招商证券股份有限公司 关于慕思健康睡眠股份有限公司 2024年度保荐工作报告 | 保荐机构名称：招商证券股份有限公司 | 被保荐公司简称：慕思股份 | | --- | --- | | 保荐代表人姓名：汤玮 | 联系电话：0755-82943666 | | 保荐代表人姓名：张燚 | 联系电话：0755-82943666 | 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 | | | | 是 | | 资金管理制度、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 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 12 | | （2）公司募集资金项目进展是否与信息披露 | 是 | | 文件一致 | | ...

Core Insights - The modern lifestyle has made quality sleep a luxury, with the average sleep duration in China decreasing from 7.02 hours to 6.67 hours, highlighting the importance of sleep quality over quantity [3] - Mousse Co. launched the AI-powered T11+ smart mattress, which utilizes advanced algorithms and real-time data to enhance sleep quality, showing significant improvements in sleep metrics [3][6] - The collaboration with Ximalaya has led to the creation of an upgraded "Mousse Goodnight Radio," integrating AI technology to provide a comprehensive sleep solution that combines sound and sleep experience [5][6] Group 1 - The launch of the "Deep AI Sleep Revolution" event by Mousse Co. aims to address the sleep challenges faced by modern individuals [1] - The T11+ mattress features the Mousse Tide Algorithm 2.0, which is based on extensive ergonomic data to manage sleep through real-time assessments and health reports [3] - Clinical tests indicate that users of the T11+ mattress experience a nearly 50% improvement in sleep onset speed, a 14.6% reduction in tossing and turning, and a 38% increase in sleep duration [3] Group 2 - The upgraded "Mousse Goodnight Radio" incorporates AI-driven sound elements, enhancing the sleep experience by providing tailored audio interventions [5] - The content of the radio has been updated to meet the needs of a new generation, offering professional sleep knowledge, humanistic care, and innovative AI poetry therapy modules [6] - The collaboration between Mousse and Ximalaya creates a synergistic effect between sound and sleep, transforming sleep from a mystical concept into a quantifiable science [6]

证券代码：001323 证券简称：慕思股份 公告编号：2025-031 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比例达到 1% 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"）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 12,0 ...

Investment Rating - The report indicates a positive outlook for the home furnishing sector, driven by domestic consumption stimulus and the gradual recovery of retail channels [1]. Core Insights - The report highlights that the domestic consumption stimulus is beginning to show effects, with a notable recovery in retail channels, while export conditions are experiencing marginal declines [1][3]. - The performance of leading companies in the home furnishing sector is improving, particularly in the context of national subsidies and strategic adjustments [1][3]. Summary by Sections 1. Home Furnishing - Domestic sales show signs of recovery with a year-on-year revenue change of -12.44% in Q4 2024 and +1.75% in Q1 2025, while net profit for the same periods changed from -54.11% to +7.07% [13]. - Export performance for the furniture sector saw a cumulative year-on-year increase of +5.8% for 2024 but a decline of -8.0% in Q1 2025, indicating a downward trend in export conditions [13]. - The report anticipates that the domestic market will continue to recover in the short term due to national subsidy policies, while the export market may face ongoing pressures [13]. 1.1 Domestic - Custom Home Furnishing - Retail channels are showing marginal improvements, while bulk channels remain under pressure, with leading companies like Oppein and Sophia experiencing reduced revenue declines in Q1 2025 compared to previous quarters [20]. - The profitability of leading companies is improving, with a focus on cost control and product development, while second and third-tier brands may struggle to maintain performance [26]. - Prepayment and cash flow indicators show improvements for some leading companies, suggesting a gradual recovery in demand [38]. 1.2 Domestic - Soft Home Furnishing - The soft home furnishing sector is under pressure due to real estate downturns and changing consumer spending patterns, but companies like Kuka and Mengbaihe are showing signs of recovery [39]. - Profit margins are improving in Q1 2025 compared to 2024, with notable changes in gross and net profit margins across leading companies [44]. - Prepayment figures for soft home furnishing companies are showing positive growth, indicating a recovery in domestic demand [46]. 1.3 Export Home Furnishing - The overall export climate is declining, with a significant drop in cumulative export value in Q1 2025, reflecting challenges in the international market [51][53]. - Despite the overall decline, leading companies are still managing to perform well, showcasing resilience and strategic advantages [51].

