公司报告 | 年报点评报告 罗莱生活（002293） 证券研究报告 业绩回暖，加大分红 公司发布 24 年报和 25 年一季报 25Q1 收入 11 亿，同比+1%；归母净利润 1.1 亿，同比+26%；扣非归母净 利润 1.1 亿，同比+22%； 24Q4 收入 14 亿，同比-13%；归母净利润 1.7 亿，同比+10%；扣非归母净 利润 1.6 亿，同比+28%； 24 年收入 46 亿，同比-14%；归母净利润 4.3 亿，同比-24%；扣非归母净 利润 4.0 亿，同比-22%。 24 年收入减少系终端消费疲软以及美国家具拖累（营收 8 亿，同比-22%， 归母净亏 0.3 亿）。25Q1 营收转正，预计与 24 年底家纺补贴刺激需求和同 期低基数有关。 同时，公司计划每 10 股派发现金红利 4 元（含税），加上中期分红，24 年 度派息率 115%。此外，25 年中期拟每 10 股派发现金红利不低于 2 元（含 税)。 直营门店净增，库存消化较好 25Q1 毛利率 46%，同比+2.4pct，归母净利率 10%，同比+2.1pct，毛利率提 升带动利润增厚。 24 年毛利率 48%，同比+0.7 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has entered a new growth cycle with a recovery in dual-line business and high dividend payouts reflecting its profit nature [1] - The company's revenue for 2024 was 45.6 billion yuan, a year-on-year decrease of 14.2%, while the net profit attributable to the parent company was 4.33 billion yuan, down 24.4% year-on-year [7] - The first quarter of 2025 showed a revenue of 10.9 billion yuan, a slight increase of 0.6% year-on-year, and a net profit of 1.13 billion yuan, up 26.3% year-on-year, indicating a significant recovery in profitability [7][10] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 48.84 billion yuan, with a year-on-year growth rate of 7.1% [6] - The net profit attributable to the parent company is expected to be 5.23 billion yuan in 2025, reflecting a year-on-year growth of 20.9% [6] - The gross profit margin is projected to be 48.5% in 2025, with a return on equity (ROE) of 12.4% [6] Business Performance - The company has maintained its position as the leading brand in the home textile industry for 20 consecutive years, indicating strong market presence [7] - The domestic home textile business has seen a significant reduction in franchise operations, allowing for a rebound in inventory levels [7] - The U.S. furniture business is expected to stop being a drag on profits in 2025, with proactive adjustments in personnel and capacity [7]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company experienced a bottoming out of performance in 2024, with a profit recovery in Q1 2025, while maintaining a high dividend strategy [11] - In 2024, the company reported a revenue of 4.56 billion yuan, a year-on-year decline of 14.2%, and a net profit attributable to shareholders of 430 million yuan, down 24.4% year-on-year [5][11] - The company expects a sales improvement in the domestic home textile business due to better consumer demand and policy subsidies, alongside reduced losses from its U.S. subsidiary, Lexington [11] Revenue Performance - The company's revenue for 2024 was 45.6 billion yuan, with a year-on-year decline of 14.2%, and a net profit of 4.3 billion yuan, down 24.4% [5] - In Q1 2025, the company achieved a revenue of 1.09 billion yuan, a year-on-year increase of 0.6%, and a net profit of 110 million yuan, up 26.3% [6][11] Business Segment Analysis - The domestic home textile and U.S. furniture subsidiary revenues declined by 12% and 22% respectively in 2024 [7] - Revenue contributions from product categories in 2024 were 32% from bedding sets, 35% from comforters, 6% from pillows, 3% from summer products, and 18% from furniture [7] Margin and Cost Control - The gross margin for 2024 improved by 0.7 percentage points to 48.0%, primarily due to better margins in the domestic home textile business [9] - The company maintained a stable expense ratio of 34.7% in 2024, with a slight decrease in the expense ratio in Q1 2025 to 32.7% [10] Dividend Policy - The company proposed a cash dividend of 0.4 yuan per share for 2024, resulting in a total payout ratio of 115% for the year [5][11] Financial Forecasts - The company expects a revenue of 5.175 billion yuan in 2025, representing a growth rate of 13.5% [12] - The forecasted net profit for 2025 is 524 million yuan, with a growth rate of 21.2% [12] Key Financial Metrics - The company’s return on equity (ROE) is projected to be 10.3% in 2024, improving to 12.5% by 2025 [15] - The price-to-earnings (P/E) ratio is expected to be 14 for 2025 [12][15]

