上 市 公 司 轻工制造 证 券 研 究 报 告 2024 年 09 月 10 日 慕思股份 (001323) 2024 年中报点评——业绩符合预期，分红力度提升 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 09 日 | | 收盘价（元） | 27.96 | | 一年内最高 / 最低（元） | 38.35/27.37 | | 市净率 | 2.4 | | 息率（分红/股价） | 3.58 | | 流通 A 股市值（百万元） | 2,179 | | 上证指数/深证成指 | 2,736.49/8,063.27 | | --- | --- | |-------------------------------|------------------------| | | | | 基础数据 : 2024 | 年 06 月 30 日 | | 每股净资产（元） | 11.49 | | | | | 资产负债率 % | 34.19 | | 总股本 /流通 A 股（百万） | 4 ...

司京评报 研究 司 | --- | --- | |--------------------|------------| | | | | 日期 | 2024-09-04 | | 收盘价（元） | 28.44 | | 总股本（百万股） | 400.01 | | 流通股本（百万股） | 77.94 | | 净资产（百万元） | 4595.38 | | 总资产（百万元） | 6982.29 | | 每股净资产（元） | 11.49 | ＃分e析m师ail：Author＃ 林寰宇 宏观环境影响收入下滑，费用刚性致利润降幅大于收入。今年以来，家居行 业经历先抑后扬的态势，24Q2 行业需求明显减弱，受此影响公司营收下滑。 利润端，由于费用的前置支出，而营收未按预期增长，导致期间费用比值短 期上升，24Q2 公司归母净利率 16.24%，同比-1.4pct。24Q2 毛利率 52.19%， 同比-0.01pct，基本保持稳定，得益于渠道结构优化及降本增效持续推进，对 冲客单价略降的负面影响。展望下半年，收入端，公司仍朝着股权激励目标 努力，但费用方面将压缩控制，同时优化投入产出比，预计利润端有望在行 业竞争激烈的背景下保持 ...

证券代码：001323 证券简称：慕思股份 公告编号：2024-067 慕思健康睡眠股份有限公司 关于参加 2024 年广东辖区上市公司投资者 网上集体接待日活动的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 为进一步加强与投资者的互动交流，慕思健康睡眠股份有限公司（以下简称 "公司"）将参加由广东证监局、广东上市公司协会联合举办的"坚定信心，携 手共进，助力上市公司提升投资价值——2024 广东辖区上市公司投资者关系管 理月活动投资者集体接待日"，现将相关事项公告如下： 本次投资者网上集体接待日活动将采用网络远程的方式举行，投资者可登录 "全景路演"网站（http://rs.p5w.net）参与本次互动交流，活动时间为 2024 年 9 月 12 日（周四）15:30-16:30。届时公司董事长、总经理王炳坤先生，副总经理、 董事会秘书赵元贵先生及副总经理、财务总监邓永辉先生将通过网络在线交流形 式与投资者进行沟通，在信息披露允许的范围内就投资者普遍关注的问题进行回 答，欢迎广大投资者踊跃参与！ 特此公告。 慕思健康睡眠股份有限公司 董事会 2024 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Insights - The company reported a stable growth in performance with a revenue of 2.629 billion yuan for the first half of 2024, representing a year-on-year increase of 9.58%. The net profit attributable to the parent company was 373 million yuan, up 4.90% year-on-year [6] - The company has effectively expanded its channels, with significant growth in various product revenues. The mattress, bed frame, sofa, and bedding segments achieved revenues of 1.240 billion yuan, 778 million yuan, 208 million yuan, and 149 million yuan respectively, with year-on-year growth rates of 8.26%, 7.03%, 11.63%, and 16.58% [6] - The company has upgraded its membership service system, achieving a customer NPS of 30.02%, which is a 14% increase year-on-year. The company ranks first in the mattress segment of the China Customer Recommendation Index (C-NPS) [6] Financial Performance - In Q2 2024, the company achieved a revenue of 1.428 billion yuan, a decrease of 0.99% year-on-year, and a net profit of 232 million yuan, down 8.86% year-on-year [6] - The company's gross profit margin for Q2 2024 was 52.19%, with a net profit margin of 16.25% [7] - The company forecasts net profits of 885 million yuan, 972 million yuan, and 1.097 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 10.4%, 9.7%, and 12.9% [7][10] Valuation - The current closing price corresponds to a PE ratio of 13 and 12 times for 2024 and 2025 respectively. The company is valued at 18-19 times PE for 2024, leading to a reasonable value range of 39.84 to 42.06 yuan [7][10]