Core Viewpoint - In 2024, Mousse Co., Ltd. reported a slight revenue increase of 0.43% to 5.603 billion yuan, but net profit decreased by 4.36% to 767 million yuan, indicating challenges in profitability despite stable revenue growth [1] Revenue and Profit Summary - The company's revenue for 2024 was 5.603 billion yuan, with a net profit of 767 million yuan, and a non-recurring net profit of 723 million yuan, both showing declines compared to the previous year [1] - In Q1 2025, revenue fell by 6.66% to 1.121 billion yuan, with net profit down 16.43% to 118 million yuan [1] Product Performance - Only the mattress and other business segments saw revenue growth in 2024, with mattress revenue increasing by 3.78% to 2.679 billion yuan, while other segments experienced declines [2] - The gross margin for mattresses slightly decreased to 61.42%, while the gross margin for bed frames increased to 47.89% [2] Sales Model Analysis - The distribution model remains dominated by the dealership, accounting for 74.13% of revenue, while e-commerce contributed 19.51% [5] - Revenue from the dealership model slightly decreased by 0.26% to 4.153 billion yuan, while e-commerce revenue grew by 6.04% to 1.093 billion yuan [5] E-commerce Performance - Despite growth in e-commerce revenue, the subsidiary Mousse E-commerce reported a significant loss, with revenue dropping by 23.14% to 764 million yuan and a net loss of 20,860 yuan in 2024 [6][9] - The company aims to enhance its e-commerce strategy by leveraging social media and live streaming for marketing [6] International Market Expansion - The overseas market showed a significant revenue increase of 61.07% to 155 million yuan, while domestic revenue slightly declined by 0.63% to 5.447 billion yuan [8] - Mousse Co. is pursuing international expansion through acquisitions, including a planned purchase of a Singaporean home goods company for 46 million Singapore dollars [8] Subsidiary Performance - Several subsidiaries, including Mousse International Holdings and Dongguan Aimu, reported losses in 2024, with the latter's revenue falling to 513 million yuan and a net loss of 41.616 million yuan [9]

Core Insights - The company reported a slight revenue increase of 0.43% in 2024, with total revenue reaching 5.603 billion yuan, while net profit decreased by 4.36% to 767 million yuan [1][3] - The company's dual strategy of high-end and intelligent products is showing initial success, particularly in the mattress segment, which saw a revenue increase of 3.78% [1][4] - The competitive landscape is evolving, with traditional competitors expanding their product lines and tech companies entering the smart home market, posing new challenges for the company [1][2] Financial Performance - The revenue growth rate of 0.43% is significantly lower than the average annual growth rate of over 15% from 2017 to 2021, indicating a growth bottleneck since reaching a peak of 6.481 billion yuan in 2021 [3] - The gross margin remained stable at approximately 49.63%, reflecting the company's ability to maintain profitability despite rising costs in the furniture manufacturing sector [3][5] - Operating cash flow decreased by 43.63% to 1.091 billion yuan, highlighting challenges in cash management amid increased outflows [5] Product and Sales Channel Analysis - The core product, mattresses, accounted for 47.81% of total revenue, indicating strong resilience in this category, while other product lines like bed frames and bedding saw declines [4] - E-commerce sales grew by 6.04% to 1.093 billion yuan, now representing 19.51% of total revenue, showcasing the importance of online channels for growth [4] - The company is focusing on digital transformation in its distribution channels, facing challenges in balancing online and offline interests [2] International Expansion - The company made significant strides in international markets, with overseas revenue increasing by 61.07% to 155 million yuan, although it still represents only 2.77% of total revenue [4] - The acquisition of the Maxcoil brand has opened doors to Southeast Asian markets, but cultural integration and supply chain coordination remain complex challenges [1][4] Research and Development - R&D investment reached 205 million yuan in 2024, a 10.51% increase, representing 3.66% of total revenue, which is significantly higher than the industry average [7][8] - The company has focused its R&D efforts on smart sleep, health monitoring, and material innovation, with 60% of R&D spending directed towards smart and health monitoring technologies [8] - The company has established a strong position in the smart sleep segment, with new product launches and a high customer repurchase rate for smart products [9]

