各位投资者大家早上好我是华创证券新工防护组刘依宜那么今天呢我们非常荣幸的邀请到富安纳董秘李总来给我们就最近的经营情况以及未来的一些展望给我们大致的做一些指导大家最近其实也是看到这个上海和 厦门的这个家访补贴也是如火如荼那么现在在这个逐步推进的过程当中那么富安纳作为我们家访行业的龙头公司我们也是长期非常看好公司在高端领域的持续深耕以及后续品牌势能焕发之后进一段的一个改善那要不我们先把时间交给上市公司麻烦李总给我们先大致的介绍一下 包括一些三级报的大概的情况以及最近的一些情况那么各位客户如果有什么问题可以通过电话端QA的形式以及网络端文字提问的形式来跟李总这边交流和请教学习感谢大家的时间要不我们先邀请李总感谢感谢好的好谢谢易奕各位投资人早上好 也非常荣幸今天能够有这样的一个机会能够和大家一起再交流一下公司整体的定期的经营情况因为其实我们三级报披露到现在的话大概也将近快一个多月的时间这段时间的话陆陆续续我们还是以电话或者现场的形式跟大家也都交流了三级报的一些相关的一些情况确实公司在下季度的时候 这个报表端的这个收入来看的话还是有一些这个下滑的那但是呢就是整体情况来看呢就我们整个的这个下滑还是处在一个比较这个在公司的 ...

富安娜 FUANNA 深圳市富安娜家居用品股份有限公司 深圳市富安娜家居用品股份有限公司 关于第六期限制性股票激励计划预留授予 登记完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 证券代码：002327 证券简称：富安娜 公告编号：2024-057 重要内容提示： ● 预留授予部分限制性股票授予日：2024 年 9 月 27 日 ● 预留授予部分限制性股票上市日期：2024 年 11 月 25 日 ● 预留授予部分限制性股票授予登记数量：2,330,000 股，占本次授予登记前公 司总股本的 0.2786% ● 预留授予部分激励对象授予登记人数：52 人 根据《上市公司股权激励管理办法》（以下简称《管理办法》）、深圳证券交易 所、中国证券登记结算有限责任公司深圳分公司有关规则的规定，经深圳证券交易所、 中国证券登记结算有限责任公司深圳分公司审核确认，深圳市富安娜家居用品股份有 限公司（以下简称"公司"）已完成《第六期限制性股票激励计划》（以下简称《第 六期激励计划》、"本激励计划"）中预留授予部分限制性股票授予登记工作，现将 有关事项公告如下： 一 ...

Investment Rating - The report assigns an "Outperform" rating to the company [1] Core Views - The company is positioned as a "luxury home textile" brand with a clear equity structure and stable growth [4] - The company has maintained steady revenue growth and profitability, with a high dividend yield and low volatility [4] - The home textile industry is a mature market, and the concentration of leading companies is expected to increase [5] - The company's revenue growth is more stable compared to peers, reflecting a focus on quality growth and prudent management [5] - The company is expected to achieve net profits of 517 million, 561 million, and 606 million yuan in 2024, 2025, and 2026, respectively, with a reasonable valuation range of 8.03-9.26 yuan per share [6] Company Overview - The company was founded in 1994 and is a comprehensive home textile enterprise with five brands and five production and logistics bases [13] - The company's actual controller, Lin Guofang, holds 39.8% of the shares, and the second-largest shareholder, Chen Guohong, holds 14.6% [13] - The company's offline channels consist of both self-operated and franchised stores, with 498 self-operated stores and 1,033 franchised stores as of the first half of 2024 [15] Financial Performance - The company's revenue in 2023 was 3.03 billion yuan, with a CAGR of 4.4% from 2014 to 2023 [18] - The company's gross margin in 2023 was 55.6%, and its net profit margin was 18.9% [19] - The company's dividend payout ratio has been increasing since 2018, reaching 95.1% in 2023, with a dividend yield of around 7.0% [20] Industry Analysis - The home textile industry in China is a mature market with a size of 256.7 billion yuan in 2023, expected to grow at a CAGR of 2.1% from 2023 to 2029 [22] - The concentration of the home textile market in China is expected to increase, with leading companies likely to gain market share through natural selection and proactive changes [22] - The top five companies in the home textile market have a combined market share of around 7.0%, with room for further concentration compared to developed countries [23] Competitive Landscape - The company's revenue growth is more stable compared to peers, with a CAGR of 4.9% from 2014 to 2023, lower than some competitors but with less volatility [32] - The company's gross margin and net profit margin are significantly higher than its peers, maintaining a gross margin of over 50% [32] - The company's operating cash flow is strong, with a cash content of net profit consistently above 100%, reflecting excellent cash generation capabilities [34] Valuation and Forecast - The company's valuation is relatively stable, with a median PE (FY1) of 12.6X from 2024 to 2023 [21] - The company's EPS is expected to be 0.62, 0.67, and 0.72 yuan in 2024, 2025, and 2026, respectively [37] - The company's dividend yield is expected to be 6.9%, 7.5%, and 7.6% in 2024, 2025, and 2026, respectively [41]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 11.25 CNY, based on adjusted earnings per share (EPS) forecasts for 2024-2026 of 0.61, 0.66, and 0.71 CNY respectively [2][6]. Core Insights - The company reported a revenue of 1.89 billion CNY for the first three quarters of 2024, a year-on-year decrease of 1.96%, and a net profit attributable to shareholders of 293 million CNY, down 15.3% year-on-year. In Q3 alone, revenue and net profit fell by 11.2% and 40.8% respectively, which was below market expectations [1]. - Revenue performance varied by channel, with online, direct, and franchise channels showing year-on-year changes of -0.6%, -0.9%, and +1.9% respectively for H1 2024. The report suggests that Q3 continued the downward trend observed in Q2, particularly affecting the direct channel due to weak consumer sentiment [1]. - The company's inventory turnover days increased to 253 days, up 14 days year-on-year, attributed to slowing revenue growth and strategic inventory accumulation in anticipation of future market conditions [1]. - The sales expense ratio significantly increased by 6.5 percentage points to 32.1% in Q3, driven by intensified online competition and early recognition of franchise channel expenses. However, a reduction in franchise channel expense pressure is expected in Q4 [1]. - The report highlights potential benefits for the company from new consumer subsidy policies in Shanghai, particularly in the home textile category, which could improve retail performance and profitability in the future [1]. Financial Summary - The company’s revenue for 2022 was 3.08 billion CNY, with a projected revenue of 3.03 billion CNY for 2023 and a slight increase to 3.048 billion CNY expected in 2024. The net profit attributable to shareholders is forecasted to decrease from 572 million CNY in 2023 to 512 million CNY in 2024 [4][9]. - The gross margin is expected to improve from 55.6% in 2023 to 55.9% in 2024, while the net profit margin is projected to decrease slightly from 18.9% in 2023 to 16.8% in 2024 [4][9].

