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 ...

Core Viewpoint - Mousse Co., Ltd. (001323.SZ) has demonstrated resilient growth in a competitive home furnishings market, achieving significant financial results in its 2024 annual report [2] Financial Performance - In 2024, Mousse achieved a revenue of 5.603 billion yuan and a net profit attributable to shareholders of 767 million yuan, maintaining a high level of profitability [2] - The net cash flow from operating activities reached 1.09 billion yuan, with basic earnings per share at 1.95 yuan [2] - The company announced a cash dividend of 10 yuan per 10 shares (before tax) to all shareholders, totaling an estimated 394 million yuan, alongside a previously implemented dividend of 7.5 yuan per 10 shares, leading to a total cash dividend of 689 million yuan for the year [2] Product Performance - The revenue from the mattress segment was 2.679 billion yuan, showing a year-on-year growth of 3.78%, making it a key driver of revenue growth [3] - The bed frame segment generated 1.665 billion yuan, remaining stable compared to the previous year [3] - Sofa and bedding segments reported revenues of 431 million yuan and 404 million yuan, respectively, experiencing declines of 0.42% and 7.47% [3] Strategic Focus - Mousse plans to continue focusing on the health sleep sector in 2024, enhancing core competitiveness through product innovation, operational efficiency, and brand upgrading [3] - The company aims to deepen product iteration and create a differentiated product matrix, utilizing package strategies to attract younger consumers and activate existing customer demand [3] - Operationally, Mousse is implementing lean production and refined management to reduce costs and increase efficiency, while also enhancing online traffic to empower terminal sales [3] - The brand strategy emphasizes establishing a reputation as a health sleep expert, improving user loyalty and brand premium through high-quality products and premium services [3]

Core Viewpoint - The company, Mousse, demonstrated resilience in its 2024 annual report, achieving revenue of 5.603 billion yuan and a net profit of 767 million yuan, amidst a challenging home furnishing industry environment marked by intensified competition and changing consumer demands [1][2]. Group 1: Financial Performance - In 2024, Mousse reported a revenue of 5.603 billion yuan, representing a year-on-year growth of 0.43% [2]. - The net profit attributable to shareholders was 767 million yuan [1]. - The company announced a cash dividend of 10 yuan per 10 shares to all shareholders [1]. Group 2: Market Strategy and Growth - Mousse's domestic business maintained stability through channel optimization and steady growth in traditional main businesses, supported by a diversified sales network with over 5,400 offline stores [2][3]. - E-commerce revenue reached 1.093 billion yuan in 2024, growing by 6.04% year-on-year, showcasing significant online and offline synergy [2]. - The mattress segment generated 2.679 billion yuan in revenue, reflecting a year-on-year increase of 3.78% [2]. Group 3: Research and Development - Mousse invested over 400 million yuan in R&D from 2020 to 2022, ranking among the industry leaders, and continued to increase R&D spending to 205 million yuan in 2024, up by 10.51% [3]. - The launch of the AI smart mattress T11PRO, featuring proprietary "Tidal Technology" for sleep algorithm adjustment, marked a significant product innovation [3]. Group 4: International Expansion - Mousse's overseas business generated 155 million yuan in revenue in 2024, a remarkable year-on-year growth of 61.07%, particularly in the Southeast Asian market [3]. - The company has established a retail network covering 19 countries, including Australia, Europe, and Singapore, and is actively exploring new e-commerce platforms [3]. Group 5: Policy Impact and Future Outlook - The "old-for-new" policy initiated by the government has positively influenced the home furnishing market, with significant retail growth in the furniture sector [4][5]. - Mousse has actively participated in these initiatives, launching promotional activities and offering additional subsidies to stimulate consumer demand [5]. - The company is preparing for the 2025 policy environment by developing innovative products, including AI smart mattresses, to enhance its market position [6][7].

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].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's performance and strategic initiatives [1]. Core Viewpoints - The company reported a revenue of 5.603 billion yuan in 2024, a slight increase of 0.4% year-on-year, with a net profit attributable to the parent company of 767 million yuan, down 4.4% year-on-year [1]. - The decline in revenue for Q1 2025 is attributed to a high base effect from Q1 2024 and a lag in revenue transmission from offline national subsidies [1]. - The company is actively expanding its AI mattress product line and overseas market presence, with a focus on enhancing its competitive position [3]. Summary by Sections Financial Performance - In 2024, the company achieved revenues of 26.79 million yuan from mattresses, 16.65 million yuan from bed frames, 4.32 million yuan from sofas, and 3.04 million yuan from bedding, with mattress revenue showing a stable growth of 3.8% year-on-year [2]. - The gross margin for mattresses in 2024 was 61.4%, reflecting stable profitability [2]. - The company’s total revenue for 2025 is projected to reach 6.157 billion yuan, with a year-on-year growth rate of 9.9% [6]. Strategic Initiatives - The company is launching the AI smart mattress T11+, which incorporates advanced technology to enhance user experience [3]. - The company has established a diverse sales network with over 5,400 offline stores and is expanding into international markets, including North America, Australia, and Europe [2]. - The company is also exploring new e-commerce platforms such as TikTok and Shein, and has acquired a well-known home brand in Singapore to strengthen its overseas operations [3]. Profitability and Cost Management - The gross margin and net profit margin for Q1 2025 were 51.8% and 10.5%, respectively, indicating a slight improvement in gross margin year-on-year [3]. - The company is maintaining a controlled pace in its new business investments, with sales, management, and R&D expense ratios showing manageable changes [3].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's performance and strategic initiatives [1]. Core Views - The company reported a revenue of 5.603 billion yuan in 2024, a slight increase of 0.4% year-on-year, with a net profit of 767 million yuan, reflecting a decrease of 4.4% year-on-year. The decline in profit is attributed to the impact of the employee stock ownership plan and increased investment in new business strategies [1][2]. - The traditional business segments, including mattresses, bed frames, sofas, and bedding, showed stable growth, with mattress revenue reaching 2.679 billion yuan in 2024, a year-on-year increase of 3.8%. The gross margin for mattresses was 61.4%, indicating stable profitability [2]. - The company is strategically advancing into AI mattress products and expanding its overseas market presence, with a focus on establishing retail channels in North America, Australia, Europe, and Southeast Asia [3]. Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 1.121 billion yuan, down 6.7% year-on-year, and a net profit of 118 million yuan, down 16.4% year-on-year. The decline in revenue is primarily due to high base effects from Q1 2024 [1]. - The company expects net profits for 2025 to be 779 million yuan, with projected growth rates of 1.5%, 5.7%, and 6.0% for the following years [4][6]. Business Segments - The revenue breakdown for 2024 shows that mattresses generated 2.679 billion yuan, bed frames 1.665 billion yuan, sofas 432 million yuan, and bedding 304 million yuan, with varying growth rates across segments [2]. - The company has established a diversified sales network with over 5,400 offline stores and is actively expanding its online business, which generated 1.093 billion yuan in revenue in 2024, a 6.0% increase year-on-year [2]. Strategic Initiatives - The launch of the AI smart mattress T11+ is part of the company's forward-looking strategy, aiming to enhance market positioning and improve gross margins [3]. - The company is also exploring new e-commerce platforms and has acquired key assets in Singapore and Indonesia to strengthen its overseas production capabilities [3].