[Table_Date] 2024 年 04 月 29 日 证券研究报告|公司点评报告 证券研究报告|公司点评报告 | --- | --- | --- | --- | |------------------|------------------------|-----------------------|------------| | [Table_DataInfo] | 评级： 买入 股票代码： | | 002572 | | 上次评级： 买入 | | 52 周最高价/最低价： | 21.2/14.45 | | 目标价格： | 总市值(亿) | | 172.87 | | 最新收盘价： | 17.95 | 自由流通市值 (亿) | 114.66 | | | | 自由流通股数(亿 ) | 638.79 | [Table_Summary] 事件概述 公司发布 2024 年一季报，2024Q1 公司实现营收、归母净利、扣非后归母净利分别为 21.1、1.7、1.6 亿元，同 比分别+17.0%、+58.6、+73.8%。Q1 公司营收实现快速增长，利润保持现金流方面，2024Q1 公司经营活动产生 的现金流量净额为- ...

Revenue and Profit Growth - Revenue for the first quarter of 2024 increased by 16.98% to 2,111,108,168.34 yuan compared to the same period last year[16] - Net profit attributable to shareholders of the listed company rose by 58.59% to 165,465,208.07 yuan[16] - Net profit increased to 173,975,526.47, up 67.17% compared to the previous period's 104,066,721.59[24] - Net profit from continuing operations increased to RMB 173,975,526.47, up from RMB 104,066,721.59 in the previous period[25] - Net profit attributable to owners of the parent company rose to RMB 165,465,208.07, compared to RMB 104,335,111.17 in the prior period[25] - The company's total operating revenue for the current period is RMB 2,111,108,168.34, compared to RMB 1,804,730,367.76 in the previous period, representing a significant increase[51] Cash Flow Changes - Net cash flow from operating activities decreased by 629.15% to -1,018,881,928.64 yuan due to changes in dealer assessment criteria and increased material procurement[21] - Net cash flow from investing activities increased by 202.81% to 522,790,578.64 yuan, mainly due to reduced purchases of structured deposits[21] - Net cash flow from financing activities decreased by 124.27% to -148,026,957.53 yuan, primarily due to increased repayment of borrowings[21] - Cash and cash equivalents at the end of the period decreased to RMB 2,702,885,389.15 from RMB 3,347,044,401.23 at the beginning of the period[26] - Cash flow from financing activities showed a net outflow of RMB 148,026,957.53, compared to a net inflow of RMB 609,821,535.76 in the previous period[26] - Operating cash inflow decreased to 1.98 billion from 2.51 billion, a decline of 21.03%[53] - Operating cash outflow increased to 2.99 billion from 2.31 billion, a rise of 29.56%[53] - Net cash flow from operating activities turned negative at -1.02 billion compared to a positive 192.55 million in the previous period[53] - Cash received from tax refunds decreased to 519,729.15 from 919,764.96, a drop of 43.49%[53] - Cash received from other operating activities decreased to 53.10 million from 74.77 million, a decline of 28.99%[53] - Cash paid for goods and services increased to 1.99 billion from 1.48 billion, a rise of 34.34%[53] - Cash paid to employees increased to 506.57 million from 479.79 million, a rise of 5.58%[53] - Cash paid for taxes increased to 242.22 million from 155.50 million, a rise of 55.77%[53] - Net cash flow from investing activities improved to 522.79 million from -508.49 million[53] - Cash received from financing activities decreased to 779.45 million from 890.81 million, a decline of 12.50%[53] Expenses and Costs - Financial expenses decreased by 99.20% to 164,369.31 yuan due to optimized borrowing structure and reduced interest expenses[14] - Income tax expenses rose by 70.72% to 46,209,834.19 yuan, driven by an increase in total profit[14] - Operating costs rose to 1,916,191,944.98, a 13.63% increase from 1,686,341,608.75[24] - R&D expenses increased to 87,474,797.24, up 10.58% from 79,105,718.19[24] - Sales expenses grew to 214,161,499.35, a 5.24% increase from 203,505,463.53[24] Assets and Liabilities - Total assets decreased by 8.43% to 13,327,868,315.43 yuan compared to the end of the previous year[16] - Equity attributable