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]

Investment Rating - The report maintains a rating of "Buy" for the company [2][4] - The target price is set at 23.10 CNY, with the last forecast also being 23.10 CNY [2][4] Core Views - The company's performance in Q1 2024 showed steady growth, with significant improvements in profitability, driven by the integrated channel and Milan products [2][4] - The revenue for Q1 2024 reached 2.111 billion CNY, representing a year-on-year increase of 16.98%, while the net profit attributable to shareholders was 165 million CNY, up 58.59% [2][4] - The report highlights effective cost control measures that have led to improved profitability, with a gross margin of 32.63% [2][4] Summary by Sections Financial Performance - The company achieved a revenue CAGR of 2.76% from Q1 2022 to Q1 2024, primarily driven by the integrated channel and Milan products [2] - The operating cash flow for Q1 2024 increased significantly by 629.15% year-on-year, attributed to changes in dealer metrics and increased production [2][4] Profitability Metrics - The report notes a decline in gross margin by 0.63 percentage points, mainly due to a higher year-on-year increase in operating costs [2][4] - The net profit margin for Q1 2024 was reported at 8.24%, reflecting a year-on-year increase of 2.47 percentage points [2][4] Future Projections - EPS forecasts for 2026 are projected at 1.54, 1.83, and 2.12 CNY for the years 2024, 2025, and 2026 respectively [2][4] - The report anticipates continued growth in performance, supported by a clear brand positioning and effective channel strategies [2][4]

[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]