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]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company demonstrates operational resilience and is actively expanding its overseas business and integrating AI technology [3] - The company is a leading player in the domestic mattress industry, benefiting from increasing consumer acceptance of mid-to-high-end soft bed products [5] - The company plans to distribute a cash dividend of 10.0 yuan per 10 shares, totaling an expected cash dividend distribution of 394 million yuan [2] Financial Performance Summary - In 2024, the company achieved revenue of 5.603 billion yuan, a year-on-year increase of 0.43%, and a net profit of 767 million yuan, a year-on-year decrease of 4.36% [2] - The company's cash flow from operating activities was 1.091 billion yuan, a year-on-year decrease of 43.63% [2] - The gross margin for 2024 was 50.08%, a decrease of 0.21 percentage points year-on-year, while the net margin was 13.70%, a decrease of 0.69 percentage points year-on-year [4] Product and Market Analysis - The company's main business in furniture manufacturing generated revenue of 5.522 billion yuan in 2024, contributing 98.56% to total revenue [3] - The mattress segment achieved revenue of 2.679 billion yuan, a year-on-year increase of 3.78%, while the bed frame segment saw a slight decrease in revenue [3] - The company reported a 61.07% increase in overseas revenue, reaching 155 million yuan, indicating successful overseas market expansion [3] Future Outlook - The company has adjusted its revenue forecasts for 2025-2027 to 6.017 billion yuan, 6.436 billion yuan, and 7.011 billion yuan respectively [5] - Earnings per share (EPS) estimates for 2025-2027 are adjusted to 1.99 yuan, 2.15 yuan, and 2.30 yuan respectively [5] - The company is expected to maintain a stable gross margin around 51.1% in 2025 [7]

4月24日晚间，慕思健康睡眠股份有限公司（001323.SZ）披露2024年年报。报告期内，公司实现营业收 入56.03亿元，归属于上市公司股东的净利润为7.67亿元，在宏观消费趋缓的大背景下仍保持增长态势展 现出较强的韧性。同时，公司延续高比例现金分红策略，宣布向全体股东每10股派发现金红利10元（含 税）。 慕思股份（001323）积极推进以AI为核心的智能产品转型，构建了"硬件+算法+服务"的技术闭环，并 积极响应国家"以旧换新"等政策导向，在智能健康睡眠领域持续拓展产品边界。这一系列举措体现了公 司对股东长期价值的坚定承诺。 科技赋能纵深突破，AI产品打开智能睡眠新赛道 根据Euromonitor数据，2023年全球床垫市场规模达到674亿美元，预计到2028年将增长至767亿美元， 中国市场同期规模为693亿元，预计到2028年增长至774亿元。随着智能家居渗透率提升，智能床垫作为 智慧睡眠系统的重要终端，正加速从小众科技产品向大众家庭普及。中商产业研究院指出，当前国内智 能床垫渗透率不足5%，对标发达国家，未来存在5倍以上增长空间。 围绕行业变革趋势，慕思股份在2024年持续加大科技投入，全年研发 ...

从产品维度看，慕思股份的收入主要来源于床垫、床架、沙发及床品。2024 年，床垫业务表现突出，实现营收 26.79 亿元，同比增长 3.78%，成为营收增长 的关键驱动力；床架业务实现营收 16.65 亿元，基本持平去年；沙发及床品业务则分别实现营收 4.31 亿元、4.04 亿元，出现不同程度下滑，分别下降 0.42%、7.47% 。 慕思股份在年报中指出，2024 年持续聚焦健康睡眠主业，从产品创新、运营提效和品牌升级三大方面着手增强核心竞争力。产品端深化产品迭代，打造差 异化产品矩阵，以套餐策略拓展消费场景，吸引年轻群体，激活存量客户需求；运营端通过精益生产和精细化管理降本增效，同时加大线上流量布局，赋能 终端销售；品牌端强化健康睡眠专家形象，以高品质产品和金管家服务提升用户粘性与品牌溢价能力。 近日，慕思股份（001323.SZ）发布 2024 年年度报告。在当下家居行业竞争愈发激烈，消费需求呈现分化态势的大环境中，慕思股份凭借自身的战略定力与 创新突破，成功交出一份 "韧性发展" 的亮眼答卷。 财务数据显示，2024 年慕思股份实现营业收入 56.03 亿元，归属于上市公司股东的净利润为 7.67 ...

