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 2023A 点评：整家战略为核心增长驱动， 经营利润率优，分红率超预期 SAC：S0490516060001 SAC：S0490520070002 SAC：S0490517110001 SFC：BRP550 [Table_Title 索菲亚 2023A2] 点评：整家战略为核心增长驱动， 经营利润率优，分红率超预期 ⚫ 2023 年收入符合预期，多品牌整家战略推升客单，整装渠道高速增长。 【分品牌】1）索菲亚品牌：+11%，整家战略下客单（工厂端口径，下同）+6%，客流亦 贡献增量。其中客单提升主因公司推整家套餐，索菲亚零售中厨柜、木门配套提升。2） 米兰纳：+47%，快速扩店是核心驱动，2023 年门店数净增 176 家至 514 家（年末门店 数同增 52%）；品类扩容推动客单+7%。3）华鹤&司米：品牌定位调整阶段性影响收入， 全年门店数分别净减少 42/365 家至 277/249 家，而目前双品牌已调整完毕且正分别朝整 家方向推进，如 2023 年末司米衣柜上样门店数已达 212 家（占 85%） ...

大家居战略稳步推进，净利润增长靓丽 主品牌营收增长稳健，米兰纳品牌切入整家定制增长靓丽。分品牌来看，2023 年索菲亚品牌实现营业收入 105.5 亿元，同比+11.0%，整家战略带动客单价稳 步提升，成为索菲亚品牌收入增长的主要驱动力。2023 年索菲亚品牌客单价 19619 元，同比+6.3%。米兰纳品牌实现营业收入 4.7亿元，同比+47.2%，2023 年米兰纳正式进入整家定制赛道，推出了整家定制+门墙柜一体化产品，并加速 扩店实现较快收入增长。截至 2023年末米兰纳门店数量达到 514家，年内净开 176 家；米兰纳品牌客单价达 13934元，同比增长 6.6%。华鹤品牌实现营业收 入 1.6 亿元，同比-3.6%。分品类来看，2023 年定制衣柜及其配件营收为 94.1 亿元，同比+2.5%；定制橱柜及其配件营收为 12.4亿元，同比-2.2%；木门营收 为 5.9 亿元，同比+35.7%，整家战略增加品类连带销售，木门收入增长提速， 橱柜收入增速边际改善。 [Table_QuotePic] 相对指数表现 -26% -21% -15% -9% -3% 3% 23/4 23/6 23/8 23/1 ...

索菲亚（002572.SZ） 公司发布 2023 年财务数据：2023 年实现收入 116.66 亿元（同比+4.0%），归 母净利润 12.61 亿元（同比+18.5%），扣非归母净利润 11.35 亿元（同比+21.1%）； 2023Q4 实现收入 34.65 亿元（同比+5.4%），归母净利润 3.09 亿元（同比 +18.4%），扣非归母净利润 2.29 亿元（同比+22.8%）。每 10 股派息 10 元， 分红比例 75.5%，伴随资本开支合理控制、盈利能力相对稳定，高分红有望维持。 逆行周期，加速成本优化、模式迭代。公司以"墙地一体"切入旧改赛道，并逐 步推出橱柜、系统门窗、卫浴等新品类；同时通过增强与装企的合作渗透旧改市 场，并不断开发出拎包 2.0、旧改社区店、旧改服务中心等多种业务模式，抢占旧 改市场。此外，公司推动"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。 盈利预测：预计 2024-2026 年归母净利润分别为 15.0 亿元/17.1 亿元/19.6 亿元， 对应 PE 分别为 10.1X/8.9X/7.8X，维 ...

零售渠道韧性较强，现金流及营运效率表现优异 索菲亚（002572.SZ）/轻工 证券研究报告/公司点评 2024 年 4 月 12 日 [Table_Industry] | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|------------|---------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------ ...