to shareholders of the listed company increased by 0.95% to 7,081,802,996.93 yuan[16] - Total liabilities decreased from 7,276,391,937.31 to 5,983,895,775.72, a reduction of 17.76%[23] - Total equity increased slightly to 7,343,972,539.71 from 7,278,499,734.25, a 0.90% rise[23] - Long-term borrowings increased to 916,794,554.39, up 5.64% from 867,813,392.40[23] - Total assets at the end of the quarter are RMB 13,327,868,315.43, a decrease from RMB 14,554,891,671.56 at the beginning of the quarter[42] - Total current assets at the end of the quarter are RMB 5,104,499,634.36, a decrease from RMB 6,384,173,698.51 at the beginning of the quarter[42] - Total non-current assets at the end of the quarter are RMB 8,223,368,681.07, an increase from RMB 8,170,717,973.05 at the beginning of the quarter[42] - Short-term borrowings at the end of the quarter are RMB 1,930,498,569.34, a decrease from RMB 2,021,869,687.16 at the beginning of the quarter[42] - Accounts receivable at the end of the quarter are RMB 963,901,821.30, a decrease from RMB 994,887,578.23 at the beginning of the quarter[42] - Inventory at the end of the quarter is RMB 564,971,103.01, a slight increase from RMB 563,836,903.28 at the beginning of the quarter[42] - The company's monetary funds at the end of the period are RMB 2,895,447,634.49, a decrease from RMB 3,494,534,434.90 at the beginning of the period[50] - The company's trading financial assets at the end of the period are RMB 98,439,513.18, a significant decrease from RMB 782,439,513.18 at the beginning of the period[50] Shareholder and Ownership Information - The company repurchased 6,451,071 shares, accounting for 0.67% of the total shares, with a total amount of RMB 99,984,617.09[31] - The 2024 employee stock ownership plan will grant shares to no more than 200 employees, with a total of no more than 11,344,458 shares, accounting for 1.18% of the total shares[32] - Total number of ordinary shareholders at the end of the reporting period is 41,974[34] - Jiang Ganjun and Ke Jiansheng each hold 21.54% of the shares, with 207,422,363 shares[34] - Hong Kong Securities Clearing Company Limited holds 10.34% of the shares, with 99,622,867 shares[34] - National Social Security Fund 413 Portfolio holds 1.76% of the shares, with 16,976,868 shares[34] Corporate Events and Announcements - The company announced the completion of its share repurchase plan on March 1, 2024[49] - The company released its 2023 annual performance report on March 22, 2024[49] - The company held its second interim shareholders' meeting of 2024 on March 19, 2024[49] - The company announced its 2024 employee stock ownership plan (draft) on March 2, 2024[49] - The company completed industrial and commercial registration changes and reissued its business license on March 2, 2024[49] - The company held its fifth board of directors' 23rd meeting on March 2, 2024[49] - The company held its fifth board of supervisors' 20th meeting on March 2, 2024[49] Other Income and Expenses - Other income increased by 101.82% to 25,602,045.39 yuan, mainly due to increased tax credit subsidies[14] - Other income rose to 25,602,045.39, a 101.82% increase from 12,685,823.84[24] - Interest income decreased to 12,447,120.23, down 9.10% from 13,692,805.84[24]

特别提示： 1、索菲亚家居股份有限公司（以下简称"索菲亚"或"公司"）全资子公 司广州索菲亚投资有限公司（以下简称"索菲亚投资"）拟向国联证券股份有 限公司（以下简称"国联证券"）出售所持民生证券股份有限公司（以下简称 "民生证券"或"标的公司"）293,901,542 股股份（以下简称"标的资产"）， 并以标的资产认购国联证券新增发行的 A 股股份。2024 年 4 月 25 日，索菲亚 投资已与国联证券签订《合作意向协议》。 2、经初步预测，本次交易不构成关联交易，亦不构成《上市公司重大资产 重组管理办法》规定的重大资产重组。 3、本次交易尚处于筹划阶段，相关事项尚存在重大不确定性，存在因为市 场变化、监管审核、交易双方未能协商一致等各种原因无法达成或实施的风险。 公司将根据相关事项后续进展情况，及时履行相应程序和信息披露义务，敬请 广大投资者注意投资风险。 证券代码：002572 证券简称：索菲亚 公告编号：2024-034 索菲亚家居股份有限公司 关于全资子公司筹划出售参股公司股权暨签署意向协议的公告 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。 一 ...

