上海君澜律师事务所 关于罗莱生活科技股份有限公司 2023 年年度股东大会的法律意见书 致：罗莱生活科技股份有限公司 境、社会及治理（ESG）报告的议案》《关于 2023 年度募集资金存放与 使用情况的专项报告的议案》《关于 2024 年度高级管理人员薪酬（津 贴）绩效方案的议案》《关于使用闲置自有资金和闲置募集资金进行现金 管理的议案》《关于 2024 年度日常关联交易预计的议案》《关于向银行 申请授信的议案》《关于独立董事独立性自查报告的议案》《关于回购注 销限制性股票的议案》《关于修订<公司章程>的议案》《关于制定、修订 部分公司治理制度的议案》《关于 2023 年会计师事务所履行情况评估报 告的议案》《关于 2024 年第一季度报告的议案》《关于变更证券事务代 表的议案》《关于 2024 年中期分红计划的议案》《关于公司会计政策变 更的议案》及《关于召开公司 2023 年年度股东大会的议案》，并审议了 《关于 2024 年度董事薪酬（津贴）绩效方案的议案》及《关于购买董 事、监事和高级管理人员责任保险的议案》，决定于 2024 年 5 月 21 日 （星期二）14:30 召开本次股东大会。 公司监事会 ...

证券代码：002293 证券简称：罗莱生活 公告编号：2024-031 罗莱生活科技股份有限公司 2023年年度股东大会决议公告 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。 特别提示： 1.本次股东大会没有否决提案的情形。 2.本次股东大会没有变更以往股东大会已通过的决议的情形。 一、会议召开和出席情况 （一）会议召集人：公司董事会 （二）会议时间： （1）现场会议时间：2024年5月21日（星期二）下午14:30。 （2）网络投票时间：2024年5月21日 （1）参加本次股东大会现场会议和网络投票的股东及股东代表共22人，代 表股份数量271,616,108股，占公司总股份的32.5492%。 （2）参加本次股东大会现场会议的股东及股东授权代表10名，代表股份数 量268,799,394股，占公司总股份的32.2116%； （3）通过深圳证券交易所交易系统和互联网投票系统投票的股东12名，代 表股份数量2,816,714股，占公司总股份的0.3375%； （4）通过现场和网络参加本次会议的中小投资者共计18人，代表股份数量 2,834,114股，占公司 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected performance that is 5% to 15% stronger than the market benchmark index [39]. Core Views - The company, 罗莱生活, reported a slight increase in main revenue for 2023 at 5.315 billion yuan, with a year-on-year growth of 0.03%. However, the net profit attributable to the parent company decreased by 1.44% to 572 million yuan [18]. - The home textile business remains stable, contributing 80% of the company's revenue, while the furniture segment has faced challenges, leading to a decline in overall performance [18]. - The company has a strong cash flow position, with a net cash flow from operating activities of 936 million yuan, representing a 117% increase year-on-year [18]. Financial Summary - The company’s total assets are projected to grow from 6.266 billion yuan in 2022 to 9.296 billion yuan by 2026 [4]. - The gross profit margin for the home textile business was 50.57% in 2023, an increase of 2.1 percentage points year-on-year, while the furniture business saw a decline in gross margin to 33.83% [18]. - The forecasted net profit for 2024-2026 is expected to be 581 million, 639 million, and 713 million yuan respectively, with corresponding PE ratios of 12.82, 11.66, and 10.44 [18][19]. Business Performance - The company operates approximately 3,000 sales outlets across nearly 32 provinces and cities in China, with a mix of direct and franchise stores [9]. - The home textile segment's revenue for 2023 was approximately 4.267 billion yuan, reflecting a year-on-year increase of 3.37%, while the furniture segment's revenue was 1.048 billion yuan, down 11.61% [18]. - The company plans to maintain a dividend of no less than 0.2 yuan per share in 2024, continuing a strong dividend policy [18].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% relative to the industry index within the next six months [31]. Core Views - The company is a leading player in the domestic mid-to-high-end home textile market, continuously expanding its "big home textile, small home goods" strategy and employing a multi-brand management approach to cater to various consumer segments [22]. - The company has shown stable growth in its domestic home textile business, while its overseas furniture business has faced challenges impacting overall performance [5]. - The company has achieved a market share leadership position in its product categories, with a focus on brand differentiation and innovative product offerings [3][19]. Financial Summary - In 2023, the company reported revenue of 5,315 million yuan, a slight increase of 0.03% year-on-year, and a net profit of 572 million yuan, down 1.44% year-on-year [19]. - The company's gross margin improved to 47.27% in 2023, an increase of 1.31 percentage points year-on-year, while the net profit margin was 10.74%, a decrease of 0.05 percentage points year-on-year [5]. - The company forecasts earnings per share (EPS) of 0.72 yuan, 0.85 yuan, and 0.97 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (P/E) ratios of 12.5X, 10.6X, and 9.3X [22]. Business Expansion - The company has expanded its store count, with 335 direct-operated stores and 2,395 franchise stores as of 2023, reflecting a net increase of 28 and 40 stores respectively [3]. - The company employs a hybrid sales model combining online and offline channels, with significant partnerships with major e-commerce platforms and a focus on innovative marketing strategies [3][6]. Market Position - The company has maintained its market leadership in the home textile sector for 19 consecutive years, with a strong brand presence and consumer recognition [3]. - The company has introduced unique product lines, such as the "super soft bedding" series, to differentiate itself in a competitive market [3].