Core Viewpoint - 罗莱生活 (002293) reported a solid performance in Q1 2025, with revenue and net profit showing positive growth compared to the previous year, indicating improved profitability and operational efficiency [1] Financial Performance - The total revenue for Q1 2025 reached 1.094 billion yuan, a year-on-year increase of 0.57% [1] - The net profit attributable to shareholders was 113 million yuan, reflecting a significant year-on-year growth of 26.31% [1] - The gross margin improved to 45.97%, up by 5.55% year-on-year, while the net margin increased to 10.35%, up by 25.85% [1] - Total expenses (selling, administrative, and financial) amounted to 334 million yuan, accounting for 30.49% of revenue, a slight decrease of 0.74% year-on-year [1] Earnings and Cash Flow - Earnings per share (EPS) for Q1 2025 was 0.14 yuan, representing a year-on-year increase of 26.87% [1] - Operating cash flow per share was 0.21 yuan, showing a substantial increase of 83.37% year-on-year [1] Asset and Liability Management - The company reported a decrease in cash and cash equivalents to 1.251 billion yuan, down 44.66% year-on-year [1] - Accounts receivable decreased to 287 million yuan, a decline of 10.06% year-on-year [1] - Interest-bearing debt was reduced to 441 million yuan, down 53.83% year-on-year [1] Market Position and Analyst Expectations - The company's return on invested capital (ROIC) was 8.03%, indicating average capital returns [3] - Analysts project the company's performance for 2025 to reach 513 million yuan, with an average EPS forecast of 0.62 yuan [3] Fund Holdings - The largest fund holding in 罗莱生活 is 易方达裕鑫债券A, with 4.8536 million shares, indicating increased investment [4] - Other funds have also shown interest, with several new entries into the top ten holdings [4]

Financial Performance - In 2024, the company achieved a revenue of CNY 4.559 billion, a decrease of 14.22% year-on-year, with a net profit of CNY 433 million, down 24.39% year-on-year [3] - Domestic home textile business revenue was CNY 3.737 billion, a decline of 12.42% year-on-year, with a net profit of CNY 462 million, down 13.32% year-on-year [3] - The U.S. furniture business generated revenue of CNY 822 million, a decrease of 21.54%, resulting in a net loss of CNY 28.71 million [3] - In Q1 2025, revenue was CNY 1.094 billion, an increase of 0.57% year-on-year, with a net profit of CNY 113 million, up 26.31% year-on-year [3] Store Operations - In 2024, the company opened 76 new direct-operated stores and closed 168 franchise stores, focusing on core brand development [3] - As of the end of 2024, there were 411 direct-operated stores and 2,227 franchise stores [3] Dividend Policy - Despite a decline in net profit in 2024, the board proposed a dividend of CNY 4 per 10 shares (including tax), totaling over 115% of net profit for the year [3] - The company plans to maintain a minimum mid-term dividend of CNY 2 per 10 shares in 2025 [3] Gross Margin Trends - The overall gross margin for 2024 was 48.01%, with domestic home textile channels showing improvements [4] - Direct-operated channel gross margin was 67.55%, up 0.3 percentage points; franchise channel gross margin was 48.84%, up 1.42 percentage points; online channel gross margin was 53.32%, up 1.11 percentage points [4] U.S. Business Outlook - The U.S. business faced a revenue decline of 21.54% in 2024, with a gross margin of 28.07%, down 5.76 percentage points [4] - The company aims to improve management and cost control to reverse the loss trend in the U.S. market [4] Government Subsidies - In 2024, government subsidies for home textiles were introduced in regions including Shanghai, Anhui, and Jiangsu [4] - The subsidies are expected to boost market confidence and sales, with ongoing support in 2025 [4]

