来源：环球网 ·三部门出台方案 支持家电家具等行业骨干企业打造AI应用场景 ·1-2月家具制造业利润总额34.1亿元 同比下降29.7% ·2025广州定制家居展暨轻高定展开幕 ·第55届中国家博会（广州）办公商用&设备配料展开幕 ·图特股份成功挂牌新三板 ·贝壳"加仓"家装行业 广州全案整装4.0样板间亮相 ·红星美凯龙构建奥特莱斯模式空间 面积超2万㎡ ·华日家居与南洋胡氏战略签约 开启双品牌运营 ·梦百合首家全客房智能床酒店开业 ·林氏家居联合Keep、艾瑞咨询发布《居家健康放松方式研究白皮书》 ·索菲亚全国渠道流量精耕战略暨「1+N+X」模式重磅发布 ·鲁丽首创PP板无醛黑科技新品发布 3.2025广州定制家居展暨轻高定展开幕 3月27日，第14届广州定制家居展暨轻高定展开幕。本届展会汇聚行业代表品牌以及丰富的新产品、新 模式。10万㎡的展出面积汇聚800+品牌，包含全屋定制、轻高定、板材、五金、饰面、铝材、设备、 软件等定制家居全产业链代表企业，以及智能家居、家电、家具、软装布艺等整家定制生态企业。同 时，展会以"设计 + 产业"联合模式，整合全国优质设计资源，联动推出多个主题策展和设计论坛。 4. ...

业内人士认为，2025年，扩大销售网络，尤其是挖掘与争夺优秀经销商，仍旧是大部分家居品牌的重中之重。 本报讯 （记者丁蓉 见习记者张美娜）3月27日，索菲亚家居股份有限公司（以下简称"索菲亚"）在全国渠道流量精耕战略 暨"1+N+X"模式发布会上重磅推出"1+N+X"模式。 据悉，索菲亚推出"1+N+X"全新渠道战略是基于当前家居市场由"增量时代"向"存量时代"作出的一次战略性革新。"1"代表 一个城市运营商，作为索菲亚在当地市场的核心合作伙伴，城市运营商具备丰富的市场资源、强大的交付能力和良好的口碑影 响力。相比过去传统的经销商，索菲亚将支持城市运营商提高后端交付能力、供应链体系搭建等，致力于不断赋能城市运营商 新能力，换取业务新增长；"N"则代表多业态门店，包括但不限于商超店、社区店、建材城店、沿街店、乡镇店等，满足不同 消费者的购物需求和消费场景。"X"则是索菲亚支持全域引流，全员共创，即任何人都可以成为索菲亚的共创伙伴。 发布"1+N+X"战略 助力三方共赢 索菲亚整家事业部营销中心负责人甘铭中表示，"1+N+X"致力于成就三方共赢，生态共建。这种模式重构了家居行业的渠 道逻辑与服务链，破解了当下的市 ...

3月27日，第14届广州定制家居展开幕。同日，索菲亚发布了全国渠道流量精耕战略暨"1+N+X"模式。 记者现场获悉，这是一种低投入、轻资产、大市场、快回报的整家渠道发展新模式，也是行业展现出的 破局解题新思路。 据了解，当前家居行业已从增量扩张转向存量深耕，行业普遍面临获客渠道碎片化、获客成本飙升等巨 大挑战，拓展新渠道抢占新流量，成为决胜下半场的关键要素。 据《2024年中国家居市场消费洞察》，得益于存量房需求的释放及智能家居品类的创新推动，泛家居展 现出强劲的市场增长弹性，预计到2027年，全渠道销售额将超过5.3万亿元。业内人士认为，"得渠道者 得天下"，定制家居行业进入加速洗牌的大变革时期，渠道变革也再次启动。 广东省定制家居协会秘书长曾勇指出，索菲亚"1+N+X"模式的发布，不仅是渠道创新，更是从底层逻辑 重构行业生态，他从终端流量、产业生态、生态协同3大维度抽丝剥茧，阐释了新模式的核心价值。"未 来家居存量市场的竞争，不再是企业间的单点对决，而是用户信任的竞争、生态协同效率的竞争。"曾 勇说道。 索菲亚家居集团副总裁兼索菲亚整家事业部总经理朱亦进 索菲亚家居集团副总裁兼索菲亚整家事业部总经理朱亦进 ...

