, a year-on-year decrease of 11.2%, and a net profit of 150 million, down 8.3% year-on-year [1]. - For the first three quarters of 2024, total revenue reached 3.88 billion, reflecting a slight increase of 1.9% year-on-year, while net profit was 520 million, up 0.8% year-on-year [1]. - The gross margin for Q3 2024 was 49.9%, a decrease of 1.1 percentage points year-on-year, with net profit margin improving to 11.9%, an increase of 0.4 percentage points year-on-year [2][3]. Cost Management and Efficiency - The company has implemented a comprehensive cost reduction and efficiency improvement strategy, leading to a significant decrease in sales expenses and an improvement in net profit margin [3][5]. - The report highlights the importance of precise investment and monthly reviews to drive growth and profitability [3][5]. Market Position and Future Outlook - The company is positioned as a leading high-end mattress brand, with optimistic expectations for increased demand driven by the "old-for-new" initiative [4][6]. - The financial outlook for 2024-2026 indicates a gradual recovery, with projected revenue growth rates of 2.67%, 10.33%, and 11.88% respectively [10].

慕思股份（001323.SZ） 家居用品 证券研究报告/公司点评报告 2024 年 10 月 30 日 前三季度营收微增，关注 Q4 订单改善 | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------|--------|---------------------------|-------------|-------|------------------------------------------|-------|-------| | 评级： 买入（维持） | | 公司盈利预测及估值 \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：郭美鑫 | | 营业收入（百万元） | 5,813 | 5,579 | 5,751 | 6,414 | 7,112 | | | | 增长率 yoy% | -10% | -4% | 3% | 12% | 11% | | 执业证书编号： S0740520090002 | | 归母净利润（百万元） | 709 | 8 ...

证券代码：001323 证券简称：慕思股份 公告编号：2024-077 慕思健康睡眠股份有限公司 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。 慕思健康睡眠股份有限公司（以下简称"公司"）公司于 2024 年 7 月 2 日 召开第二届董事会第七次会议和第二届监事会第五次会议，并于 2024 年 7 月 19 日召开 2024 年第一次临时股东大会，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通过深圳证券交易所交易系统 以集中竞价交易方式回购部分公司股份，本次回购股份将全部用于注销以减少注 册资本。本次回购股份的种类为公司发行的 A 股社会公众股份，回购资金总额 不低于人民币 12,000 万元（含），不超过人民币 24,000 万元（含），回购价格 不超过人民币 39 元/股（含）；按回购金额上限人民币 24,000 万元、回购价格上 限 39 元/股测算，回购股份数量约为 6,153,846 股，占公司目前总股本的 1.54%； 按回购金额下限人民币 12,000 万元、 ...

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股票研究 /[Table_Date] 2024.10.31 —慕思股份 2024 年三季报点评 | --- | |-----------------------------------| | | | | | | | [table_Authors] 刘佳昆 ( 分析师 ) | | 021-38038184 | | liujiakun029641@gtjas.com | | 登记编号 S0880524040004 | | --- | |----------------------------| | | | 毛宇翔 ( 分析师 ) | | 021-38038672 | | maoyuxiang029547@gtjas.com | | S0880524080013 | 本报告导读： 行业经营压力增大，公司通过门店升级、SKU 优化和品类改革积极应对，以旧换新 有望提振业绩。 投资要点： [Table_Summary] 调整盈利预 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company reported a revenue of 3.88 billion yuan for the first nine months of 2024, a year-on-year increase of 1.9%, and a net profit attributable to shareholders of 520 million yuan, a year-on-year increase of 0.7%. In Q3 2024, the revenue was 1.25 billion yuan, a year-on-year decrease of 11.2%, and the net profit was 150 million yuan, a year-on-year decrease of 8.5% [1][2]. - The overall demand in the home furnishing industry has weakened, impacting retail revenue. The company is actively enhancing its revenue through provincial collaboration and live streaming at terminals, while also launching popular product bundles and incentivizing dealers to upgrade store formats to increase foot traffic and sales of high-end products [1][2]. - The company is continuously strengthening its e-commerce channel layout, maintaining growth on traditional platforms like Tmall and JD, while also focusing on new channels such as Douyin and Kuaishou. The e-commerce channel is expected to maintain high growth rates due to a low base, and the company plans to increase investment in e-commerce to improve conversion rates [1][2]. Financial Performance Summary - For the first nine months of 2024, the company's gross margin was 50.8%, unchanged year-on-year. The management expense ratio and sales expense ratio were 6.6% and 25.2%, showing a year-on-year increase of 0.8 percentage points and a decrease of 1.0 percentage points, respectively. The net profit margin for the first nine months was 13.5%, a decrease of 0.2 percentage points year-on-year [2]. - The company is focused on the mid-to-high-end mattress market, aiming to build a high-end brand image. The gross margin and net profit margin are among the highest in the industry. The company is also extending its product categories and steadily advancing its channel layout, indicating significant growth potential in the future [2]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 2.09 yuan, 2.30 yuan, and 2.59 yuan, respectively. The closing price on October 29 was 38.12 yuan, corresponding to price-to-earnings (PE) ratios of 18X, 17X, and 15X for the respective years [2][3].

