证券代码:002572 编号:20241031 证券简称:索菲亚 索菲亚家居股份有限公司投资者关系活动记录表 | --- | --- | --- | |---------------------------|---------------------------------------------|------------------------------------------------------------------------------------------------------------------------------| | | | | | 投资者关系活 | 口特定对象调研 | □分析师会议 | | 动类别 | □媒体采访 | □业绩说明会 | | | □新闻发布会 | 口路演活动 | | | 口现场参观 | | | | 团其他(电话会议) | | | 参与单位名称 及人员姓名 | | 申万证券组织的电话会议,共计 199 位投资机构及个人参加会议。 | | | | | | 时间 | 2024 年 10 月 31 日上午 | | | 地点 | 公司会议室 | | | 上市公司接待 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][9]. Core Views - The company faced performance pressure in Q3 2024 due to macroeconomic conditions, but the Milan brand continued to expand its store presence [5][6]. - The company is committed to its "multi-brand, all-channel, all-category" strategy, which has led to a notable increase in revenue from the integrated channel [5][9]. - The company has seen a decline in revenue and net profit for the first three quarters of 2024, with revenue at 7.66 billion yuan, down 6.6% year-on-year, and net profit at 920 million yuan, down 3.2% year-on-year [4][5]. Financial Performance Summary - For Q3 2024, the company reported revenue of 2.73 billion yuan, a decrease of 21.1% year-on-year, and a net profit of 360 million yuan, down 21.2% year-on-year [4][5]. - The company's gross margin for the first three quarters of 2024 was 35.8%, a slight increase of 0.2 percentage points year-on-year, while Q3 2024 gross margin was 35.9%, a decrease of 0.9 percentage points year-on-year [7]. - The company has seen a significant increase in orders due to the "old-for-new" subsidy policy, with a notable rise in order volume and revenue in Guangzhou [8]. Brand Performance - In the first three quarters of 2024, the company's Sofia and Milan brands achieved revenues of 6.89 billion yuan and 370 million yuan, respectively, with year-on-year changes of -6.8% and +14.9% [5][6]. - The average transaction price for the Sofia and Milan brands was 24,000 yuan and 15,000 yuan, reflecting increases of 22.4% and 2.7% year-on-year [5]. Market Strategy - The company is actively expanding its overseas market presence, with distributors covering multiple countries and regions, providing customized solutions [6]. - The company continues to innovate in its product offerings, launching new categories such as cabinets, kitchen appliances, and bathroom products [5][9].

[Table_StockNameRptType] 索菲亚（002572） 公司点评 2024Q3 业绩承压，期待刺激政策成效 | --- | --- | --- | |---------------------------------------------------------------------------------------------------|-------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Views - The company reported a revenue of 7.66 billion yuan for the first nine months of 2024, a year-on-year decrease of 6.6%, and a net profit attributable to shareholders of 0.92 billion yuan, down 3.2% year-on-year. In Q3 2024, revenue was 2.73 billion yuan, a decline of 21.1%, with a net profit of 0.36 billion yuan, also down 21.1% year-on-year [1][2] - Retail revenue is temporarily under pressure, while the integrated and bulk channels are steadily growing. The company's main brands, Sofia and Milan, achieved revenues of 6.89 billion yuan and 0.37 billion yuan respectively, with year-on-year changes of -6.8% and +14.9%. The main brand maintained stable average transaction values despite market demand decline, reflecting strong brand power and customer base [1][2] - The company is proactively positioning itself in the existing market, leveraging its first-mover advantage. As the real estate market faces downward pressure, the demand for customized home furnishings is shifting from incremental to stock-driven. The company has preemptively deployed products and channels to cater to renovation needs for existing and second-hand homes [1][2] Financial Performance Summary - For the first nine months of 2024, the company's gross margin was 35.8%, an increase of 0.2 percentage points year-on-year, indicating improved cost control and increased average transaction values. The net profit margin was 12.0%, up 0.4 percentage points year-on-year, with Q3 2024 net profit margin at 13.1%, unchanged year-on-year [2] - The company is expected to achieve earnings per share (EPS) of 1.36 yuan, 1.49 yuan, and 1.62 yuan for the years 2024 to 2026, respectively. The closing price on October 30 was 19.01 yuan, corresponding to price-to-earnings (PE) ratios of 14, 13, and 12 times for the respective years [2][3]

来源：公司年报、国金证券研究所 公司点评 证券研究报告 索菲亚 (002572.SZ) 买入(维持评级) 业绩简评 10 月 30 日公司发布 2024 年三季报，2024Q1-3 公司实现营收 76.6 亿元，同比-6.7%；实现归母净利润 9.2 亿元，同比-3.2%。其中 Q3 公司实现营收 27.3 亿元，同比-21.1%；实现归母净利润 3.6 亿元， 同比-21.2%，扣非归母净利润 3.4 亿元，同比-21.7%。 经营分析 Q3 经营压力显现，整装渠道仍存亮点：24Q3 以来随着行业需求进 一步承压，公司经营压力逐步显现。分品牌来看，索菲亚品牌 24 年 Q1-3 收入同比-6.8%至 68.9 亿元，其中 Q3 收入下降约 21.5%。 在行业需求整体承压的情况下，公司依托大家居战略，品类连带销 售顺畅，Q1-3 索菲亚品牌客单价同比+22.4%。米兰纳品牌 Q1-3 收 入同比+14.7%至 3.7 亿元，其中 Q3 虽然门店仍处扩张期(Q3 净增 26 家)，但由于行业需求放缓明显，其 Q3 收入同比下降约 15.5%。 此外，司米品牌预计 Q1-3 收入仍相对承压，今年以来司米品牌进 ...

