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. ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 19.79 yuan, based on a 13x PE for 2024 [9][13]. Core Insights - The company achieved a revenue of 11.666 billion yuan in 2023, representing a year-on-year increase of 3.95%. The net profit attributable to shareholders was 1.261 billion yuan, up 18.51% year-on-year [4][16]. - The company is focusing on a multi-brand, full-category, and all-channel strategy, which has proven effective in driving revenue and customer value [5][25]. - The company plans to distribute a cash dividend of 10 yuan for every 10 shares, totaling 0.952 billion yuan, with a dividend payout ratio of 75% [4][12]. Financial Performance - Revenue projections for 2024-2026 are 13.126 billion yuan, 14.695 billion yuan, and 16.429 billion yuan, with respective growth rates of 12.52%, 11.95%, and 11.80% [8][13]. - The net profit attributable to shareholders is expected to be 1.466 billion yuan, 1.660 billion yuan, and 1.874 billion yuan for the same period, with growth rates of 16.23%, 13.24%, and 12.90% respectively [8][13]. - The company has shown significant improvement in cost management, with a gross margin increase of 3.16 percentage points to 36.15% in 2023 [6][31]. Business Segments - The company's cabinet business is undergoing adjustments, with expectations for recovery in 2024. The wood door segment has shown strong growth of 35.73% year-on-year [6][31]. - The Milan brand has successfully penetrated the blue ocean market, achieving a revenue increase of 47.24% year-on-year [5][31]. - The integrated channel has seen a substantial revenue increase of 67.52% year-on-year, indicating strong performance in this area [5][31]. Market Position - The company has a total share capital of 963.05 million shares, with a circulating market value of 10,092.95 million yuan [2]. - The company's price-to-earnings ratio (P/E) is currently at 12.3, while the price-to-book ratio (P/B) stands at 2.2 [8].

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]

索非亚(002572.SZ) BUY 买进 公司基本资讯 产业别 轻工制造 A 股价(2024/4/11) 15.80 深证成指(2024/4/11) 9300.77 股价 12 个月高/低 21.2/14.45 总发行股数(百万) 963.05 A 股数(百万) 638.79 A 市值(亿元) 100.93 主要股东 江淦钧;柯建生 (21.54%) 每股净值(元) 7.28 股价/账面净值 2.17 一个月 三个月 一年 股价涨跌(%) -6.0 0.7 -21.3 前日收盘 18.03 19.04 20.80 评等 买进 买进 买进 阿 2024 年 04 月 12 日 顾向君 H70420@capitalcom.tw 目标价(元) 19 业绩概要： 点评： 近几年，公司多品牌、全品类、全渠道大家居战略整体落实效果较理想， 今年大家居战略将继续推进，并通过加快门店布局填补空白市场，此外， 各品牌将扩充品类，以进一步完善整家定位。行业层面看，存量房数量 已基本占据半壁江山，存量翻新需求逐步显现，公司已进行前瞻性布局， 有望从中受益。 C o m p a n y U p d a t e | --- | -- ...

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总市值（亿）： 152.16 证券研究报告 2024 年 4 月 12 日 公司研究/公司快报 资料来源：最闻，山西证券研究所 2023 年公司营收规模稳健增长，业绩增速好于营收。营收端，2023 年，公司实现 营业收入 116.66 亿元，同比增长 3.95%，其中 23Q1-23Q4 营收分别为 18.05、29.39、 市场数据：2024 年 4 月 11 日 收盘价（元）： 15.80 34.57、34.65 亿元，同比下降 9.70%、增长 5.63%、增长 9.64%、增长 5.37%。业绩端， 2023 年，公司实现归母净利润 12.61 亿元，同比增长 18.51%，其中 23Q1-23Q4 归母 年内最高/最低（元）： 21.20/14.45 净利润分别为 1.04、3.95、4.53、3.09 亿元，同比下降 8.86%、增长 32.93%、增长 15.63%、 流通A股/总股本（亿）： 6.39/9.63 增长 18.40%。2023 年，公司业绩端表现好于营收，主因销售毛利率提升。 流通 A 股市值（亿）： 100.93 事件点评 家具 索菲亚（002572.SZ） 买入-A(维持) ...

本公司及董事会全体成员保证信息披露的内容真实、准确、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"索菲亚"或公司）第五届董事会第二 十四次会议审议通过了《关于公司对外担保额度的议案》，本议案尚需提交股东 大会审议通过。具体内容如下： 一、公司对外担保额度情况概述 证券代码：002572 证券简称：索菲亚 公告编号：2024-027 索菲亚家居股份有限公司 关于公司对外担保额度的公告 三、被担保的控股子公司基本情况 为提高决策效率，确保公司生产经营工作持续、稳健开展，基于公司及控股 子公司日常经营的实际需求，董事会同意公司2024年度对外担保额度如下列示： | 序号 | 保证人 | 被担保人 | 直接/间接 | 2024年度计划担 | 担保方式 | | --- | --- | --- | --- | --- | --- | | | | | 持股比例 | 保额度（万元） | | | 1 | 索菲亚 | 广州索菲亚置业有限公司 | 100% | 不超过120,000 | 连带责任保证 | | 2 | 索菲亚 | 索菲亚家居（浙江）有限公司 | 100% | 不超过80,000 | ...

民生证券股份有限公司 关于索菲亚家居股份有限公司 2023 年年度募集资金存放与使用情况的专项核查意见 民生证券股份有限公司（以下简称"民生证券"或"保荐机构"）作为索菲 亚家居股份有限公司（以下简称"索菲亚"或"公司"）2022 年度向特定对象 发行股票的保荐机构，根据《证券发行上市保荐业务管理办法》、《深圳证券交易 所股票上市规则》、《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》、《上市公司监管指引第 2 号——上市公司募集资金管理和使用的 监管要求（2022 年修订）》（证监会公告〔2022〕15 号）等有关规定，对公司 2023 年年度募集资金存放与使用情况进行了核查，核查的具体情况如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 经中国证券监督管理委员会《关于同意索菲亚家居股份有限公司向特定对象 发行股票注册的批复》（证监许可[2023]2677 号）同意注册，索菲亚家居股份有 限公司向特定对象发行人民币普通股股票 50,677,126 股，发行价格为 12.11 元/ 股，募集资金总额为人民币 613,699,995.86 元，扣除各项发行费用（不含增 ...