Investment Rating - Investment rating is maintained as "Buy" [2] Core Views - The company achieved stable revenue growth in H1 2024, with a revenue of 4.93 billion yuan, representing a year-on-year increase of 3.9% [2][3] - The net profit attributable to the parent company for H1 2024 was 560 million yuan, up 13.0% year-on-year, while the non-recurring net profit was 530 million yuan, an increase of 13.4% [2][3] - The company is expected to benefit from the implementation of its whole-home strategy, which is anticipated to drive an increase in average transaction value [2] Financial Performance - In H1 2024, the gross profit margin improved to 35.8%, up 1.0 percentage points, while the net profit margin increased to 12.1%, up 1.2 percentage points [3] - The company reported a significant decline in operating cash flow, with a negative cash flow of 300 million yuan, down 121.2% year-on-year, primarily due to changes in distributor assessment criteria [3] Revenue Breakdown - The main brand, Sophia, generated revenue of 4.44 billion yuan in H1 2024, a 3.9% increase, with an average transaction value of 23,679 yuan, up 27.0% [4] - The Milan brand saw a revenue increase of 42.6% to 240 million yuan, while the cabinet and wooden door segments also showed strong growth [4] Financial Projections - Projected revenues for 2024, 2025, and 2026 are 12.706 billion yuan, 13.806 billion yuan, and 14.977 billion yuan, respectively, with year-on-year growth rates of 8.9%, 8.6%, and 8.5% [5] - The projected net profit for 2024 is 1.391 billion yuan, reflecting a year-on-year growth of 10.3% [5] Valuation Metrics - The company’s P/E ratio is projected to decrease from 12.5 in 2024 to 10.1 in 2026, indicating an attractive valuation [5][7] - The projected ROE for 2024 is 16.4%, slightly down from 18.2% in 2023 [7]

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][11] Core Views - The company reported stable operations in Q2 2024, with significant growth in the Milan brand and integrated home solutions, leading to improved profitability [1] - The company is actively capturing the market for bare and renovation projects, with the Milan brand and integrated solutions showing rapid growth [1] - The company has adjusted its profit forecast but maintains a positive outlook on the resilience of its performance under the whole-home strategy [1] Financial Performance Summary - In H1 2024, the company achieved revenue of 49.3 billion (+3.9%) and a net profit attributable to shareholders of 5.6 billion (+13.0%) [1] - Q2 2024 revenue was 28.2 billion (-4.1%), with a net profit of 4.0 billion (+1.0%) [1] - The gross margin improved to 35.8% (+1.0 percentage points) in H1 2024, driven by increased efficiency and scale effects [1] - The company expects net profits for 2024-2026 to be 14.0 billion, 15.8 billion, and 17.8 billion respectively, with year-on-year growth of 11%, 13%, and 13% [1][2] Brand and Market Strategy - The Sofia brand generated revenue of 44.4 billion (+3.9%) in H1 2024, with 2,552 stores [1] - The Milan brand achieved revenue of 2.4 billion (+42.6%) with 553 stores, focusing on integrated customization and expanding into blue ocean markets [1] - The integrated solutions channel saw a revenue increase of 43.6% in H1 2024, with 256 cooperative construction companies across 189 cities [1] Cost and Profitability Metrics - The company maintained stable expense ratios, with sales, management, R&D, and financial expense ratios at 9.9%, 6.2%, 3.7%, and -0.1% respectively [1] - The net profit margin for H1 2024 was 14.9% (+1.0 percentage points) [1] - The company’s cash flow from operating activities decreased by 121.2% year-on-year, primarily due to changes in dealer assessment criteria and increased material procurement costs [1]

[Table_MainInfo] 公司研究/造纸轻工/轻工制造 证券研究报告 索菲亚（002572）公司半年报点评 2024 年 08 月 31 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | |--------------------------------------------------------------------| | 股票数据 | | 08 [ Table_StockInfo 月 28 日收盘价（元） ] | | 52 周股价波动（元） | | 总股本 / 流通 A 股（百万股） | | 总市值 / 流通市值（百万元） | | 相关研究 | | [Table_ReportInfo] 《 24Q1 收入同增 17% ，盈利能力显著优化》 | | 2024.05.06 | | 《 23 年收入同增 4% 平稳收官，米兰纳品牌增 | | 添新动力》 2024.04.21 | | 《 23Q3 收入同增 9.6% ，米兰纳品牌表现亮 | | 眼》 2023.11.04 市场表现 | [Table_QuoteInfo] -36.83% -26.83% -16.83 ...

