公司报告 | 季报点评 公司发布 2024 年一季报 米兰纳高增、整装推进顺利，存量房市场积极拓展 1）品类端：进一步扩品类，继续通过整家营销策略促进橱柜、木门、家具 家品等各品类增长。 3）品牌端，新品牌米兰纳继续保持快速开店的模式，加快覆盖下沉市场， 并逐步完善整家战略； 费用优化明显，经营现金流受经销商考核变化影响 24Q1 公司经营现金流净额-10.2 亿元，主要系 1）24 年经销商考核口径改 变影响，若剔除该因素影响，销售商品、提供劳务收到的现金流入同比增 长，2）24Q1 生产量增加导致材料采购支出相应增加。 公司多品牌、全品类、全渠道驱动，整家战略渗透助推各品牌客单价提升 此外降本 提效成 效显著， 我们预计 24-26 年公司归 母净利 分别为 14.7/16.7/18.6 亿元，对应 PE 分别为 11/10/9X，维持"买入"评级。 | --- | --- | --- | --- | --- | --- | |-----------------------------|-----------|-----------|-----------|-----------|-----------| ...

[Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------| | | | | | | 沪深 300 对比 | 1M | 2M | 3M | | 绝对涨幅（ % ） | 16.5 | 9.4 | 10.8 | | | | | | | 相对涨幅（ % ） 资料来源：海通证券研究所 | 14.0 | 6.3 | 1.1 | | --- | --- | |----------------------------|-------| | | | | | | | Email:gql13820@haitong.com | | | 证书 :S0850521050003 | | | 分析师 : 高翩然 | | | Email:gpr14257@haitong.com | | | 证书 :S0850522030002 | | [Table_Summary] 投资要点： 24Q1 综合毛利率为 32.6%，同减 0.7pct。期间费用率为 ...

证券研究报告 Q1 收入逆势增长，利润表现靓丽。2023 年公司实现收入 116.7 亿/+3.9%， 归母净利润 12.6 亿/+18.5%，扣非归母净利润 11.3 亿/+21.1%；2023Q4 收入 34.7 亿/+5.4%，归母净利润 3.1 亿/+18.4%，扣非归母净利润 2.3 亿/+22.8%； 2024Q1 收入 21.2 亿/+17.0%，归母净利润 1.7 亿/+58.6%，扣非归母净利润 1.6 亿/+73.8%。由于 2023Q1 基数较低且 2024 年春节比去年推迟，2024Q1 生产订单同比去年较为充足，同时整装渠道，米兰纳品牌增速依然强劲，提 客单值与降本增效释放盈利。公司拟每 10 股派发现金红利 10 元，预计派发 现金股利 9.5 亿，分红率提升至 75%。 索菲亚品牌增长稳健，米兰纳快速扩张。2023 年索菲亚、米兰纳品牌分别收 入同比+11.0%/+47.2%至 105.5 亿/4.7 亿，客单价同比+6.3%/+6.6%至 1.96 万元/1.39 万元，索菲亚整家战略持续迭代、米兰纳加速下沉；2023 年华鹤 品牌实现收入 1.63 亿，将继续推进装企、拎包与 ...

此份报告由群益证券(香港)有限公司编写，群益证券(香港)有限公司的投资和由群证益券(香港)有限公司提供的投资服务.不是.个人客户而设。此份报告不能复制或再分发或 印刷报告之全部或部份内容以作任何用途。群益证券(香港)有限公司相信用以编写此份报告之资料可靠，但此报告之资料没有被独立核实审计。群益证券(香港)有限公司. 不对此报告之准确性及完整性作任何保证，或代表或作出任何书面保证，而且不会对此报告之准确性及完整性负任何责任或义务。群益证券(香港)有限公司，及其分公司及 其联营公司或许在阁下收到此份报告前使用或根据此份报告之资料或研究推荐作出任何行动。群益证券(香港)有限公司及其任何之一位董事或其代表或雇员不会对使用此份 报告后招致之任何损失负任何责任。此份报告内容之资料和意见可能会或会在没有事前通知前变更。群益证券(香港)有限公司及其任何之一位董事或其代表或雇员或会对此 份报告内描述之证¡@持意见或立场，或会买入，沽出或提供销售或出价此份报告内描述之证券。群益证券(香港)有限公司及其分公司及其联营公司可能以其户口，或代他 人之户口买卖此份报告内描述之证¡@。此份报告.不是用作推销或促使客人交易此报告内所提及之证 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable investment outlook based on valuation metrics [4][20]. Core Insights - The company reported a revenue of 2.11 billion yuan in Q1 2024, representing a year-on-year growth of 17.0%. The net profit attributable to the parent company was 165 million yuan, showing a significant increase of 58.6% year-on-year [16][17]. - The company's multi-brand, full-category, and full-channel strategy is effectively driving performance across its brands, with notable revenue growth from the Sofia brand and the Milan brand [17]. - The report highlights the strong performance of the integrated decoration channel, which achieved a revenue of 373 million yuan in Q1 2024, up 64.9% year-on-year [17]. Financial Summary - Total revenue for 2023 is projected at 11.666 billion yuan, with a year-on-year growth rate of 3.9%. For 2024, the expected revenue is 13.091 billion yuan, reflecting a growth rate of 12.2% [5]. - The net profit attributable to the parent company is forecasted to be 1.261 billion yuan for 2023, with a year-on-year growth of 18.5%. The expected net profit for 2024 is 1.476 billion yuan, indicating a growth of 17.1% [5]. - The earnings per share (EPS) for 2023 is estimated at 1.31 yuan, with projections of 1.53 yuan for 2024 and 1.70 yuan for 2025 [5]. Valuation Metrics - The report indicates a price-to-earnings (PE) ratio of 11 for 2024, 10 for 2025, and 9 for 2026, suggesting a favorable valuation compared to expected earnings growth [4][5].