精益管理助力盈利能力持续优化，坏账充分计提轻装上阵。公司 2023 年净利率为 11.3%，同比提升 1.8pct，其中单 Q4 净利率为 9.6%，同比提升 1.8pct，环比下降 4.1pct。1）毛利率：公司 2023 年毛利率为 36.2%，同比提升 3.2pct，其中单 Q4 毛利率为 37.4%，同比提升 4.1pct，环比提升 0.7pct，SKU 减量提质，助力板材利 用率提升，内部降本控费，叠加原材料价格同比回落，公司毛利率延续改善态势。2） 期间费用率：公司 2023 年期间费用率为 20.3%，同比下降 0.2pct，其中单 Q4 期间 费用率为 19.6%，同比下降 1.7pct，环比提升 0.6pct，分拆来看，公司 2023 年销售 / 管 理 / 研 发 / 财 务 费 用 率 分 别 为 9.7/6.6/3.5/0.5% ， 分 别 同 比 变 动 -0.3/-0.2/+0.4/-0.2pct；单 2023Q4 公 司销售 /管理 /研 发/财 务费用 率分别为 9.2/6.6/3.3/0.4% ， 分 别 同 比 变 动 -0.9/-1.0/+0.2/-0.0pct ， 分 ...

请务必阅读正文之后的信息披露和免责申明 1 | --- | --- | --- | --- | --- | --- | |-----------------------------|-----------|-----------|-----------|-----------|-----------| | 财务数据和估值 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | 11,222.54 | 11,665.65 | 13,170.51 | 14,537.61 | 16,029.17 | | 增长率 (%) | 7.84 | 3.95 | 12.90 | 10.38 | 10.26 | | EBITDA( 百万元 ) | 2,306.45 | 2,889.10 | 2,689.62 | 2,906.63 | 3,120.13 | | 归属母公司净利润 ( 百万元 ) | 1,064.30 | 1,261.28 | 1,465.71 | 1,673.62 | 1,861.46 | | 增长率 (%) | 768.28 | 18.51 | 16.21 ...

| --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------|------------------------------------|-------|----------------------------------|-------|----------------|----------------|-----------------| | [Table_OtherInfo] 模型更新时间： | 2024.04.12 | | 财务预测（单位：百万元） | | | | 索菲亚 (002572) | | [Table_Industry] | | | [Table_Forcast] 损益表 | | 2022A | 2023A | 2024E | | 股票研究 | | | 营业总收入 | | 11,223 | 11,666 | 13,066 | | | | | | | | | | | 原材料 | | | 营业成本 | | 7,520 | 7,448 | 8,319 | | 林纸产品 | | | 税金及附加 ...

敬请参阅最后一页特别声明 1 敬请参阅最后一页特别声明 2 | --- | --- | --- | --- | --- | --- | |---------------------|------------------------------------|-------|-------|-------|-------| | 日期 | 一周内 一月内 二月内 三月内 六月内 | | | | | | 买入 | 1 | 14 | 26 | 33 | 76 | | 增持 | 0 | 4 | 8 | 10 | 0 | | 中性 | 0 | 0 | 0 | 0 | 0 | | 减持 | 0 | 0 | 0 | 0 | 0 | | 评分 来源：聚源数据 | 1.00 1.22 1.24 1.23 1.00 | | | | | 买入：预期未来 6－12 个月内上涨幅度在 15%以上； 增持：预期未来 6－12 个月内上涨幅度在 5%－15%； 中性：预期未来 6－12 个月内变动幅度在 -5%－5%； 减持：预期未来 6－12 个月内下跌幅度在 5%以上。 市场中相关报告评级比率分析说明： 1.00 =买入； 1.01~2. ...

