Investment Rating - The report maintains an "Accumulate" rating for the company Sofia (002572) [1] Core Views - The company is facing short-term pressure on performance, but is firmly advancing its multi-brand, full-category, and all-channel strategy [1] - The macroeconomic environment has impacted revenue, with a notable decline in Q3 2024 revenue and profit [1] - The company is expected to benefit from national subsidy policies, which may enhance the market share of leading companies [2] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 76.56 billion yuan, a year-on-year decrease of 6.64%, and a net profit attributable to shareholders of 9.22 billion yuan, down 3.24% year-on-year [1] - In Q3 2024, revenue was 27.26 billion yuan, a decline of 21.13% year-on-year, with a net profit of 3.57 billion yuan, down 21.16% year-on-year [1] - The gross profit margin for Q3 2024 was 35.86%, a decrease of 0.9 percentage points year-on-year [1] - The company’s revenue forecast for 2024 and 2025 is adjusted to 110.14 billion yuan and 117.63 billion yuan, respectively, with expected year-on-year changes of -5.6% and +6.8% [2] Brand Performance Analysis - The Sofia brand saw an increase in average transaction value to 23,679 yuan per order, up 22.36% year-on-year, despite a decrease in customer numbers [1] - The Milan brand experienced growth, with revenue of 3.67 billion yuan in the first three quarters of 2024, an increase of 14.87% year-on-year [1] - The company is focusing on enhancing the performance of its various brands, with the Milan brand showing particularly strong growth [1] Market Trends and Outlook - The home furnishing industry is experiencing a marginal recovery in consumer sentiment due to the implementation of home replacement policies [2] - The report anticipates that the concentration of the industry will accelerate, benefiting companies that comply with national subsidy policies [2]

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][11] Core Views - The company experienced a double-digit decline in both revenue and profit in Q3 2024, with revenue at 7.66 billion (-6.6%) and net profit at 0.92 billion (-3.2%). Q3 revenue was 2.73 billion (-21.1%) and net profit was 0.36 billion (-21.2). The decline is attributed to a significant drop in real estate completions and sales, as well as macroeconomic factors [1][3] - The Milan brand showed strong performance with revenue of 0.37 billion (+14.9%) in the first three quarters of 2024, while the company's overall strategy of multi-brand, full-category, and full-channel is expected to help recover orders in Q4 due to government policies [1][3] - The company’s integrated channel revenue grew by 26.3% year-on-year, while retail and bulk business faced pressure due to the real estate market downturn [1][3] Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 76.6 billion, a decrease of 6.6%, and a net profit of 9.2 billion, down 3.2%. The Q3 figures were 27.3 billion in revenue and 3.6 billion in net profit, both showing significant declines [1][2] - The gross margin for Q3 was 35.9%, a slight decrease of 0.9 percentage points, while the net margin was 13.8%, an increase of 0.02 percentage points. The company effectively controlled expenses, with sales, management, R&D, and financial expense ratios at 8.9%, 6.8%, 3.5%, and -0.2% respectively [1][3][9] - The company has adjusted its profit forecast for 2024-2026, expecting net profits of 12.7 billion, 14.1 billion, and 16.5 billion respectively, with a diluted EPS of 1.3, 1.5, and 1.7 [1][2][9]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [1][4]. Core Views - The company experienced revenue pressure in Q3 but maintained robust profitability, with expectations for order improvement in Q4. The report highlights the resilience of the company's business model despite industry challenges [1]. - The company's revenue for Q3 was 7.656 billion yuan, a year-on-year decrease of 6.65%, while the net profit attributable to shareholders was 922 million yuan, down 3.24% year-on-year [1]. - The report emphasizes the growth drivers from the Milan brand and integrated channel, which have become significant contributors to revenue [1]. Financial Performance Summary - **Revenue Forecasts**: - 2022A: 11,223 million yuan - 2023A: 11,666 million yuan (4% growth) - 2024E: 10,849 million yuan (-7% growth) - 2025E: 11,525 million yuan (6% growth) - 2026E: 12,372 million yuan (7% growth) [1]. - **Net Profit Forecasts**: - 2022A: 1,064 million yuan - 2023A: 1,261 million yuan (19% growth) - 2024E: 1,258 million yuan (0% growth) - 2025E: 1,322 million yuan (5% growth) - 2026E: 1,384 million yuan (5% growth) [1]. - **Earnings Per Share (EPS)**: - 2022A: 1.17 yuan - 2023A: 1.31 yuan - 2024E: 1.31 yuan - 2025E: 1.37 yuan - 2026E: 1.44 yuan [1]. - **Cash Flow**: - 2023A: 2,654 million yuan - 2024E: 399 million yuan - 2025E: 1,927 million yuan - 2026E: 2,583 million yuan [3]. Business Segment Analysis - The report notes that the Milan brand and integrated channels are key growth drivers, with the average transaction value for the Sofia brand increasing to 23,679 yuan, up from 19,352 yuan in the same period last year [1]. - The company has optimized its dealer network, with 1,805 dealers for the Sofia brand and 156 for the Simi brand, indicating a strategic shift towards integrated home solutions [1]. - The report also highlights the company's efforts to expand its overseas market presence, with dealers in countries such as the USA, Canada, Australia, Singapore, Vietnam, and Thailand [1].

