证券代码：002572 证券简称：索菲亚 公告编号：2025-003 经公司财务部门初步测算，预计2024年实现营业收入为1,049,908.18万元到 1,166,564.64万元，与上年同期相比，增减变动幅度为-10%到0%。 二、与会计师事务所沟通情况 索菲亚家居股份有限公司 2024年度业绩预告 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。 一、本期业绩预计情况 1、业绩预告期间：2024年1月1日-2024年12月31日 2、业绩预告情况： 亏损 □扭亏为盈 ☑同向上升 □同向下降 | 项目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公司 | 盈利：132,434.17万元-145,046.95万 | | | 股东的净利润 | 元 | 盈利：126,127.78万 | | | 比上年同期增长：5%-15% | 元 | | 扣除非经常性损 益后的净利润 | 盈利：102,115.43万元-113,461.59万 | | | | 元 | 盈利：113,461.59万 | | | 比上年同期下降：0%-10% ...

Brand Strategy and Market Positioning - The company has established a four-brand matrix to cater to different consumer needs: Sophia, Milan, Simi, and Huahe [2] - Sophia brand focuses on whole-home marketing strategy to drive growth in cabinets, doors, and furniture [2] - Milan brand is targeting the lower-tier market with rapid store expansion and whole-home strategy [2] - Simi and Huahe brands are transitioning from single products to whole-home customization [3] Core Competencies - The company has developed 5 core competencies: brand power, product power, channel power, digital capability, and service capability [3] - Brand power: Four brands cover different consumer segments with comprehensive customization services [3] - Product power: Complete whole-home product matrix covering 8 categories including wardrobes, cabinets, doors, and furniture [3] - Channel power: 4,000 retail stores across 1,800 cities, with online-offline integration and expansion in overseas markets [3] - Digital capability: DIYhome system enables 7-12 days average delivery cycle [3] - Service capability: Upgraded to "full-chain delivery" service model [4] Business Development - Whole-home strategy implementation: 6+N solutions, green products, and senior-friendly designs [4] - Integrated home improvement channel: 277 partner companies by Q3, with 26.34% YoY revenue growth [4] - Overseas expansion: 31 overseas distributors covering 40 countries and regions [5] Financial and R&D Performance - R&D investment: 417 million yuan in 2023, 16.81% YoY growth, with cumulative investment of 2.143 billion yuan since 2011 [5] - Digital transformation: Industry-leading digital operation platform and DIY Home system [5] - Environmental commitment: Continuous improvement in board environmental standards and participation in industry standard setting [5] Market Outlook and Strategy - Positive impact from home improvement subsidy policies in Q4 2024 [5] - Focus on existing home renovation and replacement demand [5] - Commitment to stable cash dividend policy [6]

本次会议为中国国际金融股份有限公司中金公司闭门会议 仅限受邀嘉宾参会,未经中兴公司和演讲嘉宾书面许可,任何机构和个人不得以任何形式将会议内容和相关信息对外公布、转发、转载、传播、复制、编辑、修改等。如有上述违法行为,中兴公司保留追究相关方法律责任的权利。 这次会议是中国国际资产合作组织限制的闭门会议,CICC,只有邀请客人可以参加。没有CICC和评论员的签名允许,任何组织或人员不得删除、翻载、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、� CICC reserve the right to investigate the relevant legal liability 各位投资者大家早上好我是中金清单的研究员刘玉文欢迎大家来参加中银公司2024年度投资策略会索菲亚经济情况线上交流本次与我一起主持的还有我的同事李沛航近期我们也是能看到索菲亚也是积极参与一些换新活动我们看到截至10月底中端的电脑商覆盖率数量已经基本上超了50%然后广州10月的单元销售额也是同比翻番也是突破了亿人的一个大关 那今天 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 22.88 RMB for the next 6 months [1] Core Views - The company's performance is temporarily under pressure due to weak terminal demand, but it is expected to improve with the support of national subsidies [1] - The company's profitability remains stable, with a net profit margin of 12% in the first three quarters of 2024, up 0.4 percentage points year-on-year [1] - The company's whole-home channel has shown rapid growth, with a 26.34% year-on-year increase in revenue, driven by deep cooperation with leading decoration companies [1] - The company is actively responding to national policies, such as the "replacement of old with new" initiative, which is expected to boost demand in the fourth quarter of 2024 and beyond [1] Financial Performance - In the first three quarters of 2024, the company achieved revenue of 7.66 billion RMB, a year-on-year decrease of 6.6%, and net profit attributable to the parent company of 920 million RMB, a year-on-year decrease of 3.2% [1] - In Q3 2024, the company's revenue was 2.73 billion RMB, a year-on-year decrease of 21.1%, and net profit attributable to the parent company was 360 million RMB, a year-on-year decrease of 21.2% [1] - The company's gross profit margin in the first three quarters of 2024 was 35.8%, up 0.2 percentage points year-on-year, reflecting the continuous improvement in quality and efficiency [1] Business Segments - The Sofa brand generated revenue of 6.89 billion RMB in the first three quarters of 2024, a year-on-year decrease of 6.84%, with an average customer unit price of 23,679 RMB per order [1] - The Milan brand achieved revenue of 367 million RMB, a year-on-year increase of 14.87%, with an average customer unit price of 14,731 RMB per order, up 448 RMB compared to the first half of 2024 [1] - The company's whole-home channel revenue increased by 26.34% year-on-year, with 277 cooperative decoration companies covering 196 cities and regions nationwide [1] Profit Forecast and Valuation - The company's EPS for 2024-2026 is forecasted to be 1.30 RMB, 1.43 RMB, and 1.56 RMB, respectively, with corresponding P/E ratios of 15x, 13x, and 12x [1] - The company's ROE for 2024-2026 is expected to be 15.47%, 14.95%, and 14.37%, respectively [2] - The company's target price is set at 22.88 RMB, based on a 16x P/E ratio for 2025, considering the successful development of its whole-home business and the optimization of its brand matrix [6] Industry Comparison - The average P/E ratio for comparable companies in the furniture industry is 13.92x for 2025 [6] - The company's P/E ratio for 2025 is 13x, slightly lower than the industry average, reflecting its strong position in the market and the potential for growth driven by national policies [6]