2024年10月31日 来源：公司年报、国金证券研究所 公司点评 证券研究报告 索菲亚 (002572.SZ) 买入 (维持评级) Q3 经营承压，亟待政策效果显现 业绩简评 10 月 30 日公司发布 2024 年三季报, 2024Q1-3 公司实现营收 76.6 亿元,同比-6.7%;实现归母净利润9.2亿元,同比-3.2%。其中Q3 公司实现营收 27.3 亿元,同比-21.1%;实现归母净利润 3.6 亿元, 同比-21.2%,扣非归母净利润 3.4 亿元,同比-21.7%。 经营分析 Q3 经营压力显现,整装渠道仍存充点:2403 以来随着行业需求进 一步承压,公司经营压力逐步显现。分品牌来看,索菲亚品牌 24 年 01-3 收入同比-6.8%至 68.9 亿元,其中 Q3 收入下降约 21.5%。 在行业需求整体承压的情况下,公司依托大家居战略,品类连带销 售顺畅,01-3 索菲亚品牌客单价同比+22.4%。米兰纳品牌 Q1-3 收 入同比+14.7%至 3.7 亿元,其中 Q3 虽然门店仍处扩张期(Q3 净增 26 家),但由于行业需求放缓明显,其 Q3 收入同比下降约 15.5%。 此外,司米 ...

Financial Performance - In Q3 2024, the company's revenue was CNY 2,726,134,185.74, a decrease of 21.13% year-over-year[2]. - The net profit attributable to shareholders was CNY 356,999,596.51, down 21.16% compared to the same period last year[2]. - The basic earnings per share were CNY 0.3707, reflecting a decline of 25.71% year-over-year[2]. - The company’s revenue for the first nine months of 2024 was CNY 7,655,534,559.64, a decrease of 6.64% year-over-year[9]. - The company’s net profit attributable to shareholders for the first nine months was CNY 921,596,114.99, down 3.24% year-over-year[9]. - Total operating revenue for the current period is approximately ¥7.66 billion, a decrease of 6.64% from ¥8.20 billion in the previous period[29]. - Net profit for the current period is approximately ¥969.92 million, a decrease of 1.48% from ¥989.41 million in the previous period[30]. - Basic earnings per share for the current period is ¥0.9638, down from ¥1.0495 in the previous period[31]. Asset and Liability Management - The total assets at the end of Q3 2024 were CNY 13,807,319,772.73, a decrease of 5.14% from the end of the previous year[2]. - As of September 30, 2024, total assets amounted to CNY 13.81 billion, a decrease from CNY 14.55 billion at the beginning of the period, reflecting a decline of approximately 5.1%[27]. - Current assets totaled CNY 5.10 billion, down from CNY 6.38 billion, indicating a decrease of about 20.1%[27]. - Total liabilities decreased to CNY 6.53 billion from CNY 7.28 billion, reflecting a decline of approximately 10.3%[28]. - The company's equity attributable to shareholders decreased to CNY 6.97 billion from CNY 7.02 billion, a decrease of about 0.6%[28]. - The company reported a significant reduction in contract liabilities from CNY 1.31 billion to CNY 846.56 million, a decrease of approximately 35.2%[27]. Cash Flow Analysis - The net cash flow from operating activities for the first three quarters was CNY 163,432,686.43, down 92.31% year-over-year[9]. - The net cash flow from operating activities for Q3 2024 was 163,432,686.43, a significant decrease from 2,125,436,467.99 in Q3 2023[33]. - The total cash outflow from investing activities was 3,878,726,099.44, compared to 7,176,998,602.86 in the previous year, indicating a reduction in investment expenditures[33]. - The net cash flow from financing activities was -776,142,329.46, worsening from -495,655,804.51 in Q3 2023, reflecting increased cash outflows for debt repayment and dividends[33]. - The ending balance of cash and cash equivalents decreased to 1,433,602,013.04 from 2,431,287,905.44 year-over-year[34]. - Cash inflow from operating activities is approximately ¥8.19 billion, a decrease of 19.01% from ¥10.11 billion in the previous period[32]. Operational Metrics - The company reported a comprehensive gross profit margin of 35.79% for the first three quarters of 2024, an increase of 0.17% year-over-year[9]. - The average transaction value at the factory level was CNY 23,679 per order[11]. - The Milana brand achieved revenue of 367 million yuan from January to September 2024, representing a year-on-year growth of 14.87%, with an average transaction value of 14,731 yuan per order[12]. - The company’s integrated decoration channel saw a revenue increase of 26.34% year-on-year in the first three quarters, with 277 cooperative decoration companies covering 196 cities and regions by the end of September 2024[15]. - The company has established strategic partnerships with multiple top 100 real estate clients, maintaining stable revenue contributions from high-quality customers in the bulk business channel[16]. - The company has 31 overseas distributors covering countries such as the USA, Canada, Australia, Singapore, Vietnam, and Thailand, providing customized solutions to clients in approximately 40 countries and regions[16]. Strategic Initiatives - The company plans to continue recruiting quality distributors for the Huahai brand and strengthen terminal empowerment while expanding new channels such as decoration companies and e-commerce[14]. - The company’s multi-brand, full-category, and all-channel strategy has led to a reduction in the overlap of distributors between the Simi brand and the Sophia brand, enhancing the average transaction value[13]. - The company aims to deepen existing cooperative decoration companies' business and accelerate the layout of full-category products in the integrated decoration channel[15]. - The company is actively responding to the "guarantee delivery" policy by developing "guarantee delivery" engineering business[16]. Employee and Shareholder Matters - The company adjusted the share transfer price for the 2024 employee stock ownership plan from 8.59 yuan per share to 7.60 yuan per share following the implementation of the 2023 profit distribution plan[20]. - The employee stock ownership plan received subscriptions from 176 employees totaling 86,217,881 RMB, with 11,344,458 shares subscribed, representing 1.18% of the company's total share capital[21]. - The company paid 1,472,332,793.02 in employee compensation, down from 1,549,801,543.51 in the same quarter last year[33]. - Tax payments increased to 719,331,763.71 from 616,918,252.61, indicating a rise in tax obligations[33]. Investment and Acquisitions - The company agreed to sell 293,901,542 shares of Minsheng Securities for 767.8054 million RMB and will receive 68,738,175 A-shares from Guolian Securities as consideration[22]. - The establishment of Guangzhou Sophia Home Living Products Co., Ltd. was completed with an investment of 5 million RMB, aligning with the company's strategic development plan[23]. - The company did not report any cash inflows from new investments or acquisitions during the quarter[33].