证券研究报告 | 季报点评 gszqdatemark 2024 11 04 年 月 日 索菲亚（002572.SZ） Q3 收入&利润承压，以旧换新表现亮眼 公司发布 2024 年三季报：24Q3 公司实现收入 27.26 亿元（同比-21.1%），归母 净利润 3.57 亿元（同比-21.2%），扣非归母净利润 3.43 亿元（同比-21.7%），在 高基数+经营压力放大影响下，公司 Q3 收入承压，盈利能力基本保持稳定。 分品牌：1）索菲亚：24Q3 实现收入 24.47 亿元（同比-21.5%），截至 Q3 末，经 销商 1805 位（Q3 减少 6 位），专卖店 2543 家（Q3 减少 9 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，工厂端客单价进一步提升至 23679 元（同比+22.4%）。2）米兰纳：24Q3 实现收入 1.28 亿元（同比-15.8%），截至 Q3 末，经销商 554 位（Q3 新增 24 家）， 专卖店 579 家（Q3 新增 26 家）。23 年推出整家定制+门墙柜一体化产品，24Q3 工厂端客单价稳步提升 ...

上 市 公 司 轻工制造 公 司 研 究/ 公 司 点 评 证 券 研 究 报 告 2024 年 11 月 04 日 索菲亚 (002572) ——2024 年三季报点评：Q3 外部压力边际增加，整体 表现承压，整装渠道扩张稳健增长 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 11 月 01 日 | | 收盘价（元） | 18.91 | | 一年内最高/最低（元） | 21.54/12.36 | | 市净率 | 2.6 | | 息率（分红/股价） | 5.29 | | 流通 A 股市值（百万元） | 12,319 | | 上证指数/深证成指 | 3,272.01/10,455.50 | | --- | --- | |-------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 7.24 | ...

证券研究报告 非金融公司|公司点评|索菲亚（002572） 2024 年三季报点评： 经营短期承压，以旧换新提振家居消费 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月04日 证券研究报告 |报告要点 2024Q3 索菲亚实现营收 27.26 亿元，同比-21.13%，实现归母净利润 3.57 亿元，同比-21.16%， 实现扣非后归母净利润 3.43 亿元，同比-21.70%。受地产下行导致的家居行业消费疲软影响， 公司经营短期承压，其中索菲亚和米兰纳品牌同比下滑，整装渠道则仍显韧性。为适应消费趋 势和市场的变化，公司对消费者和经销商进行双重让利，因此归母净利润降幅环比扩大，净利 率则维持去年同期水平。9-10 月 31 个省级行政区陆续发布了家居家装以旧换新细则，公司国 庆期间订单同比增长 106%，政策有望持续提振家居消费，带动行业回暖。 |分析师及联系人 管泉森 孙珊 戚志圣 SAC：S0590523100007 SAC：S0590523110003 SAC：S0590523120002 请务必阅读报告末页的重要声明 1 / 6 数据来源：公司公告、iFinD，国联证券研究 ...