罗莱生活 [Table_FinchinaDetail] 利润表(人民币 百万) 现金流量表(人民币 百万) 披露声明 中银国际证券股份有限公司同时声明，将通过公司网站披露本公司授权公众媒体及其他机构刊载或者转发证券研究报 告有关情况。如有投资者于未经授权的公众媒体看到或从其他机构获得本研究报告的，请慎重使用所获得的研究报告， 以防止被误导，中银国际证券股份有限公司不对其报告理解和使用承担任何责任。 纺织服饰 | 证券研究报告 — 调整盈利预测 2024 年 5 月 5 日 买入 原评级：买入 市场价格:人民币 9.01 板块评级:强于大市 (%) 今年 1 个月 3 个月 12 个月 (29%) (23%) (17%) (10%) (4%) 3% May-23Jun-23Jul-23Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24 罗莱生活 深圳成指 至今 绝对 (3.1) (8.8) 0.7 (29.3) 相对深圳成指 (5.1) (10.8) (13.8) (13.9) 中银国际证券股份有限公司 纺织服饰：服装家纺 海外业务承压致经营波动，期待业 ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Insights - The company's home textile business showed a steady recovery in 2023, achieving revenue of 4.27 billion yuan, a year-on-year increase of 3.4%, with a net profit of 530 million yuan, up 10.25% year-on-year [1] - The U.S. furniture business faced challenges, with revenue of 1.05 billion yuan, a year-on-year decline of 11.61%, and a net profit of 39 million yuan, down 59.5% [1] - The company is expected to maintain a dividend of 4 yuan per 10 shares for 2023, with a payout ratio of 58.3% [1] Financial Performance Summary - In 2023, the company reported total revenue of 5.315 billion yuan, with a net profit attributable to shareholders of 572 million yuan, reflecting a slight increase of 0.03% and a decrease of 1.4% year-on-year, respectively [6] - The gross margin for 2023 was 47.3%, with a projected increase to 47.8% in 2024 [6] - The company’s return on equity (ROE) was 13.5% in 2023, expected to remain stable in the following years [6] Operational Metrics - The company’s accounts receivable turnover days, inventory turnover days, and accounts payable turnover days for 2023 were 36, 191, and 79 days, respectively [5] - In Q1 2024, the company achieved a gross margin of 43.55%, with a net profit margin of 8.23%, reflecting a decrease compared to the previous year [14] - The company’s sales expense ratio increased to 21.75% in Q1 2024, while the management expense ratio rose to 9.26% [14] Future Projections - The company is projected to achieve net profits of 601 million yuan, 671 million yuan, and 733 million yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 4.9%, 11.7%, and 9.3% [14] - The price-to-earnings (PE) ratios for the upcoming years are expected to be 12.5X, 11.1X, and 10.2X for 2024, 2025, and 2026, respectively [14]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 10.05 yuan based on a 15x PE valuation for 2024 [4][14]. Core Insights - The company achieved a revenue of 5.32 billion yuan in 2023, remaining flat year-on-year, while the net profit attributable to the parent company decreased by 1.44% to 570 million yuan. In Q1 2024, revenue and net profit fell by 12.3% and 49.5% year-on-year, respectively, primarily due to declining profits from overseas subsidiaries [1][39]. - The home textile business showed steady growth, but the performance was dragged down by the U.S. operations, which saw an 11.6% decline in revenue. The U.S. business, mainly high-end customized furniture, is affected by a longer business cycle and external economic factors [1][39]. - The company plans to distribute a dividend of 330 million yuan, with a payout ratio of approximately 58.3%. By the end of 2023, operating cash flow increased by 117% year-on-year [1][39]. Financial Performance Summary - In 2023, the company reported a revenue of 5,315 million yuan, unchanged from 2022, with a projected revenue increase of 3.4% in 2024 and 9.4% in 2025 and 2026. The gross profit margin improved to 47.3% in 2023 [36][45]. - The net profit attributable to the parent company for 2023 was 572 million yuan, with a slight decrease from 2022. The earnings per share for 2024, 2025, and 2026 are projected to be 0.67, 0.77, and 0.90 yuan, respectively [36][45]. - The company’s gross margin is expected to remain stable, with slight improvements projected in the coming years [36][45]. Business Segment Analysis - The online, direct, and franchise channels saw revenue growth of 8.6%, 31.7%, and a decline of 3.9%, respectively. The online channel continues to show a positive trend, indicating effective brand enhancement and product optimization [1][39]. - The company has upgraded its research institute to focus on enhancing its competitive edge in soft technology, with plans for smart factory upgrades and capacity expansion [1][39]. Shareholder Activity - As of Q1 2024, CA Fabric Investments, a subsidiary of Carlyle Group, holds 5.96% of the company's shares, having reduced its stake by 1.99 percentage points through block trades to minimize stock price volatility [1][39].