2月18日，定制家居龙头品牌索菲亚(002572)举行中国定制家5A标准发布会。会上，索菲亚联同中国林 科院等18家知名研究机构、高校、头部企业，共同起草制定5A标准（T/CNFPIA 3037—2024《定制木质 柜质量分级》），旨在以更高标准引领行业升级，为消费者打造透明、健康、高品质的家居消费环境。 中国定制家5A标准发布，定义行业品质新高度 中国定制家5A标准（T/CNFPIA 3037—2024《定制木质柜质量分级》）由中国林产工业协会发布，索菲 亚联同中国林业科学研究院木材工业研究所等18家权威机构/高校/头部企业共同起草制定。该标准在 2024年"超一级质量标准"基础上再次迭代升级，质量指标从12项升级到14项，标准维度包括环保指标、 耐用指标、五金指标、封边指标，涵盖范围更广，指标要求更严苛，整体优于国家推荐标准，并基于对 用户全生命周期的考量而制定，率先从"单一环保标准"迈向"整柜高标准"。 国家林草局产业发展规划院张忠涛教授指出："5A标准是政产学研用协同的典范，既'守底线'又'拉高 线'，我们通过这种质量分级，拉开我们产品的品质，让品质的表征直接能在消费者比较明白的量化指 标上获得体现。 ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 索菲亚 摘要 • 索菲亚预计 2024 年营收同比下滑 10%以内，但四季度受益于出售民生证券 股份和以旧换新补贴，利润表现良好。公司积极响应各地政府的以旧换新 政策，四季度前端接单改善明显，大部分订单于 12 月开始出货，预计对 2025 年一季度业绩有显著贡献。 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 • 索菲亚 2025 年战略规划包括各事业部设定增长目标，零售渠道和厂家渠道 分别设定 10%以上和个位数增长目标。公司将逐步转向存量房市场 ...

Group 1: Financial Performance - The company's net profit for 2024 is projected to be between 132,434.17 and 145,046.95 million CNY, representing a year-on-year growth of 5% to 15% [2] - The net profit after deducting non-recurring gains and losses is expected to be between 102,115.43 and 113,461.59 million CNY [2] - The anticipated operating revenue for 2024 is between 1,049,908.18 and 1,166,564.64 million CNY [2] Group 2: Market Environment and Challenges - The company faces short-term challenges due to the slowing growth of custom furniture enterprises influenced by the real estate cycle and intensified market competition [2] - However, the implementation of government policies supporting consumer goods replacement is expected to revive demand in the home furnishing industry [2] Group 3: Overseas Expansion - The company is enhancing its overseas channel development, currently having 31 overseas distributors covering countries such as the USA, Canada, Australia, Singapore, Vietnam, and Thailand [3] - It collaborates with overseas developers and contractors to provide one-stop customized home solutions to clients in approximately 40 countries and regions [3] Group 4: Marketing and Sales Strategy - The company is actively responding to market changes by adjusting its marketing strategies to participate in the "old-for-new" subsidy policies [7] - It utilizes big data analysis and customer interest profiling to maintain stable overall marketing expenses [7] Group 5: Future Outlook and Policies - The company emphasizes stable cash dividends and will continue to communicate with shareholders while responding to regulatory policies [5] - It plans to actively promote the "old-for-new" subsidy activities and create benchmark cases for distributors [6] Group 6: Brand Development - The main brand focuses on integrated marketing strategies to enhance various product categories and increase average transaction value [8] - New brands are expanding their market presence, while mid-to-high-end brands are transitioning to a whole-home customization model [8]