我是深藩清工的推勤和我一起在线的还有我们组织黄沙昨天晚上我们也是看到公司公布了三季度的情况应该说整个家属行业的单三季度都是编辑压力比较大的一个季度但是我们看到就是十二分以来不管是地产的政策预期包括我们看到二手房的成交情况的改善 还有大家比较关心的啊最近呢就看到家具的这个宇宙幻星火谷在各个地方都是逐步落地啊那么其实能感觉到就是十年以来啊整个一个终端订单的回暖啊尤其对于就是索菲亚这样的头部企业而言是非常好的一个集中度提升的一个机会啊所以我们觉得一方面我们这个会呢聊一下这个三季度的情况啊那更重要的是就现在的一个情况就展望一下四季度包括展望一下未来 那今天因为先是三级报的交流,那我们还是先把时间交给管理层,先请于飞总给大家介绍一下整体公司这个三级度的一个经营的情况吧。于飞总。 因为三级报昨天晚上发出来之后呢确实有很多小伙伴就是来跟我咨询具体的一些情况那我在这里就统一的回复一下大家那首先我们三级度的整体的1到9月的营业收入跟利润的下滑的幅度都维持在个位数以内就是整体的这个大盘还是比较稳健的 那单从Q3来说呢我们确实收入的一个下滑跟利润的下滑都呈现了这个双位数的一个比例吧那这里面我具体拆解一下我们的一个收入下滑的原因那其 ...

公司报告 | 季报点评 整装成长，静待政策催化 公司发布 2024 年三季报 24Q3 公司实现收入 27.3 亿元，同比-21.1%；归母净利润 3.6 亿元，同比 -21.2%；扣非归母净利润 3.4 亿元，同比-21.7%； 24Q1-3 公司实现收入 76.6 亿元，同比-6.6%；归母净利润 9.2 亿元，同比 -3.2%；扣非归母净利润 8.7 亿元，同比-3.6%。 Q3 收入承压我们预计主要系经营环境及地产销售疲软影响。当前公司各品 牌积极响应全国家居家装以旧换新补贴政策，采取政府补贴 20%+集团补贴 20%，针对旧房焕新和局部改造需求，特别推出限时专享套餐，致力打造 品质好、性价比的全新体验，我们预计有望带动客流量及经营回暖。 24Q1-3 分品牌：1）索菲亚营收 68.9 亿，同减 6.84%，工厂端平均客单价 2.37 万元，门店 2543 家，较年初-184 家；2）米兰纳营收 3.67 亿，同增 14.9%，平均客单价 1.47 万元，门店 579 家，较年初+65 家；3）司米拥有 经销商 156 家，专卖店 161 家，在公司"多品牌、全品类、全渠道"的战 略下，司米经销商重叠 ...

[Table_MainInfo] 公司研究/造纸轻工/轻工制造 证券研究报告 索菲亚（002572）公司季报点评 2024 年 11 月 02 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | --- | |---------------------------------------------------|------------------------|-------| | 股票数据 | | | | 11 [ Table_StockInfo 月 01 日收盘价（元） ] | 18.91 | | | 52 周股价波动（元） | 12.36-21.54 | | | 总股本 / 流通 A 股（百万股） | 963/651 | | | 总市值 / 流通市值（百万元） | 18211/12319 | | | 相关研究 | | | | [Table_ReportInfo] 《 24H1 利润同增 13% | ，提质增效效果凸显》 | | | 2024.08.31 | | | | 《 24Q1 收入同增 17% 2024.05.06 | ，盈利能力显著优化》 | | | ...

证券代码:002572 编号:20241031 证券简称:索菲亚 索菲亚家居股份有限公司投资者关系活动记录表 | --- | --- | --- | |---------------------------|---------------------------------------------|------------------------------------------------------------------------------------------------------------------------------| | | | | | 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 | □业绩说明会 | | | □新闻发布会 | 口路演活动 | | | 口现场参观 | | | | 团其他(电话会议) | | | 参与单位名称 及人员姓名 | | 申万证券组织的电话会议,共计 199 位投资机构及个人参加会议。 | | | | | | 时间 | 2024 年 10 月 31 日上午 | | | 地点 | 公司会议室 | | | 上市公司接待 ...