家居 分析师：龙羽洁 登记编码：S0730523120001 longyj@ccnew.com 0371-65585753 盈利提升，米兰纳及整装延续快速增长 ——索菲亚(002572)中报点评 | --- | --- | --- | |-------------------------------------------|----------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

2024 年 8 月 29 日 收益表现 % 1M 3M 1Y 相对 -1.80 -19.01 -13.96 绝对 -4.32 -27.43 -25.88 资料来源：Wind 公司研究 "多品牌、全品类、全渠道"战略有效落地，上半年盈利能力有所提升 ——索菲亚（002572.SZ）2024 年中报点评 买入（维持） 当前价：12.86 元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 联系人：吴子倩 021-52523872 wuziqian@ebscn.com 市场数据 总股本(亿股) 9.63 总市值(亿元)： 123.85 一年最低/最高(元)： 12.70/20.52 近 3 月换手率： 63.28% 股价相对走势 -20% -9% 2% 13% 24% 08/23 11/23 02/24 05/24 索菲亚 沪深300 相关研报 坚定推进"多品牌、全渠道、全品类"战略， 整装渠道增势突出——索菲亚（002572.SZ） 2023 年报点评（2024-04-14） 主品牌表现稳健，米兰纳活力十足——索菲 亚（002572 ...

公司点评报告 · 轻工行业 利能力同比改善,整装渠道延续高 2024年8月28日 核心观点 | --- | --- | --- | --- | |-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------|-------------------| | | | | | | | | | | | ● | 事件:公司发布 2024 年半年度报告。2024年上 ...

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company reported a revenue of 4.929 billion yuan in H1 2024, representing a year-on-year increase of 3.91%. The net profit attributable to shareholders was 565 million yuan, up 13.00% year-on-year [2][6] - The Milan brand continues to penetrate lower-tier markets, with both direct sales and installation companies driving growth, achieving over 40% revenue growth [2][6] - The company aims to maintain a four-pronged strategy focusing on retail, installation companies, e-commerce, and packaged solutions to provide comprehensive renovation lifecycle products and services [2][6] Financial Performance - In H1 2024, the company achieved a gross margin increase of 0.97% year-on-year, with a net profit margin increase of 1.22% year-on-year, primarily due to optimized borrowing structure and improved gross profit margins from export and other businesses [2][6] - The company expects revenues of 11.768 billion yuan, 13.109 billion yuan, and 14.522 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 0.87%, 11.40%, and 10.78% [6][7] Business Strategy - The company is actively pursuing a "whole home" strategy amidst pressures in the new housing market and aims to explore the stock market direction, focusing on renovation needs in the existing housing market [6][7] - The company has reported a significant increase in revenue from the installation channel, with a year-on-year growth of 43.63% in H1 2024 [6][7] Market Position - The company is positioned to capitalize on the demand for renovation in the existing housing market, with a strategic focus on product channel deployment for second-hand housing [6][7] - The company has seen a notable increase in revenue from its Milan brand, which has achieved a 42.59% year-on-year growth in H1 2024 [6][7]

四、金融衍生品会计核算原则 索菲亚家居股份有限公司 关于开展金融衍生品交易业务的可行性分析报告 一、开展金融衍生品交易业务的目的 为提高资金使用效率和收益，在保证资金安全和正常生产经营的前提下，索 菲亚家居股份有限公司(以下简称"索菲亚"或"公司"）拟开展的金融衍生品 业务，包括但不限于金融远期、金融掉期、金融期权、结构性远期、利率掉期、 货币互换、买入期权、卖出期权等，取得一定投资收益，从而降低财务费用，同 时提升公司整体业绩水平，保障公司股东的利益。 二、开展金融衍生品交易业务品种 本次公司拟开展的金融衍生品交易品种包括但不限于金融远期、金融掉期、 金融期权、结构性远期、利率掉期、货币互换、买入期权、卖出期权等。 三、开展金融衍生品交易业务计划 公司及子公司拟开展的金融衍生品业务的交易金额不超过 10 亿元人民币（含 等值外币），预计动用的交易保证金和权利金上限(包括预计占用的金融机构授 信额度等)不超过 1 亿元人民币(含等值外币)，自本次股东大会审议通过之日起 12 个月内有效，开展期限内任一时点的交易金额（含使用前述交易的收益进行 交易的相关金额）不超过股东大会审议额度，资金可循环使用，具体投资金额 ...