Core Viewpoint - The company's performance for 2024 and Q1 2025 exceeded expectations, driven by a recovery in domestic home textile business and a reduction in losses from the U.S. furniture business [1] Group 1: Financial Performance - For 2024, the company reported revenue of 4.559 billion yuan, a year-on-year decrease of 14.2%, and a net profit attributable to shareholders of 433 million yuan, down 24.4% [1] - In Q1 2025, revenue reached 1.094 billion yuan, a slight increase of 0.6% year-on-year, while net profit attributable to shareholders was 113 million yuan, up 26.3% [1] - The company plans to distribute a final cash dividend of 0.4 yuan per share, resulting in an annual cumulative dividend payout ratio of approximately 115%, corresponding to a dividend yield of about 7.2% based on the current stock price [1] Group 2: Domestic Home Textile Business - In 2024, domestic home textile revenue decreased by 12.4% to 3.737 billion yuan, with franchise revenue down 19.0% to 1.448 billion yuan due to proactive adjustments in franchise stores and inventory optimization [2] - The number of franchise stores decreased by 168 to 2,227, while direct sales revenue fell by 1.5% to 401 million yuan, with 76 new direct stores opened, totaling 411 [2] - Online revenue declined by 14.1% to 1.382 billion yuan, but Q1 2025 is expected to show positive growth in domestic home textile revenue, particularly in direct and online channels [2] - The gross profit margins for franchise, direct, and online channels improved by 1.4 percentage points, 0.3 percentage points, and 1.1 percentage points respectively, partly benefiting from rising raw material prices [2] - The net profit for the domestic home textile business in 2024 is projected to decrease by 13% to 462 million yuan, with expectations of growth in Q1 2025 [2] Group 3: U.S. Furniture Business - The U.S. furniture business reported a revenue decline of 21.5% to 822 million yuan in 2024, primarily impacted by the U.S. real estate cycle [3] - The business incurred a loss of 28.71 million yuan in 2024, with losses narrowing from 21.83 million yuan in the first half to 6.88 million yuan in the second half [3] - Q1 2025 is anticipated to show improvements in both revenue decline and loss reduction for the U.S. furniture business [3] Group 4: Inventory and Cash Flow - As of Q1 2025, inventory decreased by 24.3% to 981 million yuan, attributed to enhanced retail management and increased inventory clearance efforts [3] - The net cash flow from operating activities in Q1 2025 increased by 83.3% year-on-year to 176 million yuan, indicating strong cash flow [3] Group 5: Future Outlook - The company is expected to maintain its efforts in opening direct model stores in 2025, with a gradual return to growth in franchise revenue as inventory adjustments near completion [4] - The U.S. furniture business is projected to continue reducing losses as inventory clearance progresses [4] Group 6: Profit Forecast and Valuation - The profit forecast for 2025 has been raised by 9.6% to 513 million yuan, with a new forecast for 2026 set at 554 million yuan [5] - The current stock price corresponds to a P/E ratio of 13.6x for 2025 and 12.6x for 2026 [5] - The target price has been increased by 33.8% to 9.88 yuan, reflecting a potential upside of 18.1% based on 2025/26 P/E ratios of 16.0x/14.8x [5]

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company is expected to show exceptional growth performance in 2025, with a projected revenue increase of 5.6% to 48.12 billion yuan and a net profit growth of 20% to 5.2 billion yuan [8] - The company faced a revenue decline of 14.2% in 2024, primarily due to losses in its U.S. furniture business, but domestic home textile operations are anticipated to improve [7][8] Revenue and Profitability - In 2024, the company's revenue decreased by 14.2% to 45.6 billion yuan, with a net profit decline of 24.4% to 4.3 billion yuan [1] - The gross margin improved by 0.7 percentage points to 48% due to effective cost control [1] - The company declared a total dividend of 0.6 yuan per share for the year, resulting in a dividend payout ratio of 115.48% [1] Channel Performance - Direct sales channel revenue decreased by 1.48% to 400 million yuan, but gross margin increased by 0.3 percentage points to 67.55% [2] - Franchise channel revenue