证券代码：002327 证券简称：富安娜 深圳市富安娜家居用品股份有限公司 2024年10月29日投资者关系活动记录表 编号：2024002 | --- | --- | --- | --- | |-------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------- ...

富安娜 FUANNA 深圳市富安娜家居用品股份有限公司 证券代码：002327 证券简称：富安娜 公告编号：2024-056 深圳市富安娜家居用品股份有限公司 关于更换持续督导保荐代表人的公告 董事会 2024年10月30日 1 本次变更不影响平安证券对公司的持续督导工作，本次保荐代表人变更后，公司 持续督导保荐代表人为唐伟先生、徐子韩女士，持续督导期至中国证券监督管理委员 会和深圳证券交易所规定的持续督导义务结束为止。 公司董事会对保荐代表人李竹青先生在公司持续督导期间所做出的贡献表示衷 心感谢！ 徐子韩女士的简历见附件。 特此公告。 深圳市富安娜家居用品股份有限公司 富安娜 FUANNA 深圳市富安娜家居用品股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 深圳市富安娜家居用品股份有限公司（以下简称"公司"）于近日收到公司首次 公开发行股票并上市的保荐机构平安证券股份有限公司（以下简称"平安证券"）的 《关于更换持续督导保荐代表人的函》，平安证券原指派的持续督导保荐代表人为李 竹青先生和唐伟先生，现因李竹青先生工作变动，自 2024 年 10 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][9]. Core Views - The company experienced a year-on-year revenue decline of 11.2% in the third quarter, with revenue reaching 580 million yuan. Despite this, the gross margin remained stable, increasing by 0.1 percentage points to 55.5%. The net profit margin was pressured, decreasing by 6.5 percentage points to 13.0% due to an increase in sales expense ratio [1][7]. - Inventory levels increased by 12.4% year-on-year and 8.5% quarter-on-quarter to 890 million yuan, primarily due to rising raw material costs for down products. This led to an increase in inventory turnover days by 14 days to 253 days [1][7]. - The company maintained a relatively robust performance compared to the industry, with a year-to-date revenue decline of only 2.0% to 1.89 billion yuan, and a net profit decline of 15.3% to 290 million yuan [1][7]. - Looking ahead to the fourth quarter, there are expectations for improved profit margins due to lower inventory costs and a potential reduction in sales expense ratio as some costs were recognized in the third quarter [1][7]. Financial Forecasts and Metrics - Revenue forecasts for 2024 to 2026 are adjusted to 532 million yuan, 568 million yuan, and 603 million yuan respectively, reflecting a year-on-year change of -7.1%, +6.8%, and +6.2% [2][8]. - The target price is maintained at 8.90 to 9.60 yuan, corresponding to a price-to-earnings ratio (PE) of 14 to 15 times for 2024 [1][7][8]. - Key financial metrics include a projected net profit margin of 13.6% for 2024, with an expected return on equity (ROE) of 13.6% [2][8].