证券研究报告 2024 年 04 月 12 日 | --- | --- | |----------------------------|---------------| | | | | 基本数据 | | | 总股本/流通股本 (百万股) | 963.05/638.79 | | 流通 A 股市值(百万元 ) | 10,092.95 | | 每股净资产(元 ) | 7.28 | | 资产负债率 (%) | 49.99 | | 一年内最高/最低(元 ) | 21.20/14.45 | | --- | --- | |------------|-------| | | | | | | | | | | 行 业： | | | | | | 投资评级： | | | 当前价格： | | | 目标价格： | | 作者 分析师：管泉森 执业证书编号：S0590523100007 邮箱：guanqs@glsc.com.cn 分析师：戚志圣 执业证书编号：S0590523120002 邮箱：qizhsh@glsc.com.cn 事件： 索菲亚发布 2023 年年报：2023 年实现营收 116.66 亿元，同比+3.95%，实 现归母净 ...

Financial Performance - In 2023, the company's operating revenue reached ¥11,665,646,381.23, representing a 3.95% increase from ¥11,222,541,427.55 in 2022[18] - The net profit attributable to shareholders was ¥1,261,277,793.86, an 18.51% increase compared to ¥1,064,303,728.53 in the previous year[18] - The net profit after deducting non-recurring gains and losses was ¥1,134,615,935.75, up 21.06% from ¥937,239,765.13 in 2022[18] - The net cash flow from operating activities increased by 94.69% to ¥2,653,600,254.53, compared to ¥1,362,986,502.94 in 2022[18] - The total assets at the end of 2023 were ¥14,554,891,671.56, a 20.72% increase from ¥12,056,813,813.51 at the end of 2022[18] - The weighted average return on equity increased to 20.87% in 2023, up from 18.22% in 2022, indicating improved profitability[18] - The company achieved a total operating income of approximately 1.8 billion in Q1, 2.9 billion in Q2, 3.4 billion in Q3, and 3.5 billion in Q4 of 2023[85] - The net profit attributable to shareholders for Q3 was approximately 452.8 million, while Q4 saw a decrease to about 308.8 million[85] - The company achieved a revenue of 10.552 billion RMB in 2023, representing a year-on-year growth of 10.96%[164] Market Strategy and Product Development - The company introduced the IPD system to enhance organizational efficiency and improve market response speed, focusing on creating continuous value for customers[4] - The company is exploring new models to cater to the growing demand in the existing housing market, which is expected to lead to significant changes in the home furnishing industry[5] - The company anticipates that the demand for customized home furnishings will continue to grow as the real estate market stabilizes and the renovation needs of existing homes increase[27] - The company has established a brand matrix with four distinct brands targeting different market segments: "Sofia" for mid-to-high-end (¥1,000-2,000/㎡), "Milana" for mass market (below ¥1,000/㎡), "Simi" and "Huahai" for light high-end (above ¥2,000/㎡) [34] - The company has expanded its product offerings to cover a full range of categories including wardrobes, cabinets, doors, windows, wall panels, flooring, home appliances, and bathroom products, catering to diverse consumer needs [34] - The company's strategy includes a focus on the renovation of existing homes, with a projected increase in demand for home improvement driven by aesthetic changes and storage needs [51] - The company is actively exploring new business models such as "packaged 2.0" and renovation service centers to capture the renovation market [61] - The company is implementing a multi-brand, full-category, and full-channel strategy to navigate market uncertainties and enhance competitive positioning [66] - The company is focused on providing comprehensive home customization solutions, including a wide range of furniture products such as wardrobes, cabinets, and flooring[130] - The company is implementing a "big home" strategy to expand its brand and product categories, aiming for a more integrated home furnishing experience[131] - The company has proactively laid out its existing market strategy by gradually launching new product categories such as Sophia cabinets, system windows, and bathrooms since 2022, targeting high-frequency demand products in the old renovation market[197] - In 2023, the company developed new business models like bare package and package 2.0, focusing on user-centered services supported by community service centers, which will become a key approach to capture the bare and old renovation market[197] Environmental Commitment and Sustainability - The company has maintained a strong commitment to environmental protection, adhering to regulations and ensuring compliance with environmental standards[137] - The company achieved a 70% reduction in nitrogen oxide emissions from natural gas boilers, decreasing from 71 mg/m³ in 2022 to 21 mg/m³ in 2023[147] - The new waste gas treatment facility employs a dust removal and RTO process, improving organic waste gas treatment efficiency to over 90%[147] - The company has established a comprehensive waste management strategy, focusing on energy efficiency, water resources, and waste disposal[150] - The company’s emissions of particulate matter and VOCs