Financial Performance - In 2024, the company achieved a revenue of 56.03 billion CNY, a year-on-year increase of 0.43%, with a net profit of 7.67 billion CNY, a decrease of 4.36% [1][2] - For Q1 2025, the revenue was 11.21 billion CNY, a decline of 6.66%, and the net profit was 1.18 billion CNY, down 16.63% [2][3] Revenue Breakdown By Product Category - 2024 revenue by product: Mattresses (26.79 billion CNY), Bed Frames (16.65 billion CNY), Sofas (4.32 billion CNY), Bedding (3.04 billion CNY), Others (4.43 billion CNY) [2] - Q1 2025 revenue by product: Mattresses (5.65 billion CNY), Bed Frames (3.14 billion CNY), Sofas (0.84 billion CNY), Bedding (0.54 billion CNY), Others (0.89 billion CNY) [2][3] By Sales Channel - 2024 revenue by channel: Distributors (41.53 billion CNY), E-commerce (10.93 billion CNY), Direct Supply (2.32 billion CNY), Direct Sales (0.72 billion CNY), Others (0.52 billion CNY) [2] - E-commerce revenue growth attributed to cross-border e-commerce [2] By Region - 2024 revenue by region: Domestic (54.47 billion CNY), International (1.55 billion CNY) [2] Profitability Metrics - 2024 overall gross margin was 50.08%, a decrease of 0.21 percentage points [2] - Q1 2025 gross margin was 51.84%, an increase of 1.69 percentage points [3] Cost Management - 2024 total operating expenses were 19.19 billion CNY, a year-on-year increase of 1.23% [2] - Q1 2025 total operating expenses were 4.12 billion CNY, a decrease of 7.55% [3] Membership and Customer Engagement - In 2024, the company added 1.48 million new members, reaching a total of 3.14 million members [4] - Plans for 2025 include enhancing the membership ecosystem and launching a "Gold Manager Membership Club" [4] Channel Strategy - The company has established a diversified sales network with over 5,400 offline stores by the end of 2024 [5] - 2025 plans include expanding new retail channels and enhancing international market presence [5] Product Strategy - Focus on suite development and popular product creation to enhance product competitiveness [7] - Plans for AI mattress development to maintain technological leadership [8] E-commerce Performance - In 2024, e-commerce revenue was 10.93 billion CNY, a growth of 6.04%, with Tmall accounting for approximately 39% of revenue [8] - 2025 plans include expanding social media marketing and live streaming sales channels [8] Future Outlook - No major capital expenditure projects planned for 2025, with a focus on stable dividend policies [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to see a gradual recovery in revenue performance as government subsidies for home furnishings are implemented, despite facing short-term pressure on earnings in Q1 2025 [5] - The company has maintained a stable gross margin while increasing its investment in new business development, which has led to a temporary decline in net profit margin [5] - The company is actively expanding its product lines and sales channels, focusing on both online and offline markets to enhance revenue growth [6] Financial Performance Summary - In 2024, the company achieved revenue of 56.0 billion (up 0.4% year-on-year) and a net profit of 7.67 billion (down 4.4%) [5] - For Q1 2025, the company reported revenue of 11.2 billion (down 6.7%) and a net profit of 1.18 billion (down 16.4%) [5] - The gross margin for 2024 was 50.1%, with a net profit margin of 13.7% [5] - The gross margin improved to 51.8% in Q1 2025, while the net profit margin decreased to 10.5% [5] Revenue Breakdown - In 2024, the company's revenue from core products was as follows: mattresses 26.79 billion (up 3.8%), bed frames 16.65 billion (down 0.1%), sofas 4.32 billion (down 0.4%), and bedding 3.04 billion (down 7.5%) [6] - The company has over 5,400 offline stores and has achieved online sales revenue of 10.93 billion (up 6.0%) through various platforms [6] - The company is also expanding into smart products and international markets, including acquiring a 100% stake in the Singapore sales headquarters of Maxcoil [6] Financial Forecasts - The company forecasts net profits for 2025-2027 to be 7.99 billion, 8.72 billion, and 9.56 billion respectively, with corresponding EPS of 2.00, 2.18, and 2.39 [5] - The projected P/E ratios for 2025-2027 are 15.0, 13.7, and 12.5 respectively [5]

