证券研究报告 | 半年报点评 gszqdatemark 2024 08 27 年 月 日 罗莱生活（002293.SZ） 美国家具亏损，国内家纺业务仍需时间改善 2024H1 公司营收下滑 14%，归母净利润下滑 44%。公司发布 2024H1 半年 报，营收同比下滑 14.3%至 21.1 亿元，毛利率同比提升 1.2pcts 至 46.7%，毛利 率的提升主要来源于公司良好的成本管控，销售费用率同比提升 3.6pcts 至 26.1%，管理费用率同比提升 0.5pcts 至 6.4%，综上 2024H1 归母净利率同比下 滑 4.1pcts 至 7.5%，归母净利润同比下滑 44.3%至 1.6 亿元，利润大幅下滑主要 系美国家具业务亏损所致。分红方面，公司宣告派发现金股利每 10 股 2 元，股利 支付率为 104.81%。2024Q2：公司 2024Q2 营收同比下滑 16.3%至 10.2 亿元， 毛利率同比提升 3.2pcts 至 50.1%，归母净利率同比下降 2pcts 至 6.8%，归母净 利润同比下滑 35.7%至 6908 万元。 直营渠道：利润率保持稳定，积极拓展购物中心以及奥莱业务。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant decline in revenue and net profit for the first half of 2024, with revenue at 2.106 billion yuan, down 14.3% year-on-year, and net profit at 159 million yuan, down 44.3% year-on-year. The decline is attributed to weak terminal retail performance and negative operating leverage [2][3] - The company is actively adjusting its franchise channels, leading to a notable decline in income, particularly in the U.S. furniture business, which continues to experience a downturn due to decreased housing sales [2][3] - Gross margin slightly improved, but the expense ratio significantly increased, resulting in a decline in net profit margin. The gross margin for the first half of 2024 was 46.74%, up 1.25 percentage points year-on-year, while the net profit margin decreased by 4.05 percentage points to 7.53% [2][3] Summary by Sections Revenue and Profit Forecast - Total revenue for 2024 is projected at 4.753 billion yuan, a decrease of 10.57% year-on-year, with net profit expected to be 457.45 million yuan, down 20.09% year-on-year. The earnings per share (EPS) is forecasted to be 0.55 yuan [1][2] Operational Efficiency - The company is focusing on improving operational efficiency by supporting franchisees in reducing terminal inventory and optimizing inventory structure. As of the end of the first half of 2024, the company had 361 direct-operated stores and 2,329 franchise stores, reflecting a net increase of 43 and a decrease of 45 stores, respectively [2][3] Cash Flow and Financial Health - The net cash flow from operating activities for the first half of 2024 was 293 million yuan, down 2.92% year-on-year, primarily due to declining terminal sales. The company had cash and cash equivalents of 1.384 billion yuan at the end of the first half of 2024 [3][10]

公司报告 | 半年报点评 | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------|------------------------------------------- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3]. Core Views - The company's performance has been under pressure due to weak domestic and international retail markets, with expectations for improvement in the second half of the year [3]. - The company has actively supported its franchisees and enhanced their retail operational capabilities to mitigate risks [3]. - The dividend yield reached 8.4% based on the closing price on August 23, 2024, reflecting the company's high dividend payout [3]. - The earnings forecasts for 2024-2026 have been revised downwards, with net profit estimates reduced by 28%, 17%, and 18% respectively [3]. Financial Performance Summary - In the first half of 2024, the company reported a revenue of 2.11 billion yuan, a year-on-year decline of 14.3%, and a net profit of 160 million yuan, down 44.3% [1]. - The gross profit margin improved by 1.2 percentage points to 46.7% in the first half of 2024 [1]. - The company's operating cash flow for the first half of 2024 was 290 million yuan, a decrease of 2.9% year-on-year [1]. - The company’s total assets as of the end of 2023 were 6.8 billion yuan, with total liabilities of 2.5 billion yuan [5]. Revenue Breakdown - The revenue from the home textile business and the U.S. furniture business accounted for 79.8% and 20.2% of total revenue, respectively, with declines of 12.8% and 20.1% year-on-year [1]. - The company had a total of 2,690 stores by the end of June 2024, a net decrease of 40 stores since the beginning of the year [1]. Earnings Forecasts - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.55 yuan, 0.74 yuan, and 0.83 yuan, respectively [3][4]. - The price-to-earnings (P/E) ratios for the same years are estimated at 13, 10, and 9 times [3][4].

证券代码：002293 证券简称：罗莱生活 公告编号：2024-040 罗莱生活科技股份有限公司 关于持股 5%以上股东减持股份预披露公告 持有本公司 5%以上股份的非控股股东 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。 特别提示： 持有罗莱生活科技股份有限公司（以下简称"公司"或"本公司"）股份 49,774,029 股（占本公司总股本比例 5.99%）的股东 CA Fabric Investments 计 划在自本公告披露之日起 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%）。 公司于近日收到持股 5%以上股东 CA Fabric Investments 出具的《股东减 持计划告知函》，现将相关事项公告如下： 一、 股东的基本情况 1、股东名称：CA Fabric Investments 2、股东持股 ...