%% %% 丨证券研究报告丨 公司研究丨点评报告丨索菲亚（002572.SZ） [Table_Title] 索菲亚 2024Q3 点评：Q3 暂承压，整装&整 家持续推进，国补落地修复可期 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | 前三季度实现营收 / 归母净利润 / 扣非净利润 76.56/9.22/8.74 亿元，同降 7%/3%/4% ； | | | 27.26/3.57/3.43 亿元，同降 21%/21%/22% 。 Q3 公司整装仍具韧性、 大宗均承压，品类融合支撑客单同比提升。 Q3 盈利基本稳定。展望后续，整家战略 | | | 下索菲亚零售为核心，米兰纳 & 集成整装具备增长潜力，配套品扩张 & 客单提升贡献弹性。近期 | | | 家居国补积极推进，需求大盘提振 & 公司份额提升 ...

各位鉴定投资者,大家下午好,我是中泰新访的邓恩杰。非常欢迎大家来到我们设计策略会的线上交流系列的索菲亚展场。今天非常荣幸邀请到了索菲亚的宇飞总来给我们做一个分享。 那其实我们在9月份就已经开始对于家居反坏进行率先翻桌然后呢目前的话我们也是坚定的看好整个家居的这样的一个反转那在这其中呢其实家居补贴又是一个非常重要的催化我们看到在这一轮的补贴落地执行的过程之中索菲亚也是表现出了非常强的执行力以及一些前瞻性的判断 首先这个可能抛砖引玉的跟这个宇飞总请教一下就是我们现在就补贴就广州的这个补贴然后落地之后大概半个月的一个时间那目前呈现出来的一个效果大概是怎么样的谢谢宇飞 好的 那其实我们整个一个国补就整个一个已经换新的补贴其实我们是从国庆的这个期间开始落地的那大概执行了半个月左右的时候呢其实广州这边就放了一个比较好的政策嘛就是广州的补贴可以用到全国的这个线上平台或者是说云响户平台那在这种情况之下呢我们是明显感觉到 就整个十月份的后两周的整个市场的需求包括客户的订单会比头两周要好很多确实也是因为这个国补的政策它在更深层次的 地方其实是拉动了消费者他本来可能有装修的需求或者说他可能有这个房子要进入到装修的这个节奏然后加快了 ...

2024 年 11月 07 日 索菲亚(002572. SZ) 业绩短期承压，盈利水平保持稳定 目事件:索菲亚发布 2024 年三季报。2401-3 公司实现营业收入 76.56 亿元,同比下降 6.65%;归母净利润 9.22 亿元,同比下降 3.24%;扣非后归母净利润 8.74亿元,同比下降 3.55%。2403公 司实现营业收入 27.26 亿元,同比下降 21.13%;归母净利润 3.57 亿元,同比下降 21.16%;扣非后归母净利润 3.43 亿元,同比下 降 21. 70%。 目米兰纳持续开拓，品牌矩阵梳理进一步清晰 分品牌看,1)索菲亚品牌:24Q1-3 索菲亚品牌实现营收 68.90 亿元, 同比下降 6.84%;其中,工厂端平均客单价 2.37万元。截至 2024年 9 月末，索菲亚品牌拥有经销商 1805 个，专卖店 2543 家。2）米兰 纳品牌： 2401-3 米兰纳品牌实现营收 3.67 亿元,同比增长 14.87%; 其中,工厂端平均客单价 1.47万元。截至 2024年9月末,米兰纳品 牌共有经销商 554个,专卖店 579 家,大众市场开拓顺畅。3）司米 品牌: 截至 24 ...

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索菲亚（002572.SZ） 优于大市 2024 年三季报点评： 收入与盈利暂时承压，Q4 政企双补订单有望回暖 三季度收入与盈利双位数下滑。公司发布 2024 年三季报，2024Q1-Q3 实现收 入 76.6 亿/-6.6%，归母净利润9.2 亿/-3.2%，扣非归母净利润8.7 亿/-3.6%； 2024Q3 收入 27.3 亿/-21.1%，归母净利润 3.6 亿/-21.2%，扣非归母净利润 3.4 亿/-21.7%。Q3 公司收入下滑主要系地产竣工与销售大幅下滑、宏观经 济环境影响，同时也与 2023Q3 基数较高有关。公司坚持多品牌、全品类、 全渠道战略，在政企双补政策下预计 Q4 前端接单有望回暖。 前三季度米兰纳品牌表现优异。2024Q1-Q3 分品牌看，索菲亚品牌实现收入 68.9 亿/-6.8%，经销商 1805 个、专卖店 2543 家，工厂端平均客单价 23679 元/单；米兰纳品牌收入 3.7 亿/+14.9%，经销商 554 个、专卖店 579 家，工 厂端客单价 14731 元/单；司米品牌经销商 156 个、专卖店 161 家，与索菲 亚经销商重叠率进一步降低，终端门店正逐步 ...

索菲亚（002572.SZ） 家居用品 证券研究报告/公司点评报告 2024 年 11 月 02 日 Q3 收入端承压，盈利能力稳健，看好 Q4 订单改善 ——索菲亚 24Q3 点评 | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|----------------------------------------------------------------------------------------------------------|--------------------------------------------------------------- ...