Investment Rating - The investment rating for Sophia (002572) is not explicitly stated in the provided documents, but the report indicates a positive outlook for 2025, suggesting potential for improvement in performance [1]. Core Insights - The company is expected to achieve revenue between 10.499 billion to 11.666 billion yuan in 2024, reflecting a year-on-year decline of 10% to flat growth. The net profit attributable to the parent company is projected to be between 1.324 billion to 1.450 billion yuan, indicating a growth of 5% to 15% year-on-year [1]. - The fourth quarter of 2024 is anticipated to show a revenue range of 2.844 billion to 4.010 billion yuan, with a median of 3.427 billion yuan, which represents a slight decline of 1.1% year-on-year. The net profit for this quarter is expected to be between 403 million to 529 million yuan, with a median of 466 million yuan, showing a significant increase of 50.8% year-on-year [1][2]. - The company is actively responding to national subsidy policies, which are expected to boost performance in 2025. The central government has allocated 81 billion yuan for consumer subsidies in 2025, which may enhance the company's operations [2]. Summary by Sections Financial Performance - The total revenue for 2022 was 11.223 billion yuan, with a growth rate of 7.8%. In 2023, revenue increased to 11.666 billion yuan, reflecting a growth of 3.9%. However, a decline to 10.889 billion yuan is expected in 2024, representing a decrease of 6.7% [5]. - The net profit attributable to the parent company was 1.064 billion yuan in 2022, increasing to 1.261 billion yuan in 2023, with a projected net profit of 1.392 billion yuan in 2024, indicating a growth of 10.3% [5]. - The gross margin is expected to remain stable at around 36.5% from 2024 to 2026 [5]. Market Strategy - The company is enhancing its retail channel structure and adjusting its product offerings to capture market share in the renovation and home improvement sectors. The revenue from integrated decoration channels grew by 26% year-on-year in the first three quarters of 2024 [3]. - The company has established partnerships with 277 decoration companies across 196 cities by the end of Q3 2024, indicating a strong market presence [3]. - The company is also expanding its overseas business, having established 31 overseas distributors and entering over 40 countries and regions [3]. Profit Forecast - The forecast for net profit attributable to the parent company for 2024 to 2026 is 1.39 billion yuan, 1.21 billion yuan, and 1.28 billion yuan, respectively, with corresponding price-to-earnings ratios of 11.3X, 13.0X, and 12.3X [3].

公司报告 | 公司点评 索菲亚（002572） 证券研究报告 政策加码 2025 可期 公司发布 2024 年业绩预告 预计 24 年归母净利 13.2-14.5 亿元，同增 5-15%；扣非后归母 10.2-11.3 亿 元，同比减少 0-10%； 其中 24Q4 归母净利 4-5.3 亿元，同增 29-71%；24Q4 扣非后归母 1.5-2.6 亿 元，同增-35 至 13%； 公司预计 2024 年营收 105.0-116.7 亿元，同比减少 0-10%。 2024 年受地产周期及市场竞争加剧影响，定制家具企业增速放缓。公司经 营环境短期内面临挑战，2024 年营收同比有所下降。但随着国家支持消费 品以旧换新政策的实施落地，家居行业消费需求有望迎来复苏。 2024 年公司推行降本增效措施，致力人效提升和费用严控，进一步优化负 债结构，财务费用大幅下降，利润指标优于收入指标；2024 年全资子公司 出售参股公司股权并接受交易对价所产生非经常性损益增加，公司 2024 年非经常性损益对净利影响预计 2.29-2.8 亿元，较上年同期有所增加，使 得归母净利增长。 商务部等印发关于做好 2025 年家装厨卫 ...

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company is expected to benefit from the implementation of the "old-for-new" consumption policy, which is anticipated to boost demand in the home furnishing industry [4] - The company has launched the "Whole House 4.0" strategy to enhance its one-stop customization capabilities across all product categories, aiming to improve operational efficiency and reduce costs [4] - The company is projected to experience a decline in revenue in 2024 due to the real estate cycle and intensified market competition, but net profit is expected to grow [2][3] Financial Summary - The company forecasts 2024 revenue between CNY 10.50 billion and CNY 11.67 billion, representing a year-on-year change of -10% to 0% [2] - The net profit attributable to shareholders is expected to be between CNY 1.32 billion and CNY 1.45 billion, reflecting a growth of 5% to 15% compared to the previous year [2] - The company anticipates a significant impact from non-recurring gains and losses on net profit, with an estimated increase of CNY 229 million to CNY 280 million due to the sale of equity in a subsidiary [3] - For the fourth quarter of 2024, revenue is projected to be between CNY 2.84 billion and CNY 4.01 billion, with a year-on-year change ranging from a decline of 17.95% to an increase of 15.73% [3] - The earnings per share (EPS) for 2024-2026 are adjusted to CNY 1.39, CNY 1.46, and CNY 1.57, respectively, with a 2025 price-to-earnings (PE) ratio of 11 times, which is below the average of comparable companies [5]