from different processes consistently meet the national standards[1] - The company has not faced any administrative penalties related to environmental issues during the reporting period[148] - The company is committed to fulfilling all environmental commitments made by its controlling shareholders and related parties[153] - The company has established a solar photovoltaic power generation system covering approximately 337,000 square meters, with a capacity of about 32.22 Mwp, providing around 14.29 million kWh of green electricity in the reporting period[166] - The company has reduced hazardous waste generation in the cabinet workshop by over 90% during the reporting period by optimizing raw material packaging[168] - The company has been recognized with multiple environmental certifications, including "National Green Factory" and "Waste-Free Factory" since its listing[167] - The company has implemented advanced clean processes and pollution prevention technologies to enhance its comprehensive competitiveness[167] - The company has focused on energy conservation and resource utilization as key strategies for improving competitiveness[167] Consumer Trends and Market Insights - The company is responding to the trend of younger consumer demographics and fragmented consumption scenarios by enhancing its product and channel strategies [47] - The demand for high-quality and personalized home decoration is rising, with consumers placing greater emphasis on materials, environmental performance, craftsmanship, and service quality[126] - The industry is witnessing a trend towards green and smart home products, driven by increasing consumer awareness of environmental health[112] - The rise of "lazy economy" and fragmented consumer behavior is driving a shift towards one-stop home furnishing solutions, with companies transitioning from single product sales to comprehensive customization models[127] - The global indoor furniture market is valued at $729.15 billion in 2023, with a year-on-year growth of 5%[122] - The total retail sales of furniture in China grew by only 2.8% year-on-year, indicating a cautious consumer sentiment and increased price sensitivity[126] - The company has been a leader in the custom home furnishing industry for over 20 years, pioneering the concept of "custom wardrobes" and successfully integrating digital technology to meet personalized consumer demands[129] Corporate Governance and Shareholder Relations - The company reported a commitment to not infringe on its own interests and confirmed that the funds used for stock subscription are from legitimate sources, with no disputes or potential conflicts[154] - The controlling shareholders committed to not reducing their holdings in the company’s stock for a specific period, ensuring stability during the non-public offering[154] - The company’s management has pledged to adhere to measures to compensate for any dilution of immediate returns resulting from the stock issuance, ensuring accountability for any losses incurred[154] - The company has established a long-term commitment to avoid any competitive business activities that could harm its interests, ensuring compliance with market fairness principles[155] - The controlling shareholders have guaranteed that neither they nor their closely related family members will engage in any competing business activities, maintaining a clear separation from competitors[155] - The company is actively pursuing measures to ensure that any related party transactions are conducted fairly and transparently, adhering to legal and regulatory requirements[155] - The management has committed to supporting the implementation of compensation measures linked to the company's performance, aligning incentives with shareholder interests[155] - The company is focused on maintaining compliance with new regulatory requirements regarding compensation measures, ensuring ongoing transparency and accountability[155] - The company’s shareholders have agreed to not use their control position to harm the interests of the company or other shareholders, reinforcing governance standards[155] - The company is committed to continuous improvement in its operational practices to avoid conflicts of interest and ensure fair treatment of all stakeholders[155] Digital Transformation and Innovation - The company is focusing on digital transformation, leveraging big data, cloud computing, and artificial intelligence to enhance operational efficiency[88] - The company has successfully implemented a digital transformation strategy since 2014, enhancing operational efficiency and customer service through a smart operation platform[160] - The DIY Home integrated system allows for rapid delivery of customized product modules, significantly improving customer satisfaction and store service efficiency[160]