Investment Rating - The investment rating for the company is "Hold" [1][6]. Core Views - The company is expected to benefit from the upcoming national subsidy policies, which are anticipated to stimulate consumer demand and support sales growth in the smart mattress sector [5][6]. - The company has established a strong product matrix centered around smart mattresses, indicating a positive growth outlook in this segment [5][6]. Financial Performance Summary - In 2024, the company achieved revenue of 5.60 billion yuan, a year-on-year increase of 0.4%, and a net profit attributable to shareholders of 770 million yuan, a decrease of 4.4% year-on-year [5]. - For Q1 2025, the company reported revenue of 1.12 billion yuan, down 6.7% year-on-year, and a net profit of 120 million yuan, down 16.4% year-on-year [5]. - The overall gross margin for 2024 was 50.1%, with a slight decrease of 0.2 percentage points year-on-year [5]. Product and Sales Channel Analysis - The company’s main product categories, including mattresses, bed frames, and sofas, showed stable sales growth, with mattress sales increasing by 5.1% year-on-year [5]. - The company is focusing on upgrading offline stores and expanding online channels, with significant growth in e-commerce sales [5]. - The company has established a diversified sales network covering both domestic and international markets, with a notable increase in overseas sales [5]. Earnings Forecast and Investment Recommendations - The earnings per share (EPS) for 2025-2027 are projected to be 1.99 yuan, 2.10 yuan, and 2.27 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 15, 14, and 13 [7][8]. - The company is expected to maintain a stable growth trajectory, driven by its strong brand and product capabilities, alongside the anticipated recovery in downstream demand due to national subsidy policies [6][8].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company is focusing on enhancing its core competitiveness through product innovation, operational efficiency, and brand upgrading, demonstrating resilience and potential for high-quality development despite adverse external conditions [1][2] - The company has achieved stable performance in its mattress segment, with revenue of 2.679 billion and a gross margin of 61.4% in 2024, indicating a solid product lineup [2] - The company is expanding its overseas presence and optimizing its channel strategy, including the acquisition of a Singaporean home brand to enhance its market competitiveness in Southeast Asia [4] Financial Performance Summary - In Q1 2025, the company reported revenue of 1.121 billion, a year-on-year decrease of 6.7%, and a net profit of 118 million, down 16.4% [1] - For the full year 2024, the company achieved revenue of 5.603 billion, a slight increase of 0.4%, with a net profit of 767 million, down 4.4% [1] - The gross margin for 2024 was 50.1%, a decrease of 0.2 percentage points, while the net margin was 13.7%, down 0.7 percentage points [1] Product and Brand Strategy - The company is enhancing its product matrix through the iteration of traditional and smart products, targeting young consumers and revitalizing existing customer demand [2] - The introduction of AI mattresses at the CES exhibition in the US has garnered international recognition, showcasing the company's commitment to smart sleep solutions [3] Channel and Operational Strategy - The company reported a revenue of 4.153 billion from distribution channels, a slight decrease of 0.3%, while e-commerce revenue increased by 6.0% to 1.093 billion [4] - The company is optimizing its traditional store network and enhancing its online marketing strategies to improve sales conversion rates [4] Profit Forecast Adjustment - The profit forecast has been adjusted to reflect ongoing operational pressures, with expected net profits for 2025, 2026, and 2027 at 800 million, 870 million, and 930 million respectively [5]