近年来，受房地产行业市场周期性调整以及消费需求的不断变化，家居行业面临着较大挑战。 据不完全统计，截至4月24日，2024年规模家居企业中近8成出现业绩下滑。压力之下，慕思实现营收增 长。年报显示，2024年慕思实现营业收入56.03亿元，同比增长0.43%，发展韧性十足。 韧性发展的背后，源于慕思在国内市场的"强本固基"与海外市场的"强势突破"。 具体来看，2024年慕思国内业务通过渠道优化与传统主营业务的稳健增长稳住了发展基本盘。 从渠道层面来看，公司已建成以"经销为主，直营、直供、电商等多种渠道并存"覆盖全国的多元化、全 渠道销售网络体系，拥有线下专卖店5400余家，不断完善线下终端销售网络，逐步进驻核心购物中心。 在此基础上，2024年电商实现营收10.93亿元，同比增长6.04%，线上&线下协同效应显著。 从主营业务层面来看，2024年慕思的床垫业务实现营收26.79亿元，同比增长3.78%。事实上，主营业务 增长的背后，得益于慕思为了避免行业同质化竞争，通过在研发层面的不断投入，从而实现了在产品端 的不断推陈出新。 据了解，近几年慕思始终通过坚持研发投入和产品创新在"苦练内功"。数据显示，2020 ...

Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - The company is expected to benefit from the growing demand for smart sleep products, particularly with the launch of the AI smart mattress T11PRO, which has already surpassed sales of 100 million yuan by December 2024 [2][3] - The e-commerce channel has shown resilience, with revenue reaching 1.093 billion yuan, a year-on-year increase of 6%, contributing to 19.51% of total revenue [2] - The company is optimizing its offline channels by upgrading existing stores and eliminating underperforming ones, leading to a slight decline in direct sales revenue [2] - The membership community has seen significant growth, with 1.4837 million new registered members in the year, doubling from the previous year, enhancing customer loyalty [2] - The company is accelerating its brand expansion overseas, completing the acquisition of Maxcoil's Singapore sales headquarters and production assets [3] Financial Performance Summary - In 2024, the company achieved revenue of 5.6 billion yuan (up 0.43% year-on-year) and a net profit of 767 million yuan (down 4.36%) [1] - For Q4 2024, the company reported a revenue of 1.725 billion yuan (down 2.72%) and a net profit of 245 million yuan (down 13.7%) [1] - In Q1 2025, revenue was 1.121 billion yuan (down 6.66%) with a net profit of 118 million yuan (down 16.43%) [1] - The company is projected to achieve revenues of 6.002 billion yuan, 6.434 billion yuan, and 6.946 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 803 million yuan, 876 million yuan, and 956 million yuan [5][11]

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The e-commerce business is steadily developing, and the direct supply business is recovering growth. In 2024, the company achieved revenue and net profit attributable to shareholders of 5.60 billion and 770 million yuan, respectively, with year-on-year changes of +0.4% and -4.4% [5][6]. - The company is actively exploring partnerships with well-known brands in related industries, leading to rapid growth in direct supply channel revenue. The online sales through platforms like Tmall, Kuaishou, JD.com, Douyin, and Vipshop have contributed to steady development in e-commerce [6]. - The company is expanding its international market presence with stores in regions such as Hong Kong, Australia, the United States, Canada, and Singapore, forming an initial international sales network [6][8]. Summary by Sections Financial Performance - In 2024, the company reported revenue of 5.60 billion yuan, with a slight increase in mattress revenue but declines in other categories. The revenue from domestic and international markets was 5.45 billion and 160 million yuan, respectively [5][6]. - The gross profit margin for 2024 was 50.1%, a slight decrease of 0.2 percentage points year-on-year. The company’s operating expenses increased, leading to a rise in the expense ratio to 33.8% [7]. Profitability and Forecast - The company’s net profit for 2025 is forecasted to be 794 million yuan, with a slight increase in EPS to 1.99 yuan. The projected revenue for 2025 is 5.91 billion yuan, reflecting a growth rate of 5.5% [9][11]. - The report anticipates a long-term business growth driven by domestic demand policies and international expansion strategies [8]. Valuation Metrics - The current stock price corresponds to a P/E ratio of 16 for 2025, with projections for 2026 and 2027 at 15 and 13, respectively [9][14]. - The report includes a detailed financial forecast, indicating a gradual increase in revenue and net profit over the next few years, with a focus on maintaining competitive advantages in product innovation and brand development [9][11].