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 2,105,531,277.76, a decrease of 14.28% compared to CNY 2,456,403,978.51 in the same period last year[10]. - The net profit attributable to shareholders for the first half of 2024 was CNY 158,574,317.24, down 44.27% from CNY 284,537,409.19 in the previous year[10]. - The net profit after deducting non-recurring gains and losses was CNY 140,559,735.39, a decline of 45.47% compared to CNY 257,744,091.63 in the same period last year[10]. - The basic earnings per share for the first half of 2024 was CNY 0.1900, down 44.12% from CNY 0.3400 in the previous year[10]. - The total assets at the end of the reporting period were CNY 6,365,607,133.68, a decrease of 6.45% from CNY 6,804,216,411.65 at the end of the previous year[10]. - The net assets attributable to shareholders at the end of the reporting period were CNY 4,079,666,671.52, down 3.65% from CNY 4,234,336,615.81 at the end of the previous year[10]. - The weighted average return on equity for the first half of 2024 was 3.68%, down from 6.61% in the same period last year[10]. - The company's net cash flow from operating activities for the first half of 2024 was CNY 292,606,683.68, a slight decrease of 2.92% from CNY 301,406,366.15 in the previous year[10]. Market Position and Strategy - The company has maintained the first market share for 19 consecutive years[1]. - 罗莱生活科技股份有限公司在2024年上半年继续保持家纺行业龙头地位，超柔床品市场综合占有率连续19年位居第一[16]. - 罗莱儿童在报告期内获得2023年度儿童床上用品市场占有率第一，连续四年保持该地位[18]. - The company has adopted a hybrid production model, combining in-house and outsourced production to optimize efficiency and reduce costs[32]. - The company is focusing on product design innovation, particularly in ultra-soft bedding products[26]. - The company is focusing on brand building and has implemented a multi-brand strategy to cater to diverse consumer needs[34]. - The company has established over 6,000 shopping centers nationwide, attracting 20 billion visitors annually, positioning shopping centers as a key channel for consumer engagement[27]. Product Development and Innovation - LOVO乐蜗推出"夏日冰果"消暑系列产品，强调整体睡眠空间的提升，推出首个可水洗的二合一蚕丝被[19]. - The company launched the "Super Soft" bedding line, utilizing proprietary technology to enhance softness and comfort, resulting in significant consumer acclaim[29]. - The "Super Soft" series has received 5 international design awards, showcasing the company's commitment to innovation and quality[29]. - The company is focusing on scenario-based marketing, enhancing user experience through tailored product presentations in stores[29]. - The company has developed a new cotton seed variety, "Zhongmian Luolai No. 1," in collaboration with agricultural research institutions, reducing reliance on imported cotton[28]. Financial Management and Investments - The company's cash and cash equivalents decreased by 9.45% to ¥1,383,591,698.49, down from ¥2,122,451,665.86 in the previous year[61]. - The company reported a total of ¥20,191,300.00 allocated for permanent working capital from the raised funds[76]. - The company has not utilized any raised funds to supplement working capital in the past twelve months, maintaining a cash dividend level consistent with industry averages[89]. - The company invested ¥131,885,137.07 in the reporting period, a 94.32% increase compared to ¥67,869,639.01 in the same period last year[65]. - The company has established a digital technology application capability, actively promoting projects like MES and IOT to enhance operational efficiency[35]. Corporate Governance and Shareholder Relations - The company plans to distribute a cash dividend of 2 yuan (including tax) for every 10 shares, totaling 166,196,496.20 yuan, which represents 100% of the distributable profit[88]. - The company emphasizes the importance of shareholder returns and plans to enhance dividend levels and frequency in the future[89]. - The company held its annual general meeting on May 21, 2024, with an investor participation rate of 32.55%[86]. - The company approved the repurchase and cancellation of 3,740,000 shares of restricted stock that did not meet incentive conditions, completing the 2021 incentive plan[90]. Environmental and Social Responsibility - The company is committed to environmental sustainability, having joined the "30·60 Carbon Neutral Acceleration Plan" and the "Fashion Climate Innovation 2030 Action" to reduce carbon emissions[92]. - In the first half of 2024, the company donated over one million yuan in cash and materials to support social welfare initiatives[94]. - The company has established an ISO14001 environmental management system to control pollutant emissions and promote clean production[92]. - 罗莱生活在2024年3月捐赠的第二所小学落成，推动乡村教育发展[95]. - 公司与中国乡村发展基金会合作，开展四好项目，提升乡村儿童教育[95]. Risk Management - The company faces macroeconomic risks, with consumer confidence low and retail sales growth weakening, which could adversely affect its main business of home textiles[81]. - The company has implemented measures to mitigate raw material price volatility risks through diversified procurement strategies and strengthened supplier relationships[82]. - Inventory management remains a key focus, with plans to utilize digital systems for real-time inventory tracking and to enhance inventory turnover speed[84]. Legal and Compliance - The company has not faced any administrative penalties for environmental issues during the reporting period[92]. - 报告期内，公司未发生控股股东及其他关联方对上市公司的非经营性占用资金[96]. - 公司报告期内无违规对外担保情况[96]. - The company experienced a change in management, with the resignation of Deputy General Manager Lü Jiale due to personal reasons on April 25, 2024[87].