Financial Performance - Total revenue for the first half of 2024 reached CNY 4,929,400,373.90, an increase of 3.91% compared to CNY 4,743,784,082.56 in the same period last year[10]. - Net profit attributable to shareholders was CNY 564,596,518.48, reflecting a growth of 13.00% from CNY 499,620,964.37 year-on-year[10]. - The net profit after deducting non-recurring gains and losses was CNY 531,151,233.85, up 13.41% from CNY 468,365,425.15 in the previous year[10]. - Basic earnings per share increased by 7.61% to CNY 0.5925, compared to CNY 0.5506 in the same period last year[10]. - The company achieved a revenue of 4.929 billion yuan in the first half of 2024, representing a year-on-year growth of 3.91%[53]. - The company reported significant revenue from its subsidiaries, with Sophia Home (Chengdu) Co., Ltd. generating approximately ¥767.43 million in revenue and a net profit of ¥81.75 million[80]. Assets and Liabilities - Total assets decreased by 10.05% to CNY 13,091,696,653.50 from CNY 14,554,891,671.56 at the end of the previous year[10]. - Net assets attributable to shareholders decreased by 5.70% to CNY 6,615,449,482.34 from CNY 7,015,405,934.64 at the end of the previous year[10]. - The company's cash and cash equivalents decreased by 6.98% to ¥2,229,782,805.11, primarily due to cash dividends paid during the period[64]. - The company's short-term borrowings amounted to ¥1,933,081,119.35, representing 14.77% of total assets, with no significant changes reported[64]. - The company's total financial assets at the end of the period amounted to CNY 1,465,417,286.13, with a significant increase in trading financial assets to CNY 1,368,066,213.18 from CNY 765,066,213.18 at the beginning of the period[67]. Cash Flow - The net cash flow from operating activities was negative at CNY -300,682,944.11, a decline of 121.18% compared to CNY 1,419,919,344.74 in the previous year[10]. - The company's financial expenses decreased by 105.30% due to optimized borrowing structure and reduced interest expenses[60]. - The net cash flow from operating activities decreased by 121.18% to -300 million yuan, influenced by changes in dealer assessment criteria[60]. Market Trends and Industry Insights - The global indoor furniture market was valued at $729.15 billion in 2023, with a year-on-year growth of 5%, and is projected to reach $866.87 billion by 2027[14]. - In the first half of 2024, China's furniture manufacturing industry reported revenue of 310.18 billion yuan, representing a year-on-year increase of 5.0%, and a total profit of 13.78 billion yuan, up 3.8%[15]. - The domestic real estate market is experiencing structural changes, with 600 million existing homes, of which 270 million are over 20 years old, indicating a rising demand for home renovations[16]. - The Chinese government has implemented various policies to stimulate the real estate market, including lowering mortgage rates and adjusting down payment ratios, which is expected to boost housing demand[17]. - The "old-for-new" subsidy policies for home renovation have been introduced in multiple provinces, providing significant financial incentives for consumers to upgrade their homes[18]. - The company anticipates stable growth in the custom furniture sector due to increasing consumer demand for personalized and diverse home solutions[15]. - The furniture market is expected to maintain robust growth in the coming years, driven by economic development and urbanization trends[15]. Operational Strategies - The company is focusing on expanding its market presence and enhancing product offerings to capitalize on emerging consumer trends in home improvement[14]. - The company has established approximately 4,000 retail stores across 1,800 cities, with 2,552 stores under the "Sofia" brand, 553 under "Milan", 171 under "Simi", and 281 under "Huahai" brand[35]. - The company aims to expand its market presence through a multi-brand strategy, targeting different consumer segments with price ranges from below 1,000 RMB/㎡ to above 2,000 RMB/㎡[32]. - The company has launched a digital operation platform that allows dealers to design customized products and place orders, enhancing operational efficiency and customer service monitoring[36]. - The company is focusing on green and smart home solutions, aligning with government policies promoting sustainable manufacturing and environmental health[28]. - The integration of AIGC technology is expected to enhance data analysis and consumer demand capture, driving productivity transformation in the home furnishing industry[29]. - The company has established a comprehensive product matrix covering all categories, including wardrobes, cabinets, doors, windows, flooring, home appliances, and bathroom products[48]. Environmental Compliance and Sustainability - The company has established an E0 level environmental standard, surpassing the national E1 standard by 7 years, and has developed formaldehyde-free boards that meet the ENF standard, 5 years ahead of the new national standard[37]. - The company has received multiple national recognitions, including being named a "National Green Factory" three times, highlighting its commitment to sustainable manufacturing practices[37]. - The company emphasizes strict compliance with environmental protection laws, achieving 100% compliance in pollutant discharge standards[89]. - The company is focused on maintaining compliance with environmental regulations while expanding its operations[92]. - The company has implemented effective pollution control measures, ensuring all emissions are within regulatory standards[93]. - The company reported a total emission of 0.323 tons of particulate matter, meeting the emission standards set by Guangdong Province[92]. - The company achieved a discharge concentration of 3.7 mg/m³ for particulate matter, which is compliant with the second-stage standards[92]. Risks and Challenges - The company continues to face significant risks in its operations, as detailed in the risk management section of the report[1]. - The company faces risks from intensified market competition in the customized home furnishing sector, as traditional furniture companies and other segments are entering this market[81]. - Rising labor costs have been a concern, with the company striving to maintain reasonable levels through product structure optimization and increased automation[81]. - The company's main business is closely tied to the macroeconomic environment and the real estate sector, which could impact consumer demand for its products[81]. - The company is exposed to risks related to uncollectible accounts receivable due to potential difficulties faced by clients in the real estate industry[81]. - The company has identified risks associated with the rising prices of raw materials, particularly medium-density fiberboard and metal fittings[82]. Employee and Governance - The company held two temporary shareholder meetings and one annual shareholder meeting in the reporting period, with participation rates of 55.24%, 60.43%, and 57.07% respectively[85]. - A total of 176 core employees hold 11,344,458 shares, representing 1.18% of the company's total equity[87]. - Senior management and supervisors acquired 1,715,000 shares during the reporting period, accounting for 15.12% of the company's total equity[87]. - The company has implemented a matrix organizational structure to enhance operational efficiency and adaptability, supporting its multi-brand and multi-channel strategy[38]. Product Development and Innovation - The company has not disclosed any new product or technology developments in the reporting period[84]. - The company is actively engaged in research and development of new products to enhance its market position[91]. - The company has introduced new product categories such as cabinets, system doors, and bathroom products since 2022 to capture high-frequency demand in the renovation market[53]. Marketing and Sales Channels - The company has developed a comprehensive multi-channel marketing system, including dealer channels, e-commerce, and direct sales, to expand its market presence[40]. - The company is exploring new channel expansion models, including partnerships with decoration companies and community service centers, to enhance market penetration[53]. - The company aims to maintain a balanced approach across retail, decoration companies, e-commerce, and packaged services to adapt to the evolving market landscape[53].

