Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's Q3 2024 revenue decreased by 16% year-on-year, with a net profit attributable to shareholders declining by 22%. The revenue for Q3 2024 was 1.096 billion yuan, with a gross margin increase of 1.1 percentage points to 44.2% [1] - The company is facing challenges in both domestic home textile demand and overseas furniture business, leading to a projected revenue decline of 13% and a net profit drop of 31% for the full year 2024 [3] - The company is actively working on inventory reduction in its franchise business while closing underperforming stores to improve overall channel quality [2] Financial Performance Summary - For Q3 2024, the company's revenue was 1.096 billion yuan, down 15.6% year-on-year, and the net profit was 103 million yuan, down 21.7% year-on-year [1] - Cumulative revenue for the first three quarters of 2024 was 3.2 billion yuan, a decrease of 14.7% year-on-year, with a net profit of 260 million yuan, down 37.1% year-on-year [1] - The company’s inventory at the end of Q3 was approximately 1.2 billion yuan, a decrease of 17.2% year-on-year, with inventory turnover days improving to 198 days [3] Earnings Forecast and Investment Recommendations - The company is projected to have revenues of 3.93 billion yuan, 4.76 billion yuan, and 5.35 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 393 million yuan, 476 million yuan, and 535 million yuan [3] - The current price corresponds to a 2024 P/E ratio of 15 times, maintaining the "Buy" rating [3]

核心观点 ⚫ 公司发布 24Q3 季报， 前三季度实现营业收入 32.01 亿，同比下降 14.7%，实现归 母净利润 2.62 亿，同比下降 37.1%，单 Q3 来看，公司收入和归母净利润分别同比 下降 15.6%和 21.7%。 ⚫ 我们推测美国业务仍然承压。根据中报披露，24H1 美国家具业务实现收入 4.26 亿，同比下降 19.7%，归母净利润为-2,182.92 万元，主要系 2024 上半年，美国新 屋及成屋销售量大幅走低，6 月新屋销售及成屋销售同比分别回落至-7.4%及5.4%，我们推测下半年该趋势仍在延续。 ⚫ 国内业务方面，根据中报披露，24H1 实现营业收入 16.8 亿，同比下降 12.8%，实 现归母净利润 1.8 亿，同比下降 26.7%，主要源于终端零售整体不及预期，消费信 心较弱。拆分来看，24H1 线上、直营、加盟、其他渠道的收入分别同比增长7.1%、-2.8%、-23.5%和 4.8%，我们推测 24Q3 国内业务仍然面临压力。从 23 年 下半年开始 公司主动帮助经销渠道去库存，经营模式向零售转型，因此今年加盟业 务收入波动相对更大。 ⚫ 毛利率和存货转天数指标有所改 ...

纺织服饰 证 券 研 究 报 告 2024 年 10 月 29 日 罗莱生活 (002293) ——单季利润同比降幅收窄，存货回落至近年来较低位 | --- | --- | |-----------------------------|------------------------------------| | 市场数据： | 2024 年 10 月 28 日 | | 收盘价（元） | 7.26 | | 一年内最高 / 最低（元） | 10.29/6.12 | | 市净率 | 1.5 | | 息率（分红/股价） | 8.26 | | 流通 A 股市值（百万元） | 6,002 | | 上证指数/深证成指 | 3,322.20/10,685.89 | | | 注："息率"以最近一年已公布分红计算 | | --- | --- | |-------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 09 月 30 日 | | | 4.80 | | 每股净资产（元） | | | 资产负债率 % ...