证券研究报告 | 半年报点评 gszqdatemark 2024 08 31 年 月 日 索菲亚（002572.SZ） 整家战略有效落地，盈利能力逆势提升 公司发布 2024 年半年报：24H1 公司实现收入 49.3 亿元（同比+3.9%）， 归母净利润 5.6 亿元（同比+13.0%）；单 Q2 收入实现收入 28.2 亿元（同 比-4.1%），归母净利润 4.0 亿元（同比+1.0%），逆势表现稳健，毛利率 提升明显，整装渠道增速靓丽，整家战略驱动客单价进一步提升，多品牌、 全品类、全渠道战略优势凸显。 整家战略稳步推进，多品牌、全品类协同提升客单价，盈利能力持续优化。 ◼ 品牌层面：1）索菲亚：24H1 索菲亚实现收入 44.43 亿元（同比 +3.9%），截至 24Q2 末，专卖店 2552 家（较年初-175 家）。伴随整 家 4.0 战略发布，实现"衣、橱、门、墙、配、地、电、卫、门窗、 窗帘装饰"全品类一站式配齐，客单价进一步提升至 23679 元（同比 +27.0%）。2）米兰纳：24H1 米兰纳实现收入 2.39 亿元（同比 +42.6%），截至 24Q2 末，专卖店 553 家（较年初+ ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 08 月 30 日 索菲亚(002572.SZ) 盈利能力持续改善，Q2 业绩表现稳健 事件：索菲亚发布 2024 年半年报。2024H1 公司实现营业收入 49.29 亿元，同比增长 3.91%；归母净利润 5.65 亿元，同比增长 13.01%；扣非后归母净利润 5.31 亿元，同比增长 13.41%。其中， 2024Q2 公司实现营业收入 28.18 亿元，同比下降 4.11%；归母净 利润 3.99 亿元，同比增长 0.97%；扣非后归母净利润 3.75 亿元， 同比下降 0.90%。 米兰纳保持快速增长趋势，连带率提升带动索菲亚客单价向上 分品牌看，1）索菲亚品牌：24H1 索菲亚品牌实现营收 44.43 亿元， 同比增长 3.89%；其中，工厂端平均客单价 2.37 万元，同比增长 27.04%，我们分析主要得益于橱柜及木门连带率提升。截至 24H1，索 菲亚品牌拥有经销商 1811 位，专卖店 2552 家。2）米兰纳品牌：24H1 米兰纳品牌实现营收 2.39 亿元，同比增长 42.59%；其中，工厂端平 均客单价 1.43 ...

Investment Rating - The report assigns a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index over the next 6 to 12 months [6]. Core Views - The company has demonstrated strong performance with a notable increase in average transaction value despite industry pressures, indicating significant improvement in profitability [2][5]. - The company's integrated strategy is deepening, leading to a substantial increase in customer spending, while the optimization of its brand matrix provides clear positioning for future growth [5][6]. - The report anticipates a downward adjustment in profit forecasts due to industry pressures, projecting net profit for the company to reach 1.82 billion in 2024, with corresponding P/E ratios of 9, 8, and 7 for the years 2024 to 2026 [5][6]. Financial Performance Summary - The company achieved a revenue of 11,666 million in 2023, with a year-on-year growth rate of 4%. Projections for 2024 estimate revenue to reach 11,922 million, reflecting a growth rate of 2% [1]. - Net profit for 2023 is reported at 1,261 million, with a year-on-year growth of 19%. The forecast for 2024 anticipates a net profit of 1,390 million, indicating a growth of 10% [1]. - The company's earnings per share (EPS) is projected to increase from 1.31 in 2023 to 1.44 in 2024, with further growth expected in subsequent years [1][4]. Business Segment Performance - The Milan brand and integrated channel have emerged as significant growth drivers, with the company achieving a revenue of 44.43 billion in the first half of 2024, reflecting a year-on-year increase of 3.8% [1]. - The company has expanded its dealer network, with 1,811 dealers for the Simi brand, and has made strides in international markets, covering over 20 countries [1]. - The report highlights that the cabinet and wooden door segments are experiencing rapid growth, contributing positively to overall revenue [1]. Operational Efficiency - The report notes improvements in operational efficiency, with cash flow from operations reported at 2,654 million in 2023, although it is projected to decrease significantly in 2024 [4]. - The company has seen a reduction in inventory turnover days, indicating enhanced inventory management practices [4].

证券代码:002572 索菲亚家居股份有限公司投资者关系活动记录表 编号:20240828 | --- | --- | --- | |-----------------------|----------------------------|------------------------------------------------------------------| | | | | | 投资者关系活 | 口特定对象调研 | □分析师会议 | | 动类别 | □媒体采访 | 口业绩说明会 | | | □新闻发布会 | 口路演活动 | | | □现场参观 | | | | 团其他(电话会议) | | | 参与单位名称 | | 申万证券、国金证券组织的电话会议,共计 243 位投资机构及个人参加 | | 及人员姓名 | 会议 | | | 时间 | 2024 年 8 月 28 日 | | | 地点 | 公司会议室 | | | 上市公司接待 人员姓名 | 公司管理层 | | | | | | | | 公司 2023 年度经营情况介绍 | | | | 【业绩解读】 | | | | | 2024年上半年,公司持续坚定"多 ...

证券研究报告 索菲亚 (002572 CH) 利润率同比提升，整装渠道快速成长 华泰研究 中报点评 2024 年 8 月 27 日│中国内地 家居用品 24H1 营收平稳增长，利润表现亮眼，维持"增持"评级 公司 24H1 实现营收 49.29 亿元（yoy+3.91%），归母净利 5.65 亿元 （yoy+13.00%），扣非净利 5.31 亿元（yoy+13.41%）；其中 Q2 实现营收 28.18 亿元（yoy-4.11%），归母净利 3.99 亿元（yoy+0.97%），上半年及 Q2 利润表现优于收入，主要系公司加强降本增效，带动利润率提升所致。 考虑到需求仍有待复苏，我们略下调收入预测，预计 2024-2026 年归母净 利分别为 14.30/15.85/17.50 亿元（前值 14.80/16.67/18.69 亿元），对应 EPS 分别为 1.48/1.65/1.82 元。参照可比公司 24 年 Wind 一致预期 PE 均值为 10 倍，考虑到家居以旧换新政策频出，且公司多品牌+全品类+多渠道布局 领先，新品牌/新渠道快速成长，给予公司 24 年 13 倍 PE，目标价 19.24 元（前 ...

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 ...