证券代码：002572 证券简称：索菲亚 公告编号：2024-051 索菲亚家居股份有限公司 第五届董事会第二十九次会议决议的公告 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。 索菲亚家居股份有限公司（以下简称"公司"）董事会于 2024 年 8 月 16 日以电子邮件的方式发出了关于召开公司第五届董事会第二十九次会议的通知。 本次会议于 2024 年 8 月 26 日上午 10:30 在公司会议室以现场会议方式召开。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、《关于公司 2024 年半年度报告全文及其摘要的议案》 表决结果：同意 5 票、反对 0 票、弃权 0 票 具体内容详见公司同日在巨潮资讯网（htpp://www.cninfo.com.cn）刊登的 《2024 年半年度报告》及《2024 年半年度报告摘要》。 二、《关于 2024 年半年度募集资 ...

证券代码：002572 证券简称：索菲亚 公告编号：2024-050 索菲亚家居股份有限公司 关于全资子公司出售参股公司股权并签署 《发行股份购买资产协议》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。 特别提示： 1、索菲亚家居股份有限公司（以下简称"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"）与国联证券股份有限公司（以下简称 "国联证券"）签署《发行股份购买资产协议》，拟以 76,780.54 万元的价格向 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"），并接受国联证券向索菲亚投资 发行 68,738,175 股 A 股股份作为对价（以下简称"本次交易"）。 2、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、本次交易尚需完成香港联合交易所有关认可及批准、有权国资监管机构 批准、国联证券股东大会、A 股和 H 股类别股东大会审议通过、上交所审核通过 及中国证券监督管理委员会（以下简称"中国证监会"） ...

证券代码：002572 证券简称：索菲亚 公告编号：2024-049 索菲亚家居股份有限公司 具体内容请见同日刊登在巨潮资讯网（http://www.cninfo.com.cn）的《关 于全资子公司出售参股公司股权并签署<发行股份购买资产协议>的公告》（公告 编号：2024-050）。 特此公告。 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。 索菲亚家居股份有限公司（以下简称"公司"）董事会于 2024 年 8 月 5 日以 专人送达及电话通知的方式发出了关于召开公司第五届董事会第二十八次会议 的通知。本次会议于 2024 年 8 月 8 日上午 10:30 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，通过如下决议： 一、审议通过了《关于全资子公司出售参股公司股权并签署<发行股份购买 资产协议>的议案》 表决结果：同意 5 票、反对 ...

根据《关于上市公司实施员工持股计划试点的指导意见》及《深圳证券交易 所上市公司自律监管指引第 1 号——主板上市公司规范运作》的相关要求，现将 公司 2024 年度员工持股计划（以下简称"本次员工持股计划"）的实施进展情 况公告如下： 一、本次员工持股计划非交易过户的股票来源及数量 本计划的股份来源为受让公司回购专用证券账户回购的公司人民币普通股 A 股股票，公司回购股票的情况如下： 1、公司于 2021 年 6 月 15 日召开的第四届董事会第二十二次会议，审议通 过了《关于回购部分社会公众股份方案的议案》，同意公司使用自有资金以集中 竞价交易方式回购公司股份，回购股份的种类为公司发行的 A 股股份，资金总额 不低于人民币 5,000 万元（含）且不超过人民币 10,000 万元（含）上限回购公 司股份，用于股权激励计划及/或员工持股计划。公司于 2021 年 9 月 1 日披露《关 于回购公司股份实施进展暨回购完成的公告》，截止 2021 年 9 月 1 日，公司通 过回购专用证券账户以集中竞价方式累计回购了 4,893,387 股，回购成交的最高 成交价为 23.35 元/股，最低成交价为 18.15 ...