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company experienced a decline in revenue and net profit in the first three quarters of 2024, with revenue down 2% year-on-year to 1.89 billion yuan and net profit down 15.3% to 290 million yuan [1]. - The company is expected to improve its performance in Q4 due to seasonal demand and consumer promotion policies, despite ongoing uncertainties in demand [4]. - The company has adjusted its profit forecasts for 2024-2026, lowering the expected net profit by 23%, 19%, and 20% respectively [4]. Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 580 million yuan and a net profit of 75.18 million yuan, with a year-on-year revenue decline of 11.2% and a net profit decline of 40.8% [1]. - The gross margin for the first three quarters of 2024 slightly increased by 0.6 percentage points to 55.2% [3]. - The operating cash flow for the first three quarters was negative 38.16 million yuan, indicating a cash outflow [3]. Channel Distribution - As of June 2024, the company had a total of 1,531 stores, a net increase of 2.5% from the beginning of the year, with franchise and direct stores growing by 2.3% and 2.9% respectively [2]. - The revenue distribution for the first half of 2024 was 24% from direct sales, 25% from franchises, 40% from e-commerce, and 11% from group purchases and other businesses [2]. Cost and Inventory Management - The expense ratio increased by 3.1 percentage points to 36.8% in the first three quarters of 2024, primarily due to higher advertising and store renovation costs [3]. - Inventory as of September 2024 increased by 26.5% from the beginning of the year to 890 million yuan, with inventory turnover days rising by 14 days to 253 days [3].

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [5][6]. Core Views - The company's short-term performance is impacted by a challenging retail environment, with revenue and net profit falling short of expectations. For the first three quarters of 2024, revenue was 1.89 billion yuan, down 2.0% year-on-year, and net profit was 293 million yuan, down 15.3% year-on-year [5][6]. - Despite the decline in revenue and profit, the gross margin remains stable at 55.2%, reflecting strong brand resilience. However, increased selling expenses have pressured the net profit margin, which stands at 15.5% for the same period [5][6]. - The company is strategically stocking up on raw materials like down feathers to enhance sales flexibility during peak seasons, which is expected to improve market competitiveness and performance [5][6]. Summary by Sections Market Data - Closing price as of October 25, 2024, was 8.95 yuan, with a one-year high of 11.68 yuan and a low of 6.94 yuan. The price-to-book ratio is 2.1, and the dividend yield is 7.26% [2]. Financial Performance - For the first three quarters of 2024, the company reported a gross margin of 55.2%, with a quarterly breakdown of 54.2% in Q1, 55.8% in Q2, and 55.5% in Q3. The selling expense ratio increased to 29.8% due to higher advertising and display costs [5][6]. - The operating cash flow turned negative, primarily due to increased cash outflows for purchasing goods, reflecting a strategic reserve of raw materials [5][6]. Future Outlook - The company expects a gradual improvement in retail conditions, supported by new consumer subsidy policies in Shanghai that include home textile products, which may boost sales for leading brands [6]. - The profit forecasts for 2024-2026 have been adjusted downwards, with expected net profits of 510 million, 570 million, and 616 million yuan respectively, corresponding to price-to-earnings ratios of 15, 13, and 12 [5][6].

Investment Rating - The report maintains a "Buy" rating for the company with a target price indicating an expected return of over 20% within the next six months [5][3]. Core Insights - The company reported Q3 2024 revenue of 580 million, a decrease of 11.2% year-on-year, and a net profit attributable to shareholders of 75 million, down 40.8% year-on-year [1]. - For the first three quarters of 2024, the company achieved a revenue of 1.89 billion, a decrease of 2% year-on-year, and a net profit of 290 million, down 15.3% year-on-year [1]. - The company has implemented nine stock incentive plans, covering 1860 participants, to enhance employee motivation and core competitiveness [1]. - Due to external uncertainties and Q3 performance, the revenue forecast for 2024-2026 has been adjusted to 3.1 billion, 3.3 billion, and 3.4 billion respectively, with net profits of 540 million, 570 million, and 610 million [1][3]. Financial Data and Valuation - The company's revenue for 2024E is projected at 3.09 billion, with a growth rate of 2.1% [4]. - The net profit attributable to shareholders for 2024E is estimated at 537 million, reflecting a decrease of 6.13% [4]. - The company’s P/E ratios for 2024E, 2025E, and 2026E are projected to be 13.94, 13.05, and 12.32 respectively [4][10]. - The gross margin for the first three quarters of 2024 is reported at 55.2%, an increase of 0.6 percentage points year-on-year [1].