证券代码：002572 证券简称：索菲亚 公告编号：2024-063 索菲亚家居股份有限公司 第六届董事会第二次会议决议公告 表决结果：同意 5 票、反对 0 票、弃权 0 票。 具体内容请见同日刊登在巨潮资讯网（www.cninfo.com.cn）的《索菲亚家居 股份有限公司 2024 年第三季度报告》。 特此公告。 索菲亚家居股份有限公司董事会 二○二四年十月三十一日 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、误导性陈述或重大遗漏。 索菲亚家居股份有限公司（以下简称"公司"）董事会于 2024 年 10 月 25 日以专人送达、电子邮件及电话通知的方式发出了召开公司第六届董事会第二次 会议的通知。本次会议于 2024 年 10 月 30 日上午 10 点 30 分在公司会议室以现 场会议结合通讯方式召开。会议由公司董事长江淦钧先生召集和主持。会议应到 董事 5 人，实到董事 5 人。本次会议的召集和召开符合《中华人民共和国公司法》 等法律、行政法规、规范性文件和《索菲亚家居股份有限公司章程》的有关规定， 合法有效。经与会董事审议，形成如下决议： 一、审议通过了《关于公司 2 ...

本公司及监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、误导性陈述或重大遗漏。 索菲亚家居股份有限公司（以下简称"公司"）第六届监事会第二次会议通 知于 2024 年 10 月 25 日以专人送达、电子邮件及电话通知的方式向各位监事发 出，于 2024 年 10 月 30 日上午 11:30 在公司会议室以现场会议结合通讯方式召 开。会议由公司监事会主席陈明先生召集和主持。本次会议应到监事 3 人，实到 3 人。本次会议的召集和召开符合《中华人民共和国公司法》《公司章程》的有 关规定，形成的决议合法有效。经与会监事审议，形成如下决议： 一、审议通过了《关于公司 2024 年第三季度报告的议案》 表决结果：同意 3 票、反对 0 票、弃权 0 票。 证券代码：002572 证券简称：索菲亚 公告编号：2024-064 索菲亚家居股份有限公司 第六届监事会第二次会议决议公告 监事会认为，董事会编制和审核本公司 2024 年第三季度报告的程序符合法 律、行政法规等规定，报告内容真实、准确、完整地反映了上市公司的实际情况。 具体内容详见同日在巨潮资讯网（www.cninfo.com.cn）刊登的《索 ...

证券时报e公司讯，企查查APP显示，近日，广州索菲亚家居生活用品有限公司成立，法定代表人为聂 凌慧，注册资本为500万元，经营范围包含：办公用品销售；日用陶瓷制品销售；艺术品代理；人工智 能硬件销售；智能基础制造装备销售；电气设备销售；家具销售等。 企查查股权穿透显示，该公司由索菲亚全资持股。 ...