Investment Rating - Investment Rating: Buy (Maintained) [1] Core Views - The company's performance in Q2 2024 demonstrates resilience, with a focus on deepening its multi-channel and multi-category market layout, maintaining a "Buy" rating [1] - The company achieved a revenue of 2.63 billion yuan in H1 2024, representing a year-on-year increase of 9.6%, with a net profit attributable to shareholders of 373 million yuan, up 4.4% [1] - The company plans to distribute a cash dividend of 2.96 billion yuan (including tax), accounting for 79% of the net profit attributable to shareholders in H1 2024 [1] Financial Performance - In H1 2024, the company's gross margin was 51.3%, an increase of 0.6 percentage points, attributed to lean production and refined management [1] - The net profit margin for H1 2024 was 14.2%, down 0.6 percentage points, while the non-recurring net profit margin was 13.7%, down 0.7 percentage points [1] - The company reported a revenue of 1.43 billion yuan in Q2 2024, showcasing resilience during the industry's downturn [1] Revenue Breakdown - By product, the company reported revenues of 1.24 billion yuan for mattresses, 778 million yuan for bed frames, 208 million yuan for sofas, and 149 million yuan for bedding in H1 2024, with respective year-on-year growth rates of 8.26%, 7.03%, 11.63%, and 16.58% [1] - The e-commerce channel saw a significant growth of 35.37% year-on-year, driven by investments in major platforms like Tmall, JD, and Douyin, as well as new channels such as Kuaishou and Xiaohongshu [1] - The company is actively expanding its cross-border e-commerce business, having launched operations on platforms like Amazon in the US, Europe, Japan, and Southeast Asia [1]

证券代码：001323 证券简称：慕思股份 公告编号：2024-066 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、 ...

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 | 年半年报解读交流会 | | | | 景顺长城基金、南方基金、华宝基金、富国基金、泓德基金、太平资 | | 活动参与人员 | 产、国寿资产、平安养老等 调研人员信息表 | 74 位机构投资者，具体内容详见附件 1 ： | | | | | | | | | | 时间 | 2024 年 8 月 28-30 | 日 | | 地点 上市公司人员 | 广东省东莞市厚街镇厚街科技大道 | 1 号公司会议室 | | ...

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。 一、募集资金基本情况 证券代码：001323 证券简称：慕思股份 公告编号：2024-065 慕思健康睡眠股份有限公司 关于注销部分募集资金专项账户的公告 二、募集资金存放和管理情况 为了规范募集资金的管理和使用，保护投资者权益，公司依照《上市公司监管指 引第 2 号——上市公司募集资金管理和使用的监管要求》和《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》等文件的规定，结合公司实际情 况，制定了《慕思健康睡眠股份有限公司募集资金管理制度》（以下简称"《管理制 度》"）。公司严格按照管理制度的要求对募集资金实施管理。 三、本次募集资金专项账户注销情况 董事会 2024 年 8 月 31 日 经中国证券监督管理委员会《关于核准慕思健康睡眠股份有限公司首次公开发 行股票的批复》（证监许可[2022]831 号）核准，公司首次公开发行人民币普通股（A 股）4,001 万股，每股发行价格为人民币 38.93 元，本次发行募集资金总额为 155,758.93 万元，扣除发行费用 8,044.55 万 ...