证券代码：002293 证券简称：罗莱生活 公告编号：2024-042 罗莱生活科技股份有限公司 （（（（表决结果：3 票同意，0（票反对，0（票弃权。 具体内容详见公司同日刊登在巨潮资讯网、证券时报的《关于 2024 年半年 度利润分配方案的公告》 公告编号：2024-044）。 表决结果：3 票同意，0（票反对，0（票弃权。 监事会对 2024 年半年度报告提出审核意见：经审核，监事会认为董事会编 制和审议《公司 2024 年半年度报告》及其摘要的程序符合法律、行政法规、中 国证券监督管理委员会和深圳证券交易所的规定，报告内容真实、准确、完整地 反映了上市公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 具体内容详见公司同日刊登在巨潮资讯网的《2024 年半年度报告》全文及 同日刊登在的巨潮资讯网、证券时报的《2024 年半年度报告摘要》 公告编号： 2024-043）。 二、审议通过了《关于 2024 年半年度利润分配方案的议案》 监事会认为：董事会制定的 2024 年半年度利润分配方案已获得公司 2023 年 年度股东大会授权，且符合上市公司监管指引第 3 号——上市公司现金分红以及 公司 ...

| | 上海自莱乐家 | 全资孙公司 | 应付账款 | - | 135.35 | - | 135.35 | 商品采购 | 经营性往来 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 纺有限公司 | | | | | | | | | | | 上海内野贸易 | 控股子公司 | 应付账款 | 148.40 | 186.67 | - | 335.07 | 商品采购 | 经营性往来 | | | 有限公司 | | | | | | | | | | | 南通乐自由家 | | | | | | | | | | | 居用品有限公 | 全资孙公司 | 应收账款 | - | 14.00 | - | 14.00 | 资金往来 | 经营性往来 | | | 司 | | | | | | | | | | | 南通罗莱商务 | 全资子公司 | 应收账款 | 9,943.36 | - | 1,197.04 | 8,746.32 | 商品销售 | 经营性往来 | | | 咨询有限公司 | | | | | | | | | | | 上海恐龙生活 | 全资孙公司 | 应收 ...

证券代码：002293 证券简称：罗莱生活 公告编号：2024-045 罗莱生活科技股份有限公司 关于 2024 年半年度募集资金存放与使用情况的专项报告 根据深圳证券交易所《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》及《深圳证券交易所上市公司自律监管指南第 2 号——公告格式》的规 定，将罗莱生活科技股份有限公司（以下简称公司）2024 年上半年募集资金存放与使用 情况报告如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 经中国证券监督管理委员会《关于核准罗莱生活科技股份有限公司发行股票的批 复》（证监许可[2017]1430 号）核准，公司向特定投资者非公开发行人民币普通股 39,273,647 股，发行价格为人民币 11.84 元/股，募集资金总额为人民币 464,999,980.48 元，扣除与发行有关的费用人民币 9,917,273.65 元（不含税 9,355,918.53 元）后，实际 募集资金净额为人民币 455,082,706.83 元。该募集资金已于 2018 年 1 月 23 日到位。上 述资金到位情况业经华普天健会计师事务所（特殊普通合伙 ...

证券代码：002293 证券简称：罗莱生活 公告编号：2024-048 罗莱生活科技股份有限公司 关于举办2024年半年度业绩网上说明会的公告 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、误导性陈述或者重大遗漏。 罗莱生活科技股份有限公司（以下简称"公司"）已于 2024 年 8 月 24 日披 露了《公司 2024 年半年度报告》全文及其摘要，详情请参阅证券时报与巨潮资 讯网（（www.cninfo.com.cn）。为了更好地与广大投资者进行交流，使投资者能够 进一步了解公司的生产经营情况，公司定于 2024 年 9 月 6 日（星期五）15:00- 17:00 举行 2024 年半年度业绩网上说明会，具体情况如下： 一、说明会召开的时间、地点和方式 三、投资者参加方式 投资者可于 2024 年 9 月 6 日 （ 星 期 五 ） 15:00-17:00 通过网址 https://eseb.cn/1h5ZZqCwg7K 即可进入参与互动交流。投资者可于 2024 年 9 月 6 会议召开方式：网络互动方式 二、参加人员 董事、总裁：薛嘉琛 独立董事：唐善永 财务总监：陈晓东 董 ...