公 ――索菲亚（002572）2023 年年报点评 [Table_Analysis] 一级行业——二级行业 轻工制造——家居用品 022-23839135 yuanyb@bhzq.com 券 [Table_Picture] 最近半年股价相对走势 报 [Table_Report] 报 研 [Table_Summary] 事件： 公司公告 2023 年年报，实现营收 116.66 亿元，同比+3.95%，归母净利润 12.61 亿元，同比+18.51%，基本每股收益 1.38 元，业绩高于此前业绩快报。公司 拟向全体股东每 10 股派发现金红利 10.00 元（含税），股息率超过 6.00%。 公司引入 IPD 体系，实现矩阵型组织变革及落地，建立 IPMT、SDT 等重量 级团队。同时，推动"成本领先"、"精益制造"、"IPD 体系架构变革"、"AIGC 创新"等多个项目落地，全面提升公司综合运营效率。2023 年，受益于人效、 板材利用率、供应链效率等方面的提升，综合毛利率达到 36.15%，同比提升 3.16pct.，其中，衣柜业务毛利率同比+3.43pct.，木门业务毛利率同比+5.82pct.。 费用率 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 21.08 RMB based on DCF valuation [8][18] Core Views - The company achieved revenue of 11.666 billion RMB in 2023, a YoY increase of 3.95%, and net profit attributable to shareholders of 1.261 billion RMB, a YoY increase of 18.51% [2] - The gross profit margin improved to 36.15% in 2023, up 3.2 percentage points YoY, driven by cost reduction and efficiency improvement measures [2] - The net profit margin reached 10.81% in 2023, up 1.3 percentage points YoY, indicating improved profitability [2] - The company's dividend payout ratio increased to 75% in 2023, with a cash dividend of 10 RMB per 10 shares [2] Business Performance - The Sofiya brand achieved revenue of 10.552 billion RMB in 2023, a YoY increase of 11%, while the Milan brand revenue grew 47% YoY to 472 million RMB [2] - The company's whole-home business revenue reached 1.907 billion RMB in 2023, a YoY increase of 68%, driven by strong growth in the retail channel [2] - The company's gross profit margin is expected to remain stable at around 35.7%-35.9% from 2024 to 2026 [36] Financial Projections - The company's revenue is projected to grow at a CAGR of 10.4%-11.9% from 2024 to 2026, reaching 16.067 billion RMB by 2026 [36] - Net profit attributable to shareholders is expected to grow at a CAGR of 9.3%-16.1% from 2024 to 2026, reaching 1.788 billion RMB by 2026 [36] - EPS is forecasted to increase from 1.31 RMB in 2023 to 1.86 RMB in 2026 [36] Valuation Metrics - The company's P/E ratio is expected to decline from 12.9x in 2023 to 9.1x in 2026, indicating potential undervaluation [36] - The P/B ratio is projected to decrease from 2.3x in 2023 to 1.9x in 2026 [36] - ROE is forecasted to improve from 19.7% in 2023 to 21.1% in 2026, reflecting enhanced profitability [36]

[Table_MainInfo] 公司研究/造纸轻工/轻工制造 证券研究报告 索菲亚（002572）公司年报点评 2024 年 04 月 21 日 [Table_QuoteInfo] 23 年收入同增 4%平稳收官，米兰纳品牌增 添新动力 [Table_Summary] 投资要点： [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------| | | | | | | 沪深 300 对比 | 1M | 2M | 3M | | 绝对涨幅（ % ） | -4.5 | -3.5 | 3.2 | | 相对涨幅（ % ） 资料来源：海通证券研究所 | -1.1 | -6.8 | -2.6 | 秉承多品牌&全品类战略，客单价持续提升。分品牌看，23 年索菲亚品牌实现收 入 105.5 亿，同增 11.0%。索菲亚工厂端平均客单价 1.96 万元，同增 6.3%。米 兰纳品牌实现收入 4.7 亿元，同增 47.2%。米兰纳工厂端平均 ...