Investment Rating - The investment rating for the company is "Buy" with a target price based on the latest closing price of 28.58 CNY per share, corresponding to a PE ratio of 13 times for 2024 [1][4]. Core Views - The company has demonstrated resilience in its Q2 performance, with all product lines achieving growth despite a challenging economic environment. The overall revenue for H1 2024 reached 2.629 billion CNY, a year-on-year increase of 9.58% [1][2]. - The company is positioned as a leading player in the domestic mattress industry, benefiting from increasing consumer acceptance of mid-to-high-end soft bed products. The report anticipates continued growth driven by brand strength, market penetration, and technological upgrades [4]. Summary by Sections Financial Performance - In H1 2024, the company reported a net profit of 373 million CNY, up 4.90% year-on-year, while the net profit after deducting non-recurring items was 361 million CNY, an increase of 4.35% [1]. - The Q2 revenue was 1.428 billion CNY, showing a slight decline of 0.99% year-on-year, with a net profit of 232 million CNY, down 8.86% year-on-year [1][2]. - The operating cash flow for H1 2024 was 223 million CNY, a significant decrease of 79.95% compared to the previous year, primarily due to increased operational payments [1]. Product and Regional Performance - The company achieved growth across all product lines in H1 2024, with mattress sales increasing by 8.26%, bed frames by 7.03%, sofas by 11.63%, bedding by 16.58%, and other products by 9.35% [2]. - Domestic revenue accounted for 25.566 billion CNY, a year-on-year increase of 8.87%, while international revenue reached 6.3 million CNY, up 49.26% [2]. Profitability and Cost Management - The company's gross margin and net margin for H1 2024 were 51.26% and 14.19%, respectively, with a slight increase in gross margin by 0.58 percentage points and a decrease in net margin by 0.64 percentage points year-on-year [3]. - The expense ratio for H1 2024 was 34.24%, reflecting a year-on-year increase of 2.18 percentage points, with all expense categories showing slight growth [3].

Investment Rating - The report maintains a "Recommended" rating for the company, with a current stock price of 28.58 yuan [4]. Core Views - The company reported a stable performance with a revenue of 2.629 billion yuan and a net profit attributable to shareholders of 373 million yuan for the first half of 2024, reflecting year-on-year growth of 9.58% and 4.90% respectively [2]. - The company plans to distribute a cash dividend of 296 million yuan, resulting in a payout ratio of 79% [2]. - The company is focusing on enhancing its brand image and expanding its market presence in the health sleep sector, with expectations of continued growth in net profit for 2024-2026 [2][3]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenues of 1.914 billion yuan from distribution channels, 548 million yuan from e-commerce, 79 million yuan from direct supply, and 48 million yuan from direct sales, with year-on-year changes of +4.8%, +35.4%, -15.3%, and -24.6% respectively [2]. - The gross profit margin for H1 2024 was 51.26%, with a slight increase of 0.58 percentage points year-on-year [2]. - The company’s net profit margin for H1 2024 was 14.19%, a decrease of 0.63 percentage points year-on-year [2]. Revenue Breakdown - Revenue from product categories in H1 2024 included 1.240 billion yuan from mattresses, 778 million yuan from bed frames, 208 million yuan from sofas, 149 million yuan from bedding, and 211 million yuan from other products, with year-on-year growth rates of 8.26%, 7.03%, 11.63%, 16.58%, and 9.35% respectively [2]. - Domestic revenue reached 2.566 billion yuan, growing by 8.87% year-on-year, while overseas revenue was 630 million yuan, increasing by 49.26% [2]. Future Outlook - The company aims to explore existing market demand and enhance cost efficiency in the second half of 2024, anticipating a potential recovery in the home furnishing industry due to favorable policies [2]. - The company projects net profits of 855 million yuan, 945 million yuan, and 1.037 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 13X, 12X, and 11X [3][5].