事件：24Q1 业绩表现靓丽。24Q1 实现营业收入 21.11 亿元，同比+16.98%；实现 归母净利润 1.65 亿元，同比+58.59%；扣非后归母净利润 1.56 亿元，同比+73.81%。 24Q1 业绩表现靓丽，扣非利润位于此前预告中枢以上。 利润率持续改善，信用减值损失造成一定拖累。23 年公司毛利率同比+3.16pp 至 3 6.15%；净利率同比+1.76pp 至 11.34%；期间费用率同比-0.24pp 至 20.26%；其中， 销售费用率-0.28pp 至 9.66%；管理费用率（含研发费用率 3.54%）同比+0.19pp 至 10.14%；财务费用率同比-0.16pp 至 0.46%。降本增效及零售渠道、衣柜产品占比 提升等因素带动毛利率上行，期间费用控制效果良好。减值损失对利润端造成一定 拖累，其中信用减值损失 1.86 亿元，较 22 年增加 1.5 亿元，若剔除异常信用减值 损失，归母净利润率达到 12%。单 Q4 毛利率同比+4.07pp 至 37.42%；净利率同比 +1.82pp 至 9.63%；期间费用率同比-1.72pp 至 19.59%。 期间费用控制得当，盈利 ...

[Table_Research] 【银河轻纺】公司点评_轻纺行业_索菲亚：利润实现稳 增，整家、整装驱动成长 分析师 [Table_Authors] 陈柏儒 ：010-80926000 ：chenbairu_yj@chinastock.com.cn 分析师登记编码：S0130521080001 [Table_Header] 公司点评●家居用品 2024 年 05 月 01 日 核心观点： | --- | --- | --- | --- | --- | |---------------------------|----------|----------|----------|----------| | 单位：百万元 | 2023A | 2024E | 2025E | 2026E | | [Table_Profit] 总营业收入 | 11665.65 | 13036.36 | 14472.97 | 16041.84 | | 同比增速（ % ） | 3.95 | 11.75 | 11.02 | 10.84 | | 归母净利润 | 1261.28 | 1470.88 | 1662.89 | 1867.17 | | 同 ...

| --- | --- | |--------------|--------------| | | | | 2023A | 2024E | | 6384 | 7120 | | 3495 | 3367 | | 1016 | 1637 | | 67 | 87 | | 45 | 61 | | 564 | 769 | | 1199 | 1199 | | 8171 | 8446 | | 66 3712 1649 | 47 3998 1796 | | 2743 | 2605 | | 14555 | 15566 | | 6246 | 6757 | | 2022 1670 | 2022 1935 | | | | | 2554 | 2800 | | 1030 | 879 | | 868 | 716 | | | | | 163 | 163 | | 7276 | 7636 | | 263 | 379 | | 963 | 963 | | 1524 | 1524 | | 4628 | 5010 | | 7015 14555 | 7551 15566 | 2026E 9204 4886 1983 107 75 955 1199 9219 ...

Financial Performance - In Q1 2024, the company achieved operating revenue of 2.111 billion CNY, a year-on-year increase of 16.98% [2] - Net profit attributable to shareholders was 165 million CNY, up 58.59% year-on-year; net profit after deducting non-recurring gains and losses was 156 million CNY, a 73.81% increase [2] - The weighted average return on net assets was 2.35%, an increase of 0.56% year-on-year [2] - Cash flow from operating activities decreased by 629.15% due to changes in sales assessment criteria [2] Expense Overview - Sales expenses for Q1 2024 amounted to 214 million CNY, with a sales expense ratio of 10.14% [2] - Management expenses were 169 million CNY, with a management expense ratio of 8.01% [2] - R&D expenses reached 87 million CNY, a year-on-year increase of 10.58%, with an R&D expense ratio of 4.14% [2] - Financial expenses decreased by 99.20% year-on-year [3] Strategic Development Plans - The company aims to pursue more growth opportunities in 2024 through a "multi-brand, all-channel, all-category" strategy [3] - Plans to expand product categories, focusing on cabinets, wooden doors, and furniture [3] - Continued strengthening of channel store construction and partnerships with cooperative decoration companies [3] - The new brand Milan will maintain a rapid store opening model to cover lower-tier markets [3] Market Expansion and Business Model - The company will focus on optimizing the structure of bulk business clients and exploring opportunities in the stock housing market [4] - Plans to enhance the integration of the decoration channel through a dual model of dealer decoration and direct decoration [4] - The company is currently refining its marketing model for stock housing and has established an innovation development department for this purpose [4]

证 券 研 究 报 告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|--------------------------------------------------------------|--------------------------------------|----------------------------------------------------------------|------------------------------|------------------------|----------------------------------------|---------------------------|------------|---------------| | | [Table_Title] \n索菲亚 (002572) | | | [Table_industryInfo] | | [Table_Invest] 评级： | | 林纸产品 | 增持 / 原材料 | ...