Financial Performance - Q3 2024 revenue was CNY 1,095,656,972.66, a decrease of 15.61% year-over-year[2] - Net profit attributable to shareholders was CNY 102,966,665.20, down 21.71% compared to the same period last year[2] - Total operating revenue for Q3 2024 was CNY 3,201,188,250.42, a decrease of 14.7% compared to CNY 3,754,801,721.42 in the same period last year[10] - The net profit for Q3 2024 was approximately ¥261.51 million, a decrease of 37% compared to ¥414.02 million in Q3 2023[12] - The total comprehensive income for Q3 2024 was approximately ¥228.37 million, down from ¥439.68 million in the same period last year, representing a decline of 48%[12] - Operating profit for Q3 2024 was approximately ¥314.36 million, a decrease of 34% from ¥478.70 million in Q3 2023[12] - The company reported a net profit margin of approximately 10.1% for the quarter, compared to 11.3% in the same quarter last year[10] Cash Flow and Assets - Cash flow from operating activities decreased by 30.24% year-to-date, totaling CNY 413,479,030.01[2] - Cash flow from operating activities for Q3 2024 was approximately ¥413.48 million, down from ¥592.72 million in Q3 2023, reflecting a decline of 30%[13] - Cash flow from investing activities showed a net outflow of approximately ¥279.34 million in Q3 2024, compared to a net inflow of ¥570.03 million in Q3 2023[14] - The company's cash and cash equivalents decreased from CNY 2,122,451,665.86 to CNY 1,699,598,679.45, a decline of approximately 20%[7] - The cash and cash equivalents at the end of the period were CNY 1,200,000,000, reflecting a decrease of 15% from the previous quarter[10] - The company reported cash and cash equivalents of approximately ¥1.30 billion at the end of Q3 2024, down from ¥1.79 billion at the end of Q3 2023[14] Assets and Liabilities - Total assets at the end of the reporting period were CNY 6,303,946,327.35, a decline of 7.35% from the previous year[2] - The company's total assets were CNY 6,303,946,327.35, down from CNY 6,804,216,411.65 year-over-year[9] - Non-current assets totaled CNY 2,660,865,835.47, an increase from CNY 2,541,851,165.09 year-over-year[8] - Total liabilities decreased to CNY 2,293,589,171.39 from CNY 2,545,559,548.13 in the previous year, reflecting a reduction of 9.9%[9] - The equity attributable to shareholders of the parent company was CNY 3,986,071,916.27, a decrease from CNY 4,234,336,615.81 in the previous year[9] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 26,206, with the largest shareholder holding 16.55% of shares[6] - The largest shareholder, Weijia International Enterprise Co., Ltd., holds 137,500,000 shares, representing 16.55% of the total shares[6] - The second-largest shareholder, Nantong Luolai Life Technology Development Group Co., Ltd., holds 128,202,869 shares, accounting for 15.43%[6] Expenses and Impairments - Total operating costs decreased to CNY 2,836,016,751.55, down 13.5% from CNY 3,276,045,446.25 year-over-year[10] - Research and development expenses increased to CNY 97,587,408.77, up 10.3% from CNY 88,403,823.92 in the previous year[10] - The company incurred asset impairment losses of approximately ¥84.52 million in Q3 2024, compared to ¥41.87 million in Q3 2023, indicating a significant increase in impairment[12] Other Financial Metrics - The company experienced a 541.4% increase in notes receivable, totaling CNY 4,121,600[5] - Investment income decreased by 56.8% year-to-date, attributed to a reduction in financial management amounts[5] - Cash inflow from investment activities increased by 132.21% year-to-date, due to an increase in the redemption of financial products[5] - The company reported a 245.12% decrease in financial expenses, mainly due to increased interest income[5] - The company reported a foreign exchange loss of approximately ¥1.14 million in Q3 2024, contrasting with a gain of ¥2.41 million in Q3 2023[14] - The company's trading financial assets increased significantly from CNY 85,673,025.00 to CNY 205,077,143.89, an increase of about 139.5%[7]

证券代码：002293 证券简称：罗莱生活 公告编号：2024-051 罗莱生活科技股份有限公司 关于持股 5%以上股东减持计划实施完成的公告 持股 5%以上股东 CA Fabric Investments 保证向本公司提供的信息内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 罗莱生活科技股份有限公司（以下简称"公司"）于 2024 年 8 月 24 日在巨 潮资讯网上披露了《关于持股 5%以上股东减持股份预披露公告》（公告编号： 2024-040），CA Fabric Investments（（以下简称（"CA Fabric"）在减持计划披露之日起 15 个交易日后的 3 个月内（（即 2024 年 9 月 16 日-2024 年 12 月 15 日）以集中竞 价/大宗交易的方式减持本公司股份合计不超过 8,309,824（股（（占本公司总股本 比例 1%）。 近日收到 CA Fabric 出具的《关于股份减持以及股份减持计划实施完成的告 知函》，根据告知函信息，截至本公告披露日 CA Fabric 本次减持股份计划已实施 完 ...