事件：23 年年报：2023 年实现收入 116.7 亿元，同比+4.0%，归母净利润 12.6 亿元，同比+18.5%；其中 Q4 收入 34.7 亿元，同比+5.4%，归母净利润 3.1 亿元，同比+18.4%。公司拟每 10 股派发现金红利 10 元。24Q1 业绩预告： 预计 2024Q1 实现收入 19.9~21.7 亿元，同比+10~20%；归母净利润 1.6~1.9 亿元，同比+50~80%；扣非归母 1.3~1.6 亿元，同比+50~80%。 业绩表现优异，分红率提升投资价值。2023 年除 Q1 外公司均收入增长稳健， 利润增速较高。24Q1 收入端受益低基数及业务开拓，在行业压力下实现增长； 利润高增长超过我们预期，展现出公司优异的成本控制力。公司 23 年提高分 红比例至 75%，按照最新收盘价计算股息率在 6%左右，投资价值凸显。公司 多品牌、全品类体系梳理清晰，品类的扩展，米兰纳品牌的拓展，以及整装渠 道的开拓推动公司成长，未来发展空间仍充足。家居行业 CR9 仅 10%左右， 我们看好公司凭借上述三抓手持续提升份额，在未来行业压力下保持业绩稳 健。 4）华鹤：收入 1.6 亿元，微 ...

市盈率 11.51 证券研究报告：轻工制造 | 公司点评报告 最新收盘价（元） 15.89 总市值/流通市值（亿元）153 / 102 资产负债率(%) 50.0% 股票投资评级 个股表现 资料来源：聚源，中邮证券研究所 分析师:杨维维 SAC 登记编号:S1340522090007 Email:yangweiwei@cnpsec.com 2024 年 4 月 16 日 ⚫ 事件： ⚫ 主品牌客单值提升，木门业务放量明显 ⚫ 整装渠道表现靓丽，经销毛利率同比增加 2023 年公司毛利率、净利率分别为 36.15%、11.34%，同比分别 +3.16pct、+1.76pct，受益于公司产品结构优化，木门品类规模效应 发挥以及公司降本增效，盈利能力提升明显。净利率提升幅度不及毛 利率，主要为公司 2023 年对部分风险系数相对较高的大宗客户应收 账款坏账损失 1.84 亿元（上年同期 0.45 亿元）。 持续看好索菲亚在定制家居行业领先地位，3+1 品牌多品类布局 抢占市场，整装战略持续推进持续驱动客单价提升。预计公司 2024- 2026 年 收 入 分 别 为 130.71/145.13/159.51 亿 元 ...

Revenue Expectations - The company expects Q1 2024 revenue to be between 1,985.20 million and 2,165.68 million RMB, representing a year-over-year increase of 100.47 million to 360.95 million RMB, or 10% to 20% growth[3]. - The significant growth in performance is attributed to a lower base in Q1 2023 and a sufficient production order backlog due to the later timing of the 2024 Spring Festival[10]. - The Milan brand continues to show strong growth, contributing to sustained revenue increases[10]. Profit Projections - Net profit attributable to shareholders is projected to be between 156.50 million and 187.80 million RMB, reflecting a year-over-year increase of 50% to 80% from 104.34 million RMB[8]. - The net profit after deducting non-recurring gains and losses is expected to be between 134.53 million and 161.44 million RMB, also showing a growth of 50% to 80% from 89.69 million RMB[8]. - Basic earnings per share are anticipated to be between 0.1610 and 0.1955 RMB, compared to 0.1150 RMB in the same period last year[8]. Cost Management - The company has implemented cost reduction and efficiency enhancement measures, leading to improved net profit[5]. Financial Reporting - The financial data provided is a preliminary estimate and will be detailed in the Q1 2024 report[11]. - Investors are advised to pay attention to investment risks associated with the preliminary nature of the financial estimates[11]. - The company has not yet undergone an audit of the financial data related to this performance forecast[4].

分析师：龙羽洁 登记编码：S0730523120001 longyj@ccnew.com 0371-65585753 米兰纳快速增长，整装持续发力 | --- | --- | --- | --- | |-------------------------------------|--------------------------------------------|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...