证券代码：001323 证券简称：慕思股份 公告编号：2024-075 经审核，监事会认为：董事会编制和审核公司《2024 年第三季度报告》的 程序符合有关法律、行政法规、规范性文件及《公司章程》的相关规定，报告内 容能够真实、准确、完整地反映公司的实际情况，不存在任何虚假记载、误导性 陈述或者重大遗漏。 慕思健康睡眠股份有限公司 第二届监事会第七次会议决议公告 本公司及监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、监事会会议召开情况 慕思健康睡眠股份有限公司（以下简称"公司"）第二届监事会第七次会议 由监事会主席罗振彪先生召集，会议通知于 2024 年 10 月 23 日以邮件、微信、 电话的方式送达全体监事，并于 2024 年 10 月 29 日上午 11:30 以现场的方式在 公司会议室召开。本次会议应出席监事 3 人，实际出席监事 3 人，会议由监事会 主席罗振彪先生主持，公司董事会秘书赵元贵先生列席本次会议。本次会议的出 席人数、召集、召开程序和议事内容均符合《中华人民共和国公司法》等相关法 律法规以及《公司章程》等的相关规定，会议形成的决议合法有效。 ...

证券代码：001323 证券简称：慕思股份 公告编号：2024-074 （一）审议通过《关于公司<2024 年第三季度报告>的议案》 慕思健康睡眠股份有限公司 根据《公司法》《上市公司信息披露管理办法》《深圳证券交易所上市公司 自律监管指南第 1 号—业务办理》及《公司章程》等相关规定，为满足信息披露 的规范性要求，公司根据 2024 年第三季度经营情况编制了《2024 年第三季度报 告》。 第二届董事会第九次会议决议公告 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。 二、董事会会议审议情况 经与会各位董事认真审议，会议形成了如下决议： 表决结果：7 票同意，0 票反对，0 票弃权。 一、董事会会议召开情况 慕思健康睡眠股份有限公司（以下简称"公司"）第二届董事会第九次会议 由董事长王炳坤先生召集，会议通知于 2024 年 10 月 23 日以邮件、微信、电话 的方式送达全体董事，并于 2024 年 10 月 29 日上午 11:00 以现场及通讯的方式 在公司会议室召开。本次会议应出席董事 7 人，实际出席董事 7 人（其中董事长 王炳坤先生以通讯方式出席 ...

慕思健康睡眠股份有限公司 内部控制评价管理制度 慕思健康睡眠股份有限公司 内部控制评价管理制度 （2024 年 10 月制定） 第一章 总则 第一条 为全面评价慕思健康睡眠股份有限公司（以下简称"公司"）内部控制设 计与运行情况，规范内部控制评价程序和评价报告，揭示和防范风险，促进内部控制 体系不断完善，根据《企业内部控制基本规范》《企业内部控制评价指引》《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》等有关规定，结合公 司实际，制定本制度。 第二条 本制度所称的内部控制评价，是指由公司董事会和管理层实施的，对公 司内部控制有效性进行全面评价，形成评价结论，出具评价报告的过程，主要涉及机 构与职责、评价工作内容、评价方法、评价程序、评价报告、后续整改等内容。 第三条 本制度适用于公司各部门及下属各控股子公司。 第二章 内部控制评价组织机构和职责 第四条 公司董事会是公司内部控制评价的最高决策机构和最终责任者，其主要 职责包括： （一）审议和批准公司内部控制工作方案及内部控制评价报告。 （二）批准由公司管理层提交的涉及内部控制整改的重大决策、重大风险、重大 事项。 （三）审议和批准按照公 ...