Investment Rating - The investment rating for the company is "Outperform" [4] Core Insights - The company reported a revenue of 5.32 billion yuan in 2023, which is flat year-on-year, and a net profit of 572 million yuan, down 1.4% year-on-year. In Q1 2024, revenue dropped to 1.09 billion yuan, a decrease of 12.3% year-on-year, with a net profit of 89 million yuan, down 49.5% year-on-year, primarily due to a significant decline in overseas furniture business and early marketing expenses [4][18] - The company plans to distribute a cash dividend of 330 million yuan, with a payout ratio of 58%, translating to a dividend of 0.4 yuan per share, which corresponds to a dividend yield of over 6% based on the latest stock price [4] - The company maintains stable profitability with improvements in operational efficiency, as evidenced by a gross margin of 47.3% in 2023, and a net profit margin of 10.8% [4][18] Financial Summary - For 2023, the total revenue was 5.32 billion yuan, with a net profit of 572 million yuan. The forecast for 2024 is a revenue of 5.52 billion yuan and a net profit of 608 million yuan, reflecting a growth rate of 3.9% [18] - The company’s gross margin is projected to be 47.1% in 2024, with a net profit margin of 13.5% [18] - The company had a significant increase in operating cash flow, reaching 940 million yuan in 2023, up 117% year-on-year, indicating improved cash management [4] Channel Performance - Direct sales saw a strong rebound with revenue of 410 million yuan in 2023, up 31.7% year-on-year, while online sales grew to 1.61 billion yuan, an increase of 8.6% year-on-year [4] - The total number of stores reached 2,730 by the end of 2023, with a net increase of 68 stores, indicating an active expansion phase [4] Market Position - The company has maintained the number one market share in bedding products for 19 consecutive years, and domestic home textile business continues to grow steadily [4] - The forecast for net profit for 2024-2026 is adjusted to 610 million yuan, 700 million yuan, and 820 million yuan respectively, with corresponding PE ratios of 13, 11, and 10 [4][18]

Investment Rating - The investment rating for the company is "Buy" with a target price of 12.04 CNY, maintaining the previous rating of "Buy" [1][10]. Core Views - The company has shown steady growth in its domestic home textile business, while its U.S. operations have negatively impacted overall performance. The company is expected to gradually return to healthy growth as U.S. business improves [1][10]. - The report highlights that the company's earnings are under pressure, but it is anticipated that performance will stabilize through store expansion and efficiency improvements, with negative impacts from U.S. operations expected to gradually improve [1][10]. Summary by Sections Financial Performance - In 2023, the company's revenue was 5,315 million CNY, with a net profit attributable to shareholders of 572 million CNY, reflecting a slight increase in revenue but a decline in net profit compared to the previous year [1][10]. - The company’s Q4 2023 revenue was 1,560 million CNY, with a net profit of 160 million CNY, showing a year-on-year decline of 12.3% and 49.5% respectively [1][10]. - For Q1 2024, the expected revenue is 1,090 million CNY, with a net profit of 90 million CNY, indicating a further decline [1][10]. Market Position - The company is positioned as a leading player in the home textile industry, with a solid market presence and brand recognition [1][10]. - The report notes that the domestic home textile sector has shown resilience, with a year-on-year revenue growth of 3.4% despite challenges in the U.S. market [1][10]. Future Outlook - The company is projected to achieve an EPS of 0.73 CNY in 2024, down from a previous estimate of 0.86 CNY, reflecting adjustments due to underperformance [1][10]. - The target price is based on a price-to-earnings (PE) ratio of 16 times, which is considered reasonable given the company's leading position in the industry [1][10].

隐证券 2024Q1 美国业务扰动延续，看好国内家纺稳健增长 股价走势图 | --- | --- | --- | |-------------------------------------------|----------------------------------------------|---------------------------------------------| | | | | | 吕明（分析师） | 周嘉乐（分析师） | 吴晨汐（联系人） | | lvming@kysec.cn 证书编号： S0790520030002 | zhoujiale@kysec.cn 证书编号： S0790522030002 | wuchenxi@kysec.cn 证书编号： S0790122120013 | 风险提示：渠道拓展不及预期、抖音渠道费用投放加大、美国业务持续承压。 附：财务预测摘要 特别声明 股票投资评级说明 本报告所包含的分析基于各种假设，不同假设可能导致分析结果出现重大不同。本报告采用的各种估值方法及模型 均有其局限性，估值结果不保证所涉及证券能够在该价格交易。 开源证券股份有限公司是经 ...