fell by 19.03% to 14.5 billion yuan, with a gross margin increase of 1.42 percentage points to 48.84% [3] - E-commerce revenue declined by 14.12% to 13.8 billion yuan, while gross margin improved by 1.11 percentage points to 53.32% [3] U.S. Business Performance - The U.S. business revenue dropped by 21.54% to 8.2 billion yuan, resulting in a loss of approximately 28.71 million yuan [7] - The gross margin for the U.S. business decreased by 5.76 percentage points to 28.07% [7] Inventory and Cash Flow - As of the end of 2024, the company's inventory decreased by 19.2% to 1.09 billion yuan, with inventory turnover days reduced by 7 days to 185 days [7] - Operating cash flow for 2024 was 8.5 billion yuan, down 9.5% year-on-year [7] Future Outlook - The company is set to gradually launch production at the completed first phase of the smart industrial park in 2025, which is expected to enhance operational efficiency and profitability [8] - The company anticipates a healthy operating performance in the franchise business in 2025 due to improved inventory levels and retail efficiency [3][8]

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company is expected to show exceptional growth performance in 2025, with a projected revenue increase of 5.6% to 48.12 billion yuan and a net profit growth of 20% to 5.2 billion yuan [8] - The company faced a revenue decline of 14.2% in 2024, primarily due to losses in its U.S. furniture business, but domestic home textile operations are expected to improve [7][8] - The company maintains a healthy inventory quality and continues to improve operational efficiency, setting a solid foundation for growth in 2025 [7][8] Summary by Sections Financial Performance - In 2024, the company's revenue decreased by 14.2% to 45.6 billion yuan, with a net profit decline of 24.4% to 4.3 billion yuan [1] - The gross margin improved by 0.7 percentage points to 48% due to effective cost control [1] - The company declared a total dividend of 0.6 yuan per share for the year, resulting in a dividend payout ratio of 115.48% and a dividend yield of 7.2% based on the closing price on April 24 [1] Direct Sales Channel - Revenue from direct sales decreased by 1.48% to 400 million yuan in 2024, but the gross margin increased by 0.3 percentage points to 67.55% [2] - The average annual sales per direct store fell by 19.7% to 976,500 yuan, indicating pressure on customer traffic [2] Franchise Channel - Franchise revenue dropped by 19.03% to 1.45 billion yuan in 2024, while the gross margin increased by 1.42 percentage points to 48.84% [3] - The company closed 168 underperforming franchise stores, reducing the total to 2,227 [3] E-commerce Channel - E-commerce revenue declined by 14.12% to 1.38 billion yuan, but the gross margin improved by 1.11 percentage points to 53.32% [3] - The company is focusing on maintaining profitability in e-commerce by controlling discounts [3] U.S. Business - The U.S. business saw a revenue decline of 21.54% to 820 million yuan, resulting in a loss of approximately 28.71 million yuan [7] - The company anticipates that the current economic environment and tariff policies in the U.S. will remain uncertain [7] Future Outlook - The company expects to gradually launch its smart industrial park in 2025, which will enhance production efficiency and overall operational capabilities [8] - The projected earnings for 2025-2027 are 5.2 billion yuan, 5.75 billion yuan, and 6.22 billion yuan respectively, with a price-to-earnings ratio of 13 times for 2025 [8][9]

证券代码：002293 证券简称：罗莱生活 公告编号：2025-023 罗莱生活科技股份有限公司 关于召开 2024 年年度股东会的通知 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。 经罗莱生活科技股份有限公司（以下简称"公司"）2025年4月23日第六届董 事会第十三次会议审议，审议通过了《关于召开公司2024年年度股东会的议案》， 同意于2025年5月15日召开2024年年度股东会，现将本次股东会的有关事宜通知 如下： （一）股东会届次：2024年年度股东会 （二）会议召集人：公司第六届董事会 （三）会议召开的合法、合规性：本次股东会会议的召集符合有关法律、行 政法规、部门规章、规范性文件和公司章程的规定。 （四）会议时间： （1）现场会议时间：2025年5月15日（星期四）下午14:30。 （2）网络投票时间：2025年5月15日 其中，通过深圳证券交易所交易系统进行投票的具体时间为：2025年5月15 日上午9:15-9:25，9:30—11:30，下午13:00-15:00；通过深圳证券交易所互联 网投票系统进行投票的具体时间为：2025年5月15 ...