罗莱生活科技股份有限公司 简式权益变动报告书 上市公司名称：罗莱生活科技股份有限公司 股票上市地点：深圳证券交易所 股票简称：罗莱生活 股票代码： 002293 信息披露义务人： CA Fabric Investments 住 所： c/o Apex Fund & Corporate Services (Mauritius) Ltd, 6th Floor, Two Tribeca, Tribeca Central, Trianon 72261, Mauritius 通讯地址：c/o Apex Fund & Corporate Services (Mauritius) Ltd, 6th Floor, Two Tribeca, Tribeca Central, Trianon 72261, Mauritius 权益变动性质：股份减少（降至 5%以下，累计达到 5%） 签署日期： 二零二四年九月三十日 信息披露义务人声明 一、 本报告书系依据《中华人民共和国公司法》（以下简称《公司法》）、《中华人 民共和国证券法》（以下简称《证券法》）、《上市公司收购管理办法》（以下简称《收 购办法》、《公开发行证券的公司信息披露 ...

证券代码：002293 证券简称：罗莱生活 公告编号：2024-050 罗莱生活科技股份有限公司 关于持股5%以上股东减持后持股比例低于5%且累计变动达到5% 的权益变动的提示性公告 持股5%以上股东CA Fabric Investments保证向本公司提供的信息内容真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 重要内容提示 ● 本次权益变动属于公司持股5%以上股东减持股份。不触及对上市公司的 要约收购。 ● 本次权益变动后，CA Fabric Investments所持公司股份比例降至5%以下。 ● 本次权益变动后，CA Fabric Investments所持公司股份比例由2019年5月 29日的10%降至5%以下，权益变动比例累计超过5%。 ● 本次权益变动完成后，公司控股股东与实际控制人均未发生变化。 CA Fabric于2019年4月通过协议转让方式对罗莱生活进行战略投资取得并持有公 司股份75,440,915股，占当时公司总股本754,409,147股的10%；2019年5月29日，罗 1 莱生活进行2018年度权益分 ...

证券代码：002293 证券简称：罗莱生活 公告编号：2024-049 罗莱生活科技股份有限公司 2024年半年度权益分派实施公告 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、误导性陈述或者重大遗漏。 一、股东大会审议通过的权益分派方案情况 1、罗莱生活科技股份有限公司(以下简称"公司")于2024年5月21日召开公 司2023年年度股东大会审议通过了《关于2024年中期分红计划的议案》，授权董 事会结合未分配利润与当期经营业绩情况，制定2024年半年度分红方案，具体内 容详见公司于2024年5月22日在巨潮资讯网披露的《2023年年度股东大会决议公 告》（公告编号：2024-031）。 公司董事会根据股东大会授权，于2024年8月23日公司召开第六届董事会第 九次会议、第六届监事会第八次会议，审议通过了《关于2024年半年度利润分配 方案的议案》，具体内容详见公司于2024年8月24日在巨潮资讯网披露的《关于 2024年半年度利润分配方案的公告》（公告编号：2024-044）。 本次分派方案的具体内容为：以未来实施分配方案时，股权登记日的总股本 为基数，向全体股东按每10股派发 ...

编号：2024-09-06 股票代码：002293 证券简称：罗莱生活 罗莱生活科技股份有限公司 投资者关系活动记录表 | --- | --- | --- | |------------------|----------------------------------|--------------------------------------------------------------------------| | | | | | | □特定对象调研 | | | | □媒体采访 | □分析师会议 | | 投资者关系活动 | □新闻发布会 | ☑ 业绩说明会 | | 类别 | □现场参观 | □路演活动 | | | □其他(请文字说明其他活动内容) | | | 活动参与人员 | 线上参与公司 2024 | 年半年度业绩网上说明会的投资者 | | | 董事、总裁 薛嘉琛 | | | | 独立董事 唐善永 | | | 公司接待人员 | 财务总监 陈晓东 | | | | 董事会秘书 薛霞 | | | 时间 | 2024 年 09 月 06 日 | 15:00-17:00 | | 地点 | 价值在线（ | htt ...

罗莱生活科技股份有限公司 投资者关系活动记录表 编号：2024-08-30 | --- | --- | --- | |---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...