此份报告由群益证券(香港)有限公司编写，群益证券(香港)有限公司的投资和由群证益券(香港)有限公司提供的投资服务.不是.个人客户而设。此份报告不能复制或再分发或 印刷报告之全部或部份内容以作任何用途。群益证券(香港)有限公司相信用以编写此份报告之资料可靠，但此报告之资料没有被独立核实审计。群益证券(香港)有限公司. 不对此报告之准确性及完整性作任何保证，或代表或作出任何书面保证，而且不会对此报告之准确性及完整性负任何责任或义务。群益证券(香港)有限公司，及其分公司及 其联营公司或许在阁下收到此份报告前使用或根据此份报告之资料或研究推荐作出任何行动。群益证券(香港)有限公司及其任何之一位董事或其代表或雇员不会对使用此份 报告后招致之任何损失负任何责任。此份报告内容之资料和意见可能会或会在没有事前通知前变更。群益证券(香港)有限公司及其任何之一位董事或其代表或雇员或会对此 份报告内描述之证¡@持意见或立场，或会买入，沽出或提供销售或出价此份报告内描述之证券。群益证券(香港)有限公司及其分公司及其联营公司可能以其户口，或代他 人之户口买卖此份报告内描述之证¡@。此份报告.不是用作推销或促使客人交易此报告内所提及之证 ...

| --- | --- | --- | --- | --- | --- | |----------------------|--------|--------|--------|--------|--------| | | 2023 | 2024Q1 | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 11,666 | 2,111 | 13,091 | 14,559 | 15,966 | | 同比增长率（ %） | 3.9 | 17.0 | 12.2 | 11.2 | 9.7 | | 归母净利润（百万元） | 1,261 | 165 | 1,476 | 1,634 | 1,812 | | 同比增长率（%） | 18.5 | 58.6 | 17.1 | 10.7 | 10.9 | | 每股收益（元 /股） | 1.31 | 0.17 | 1.53 | 1.70 | 1.88 | | 毛利率（%） | 36.2 | 32.6 | 36.4 | 36.5 | 36.4 | | ROE（% ） | 18.0 | 2.3 | 19.6 | 20.2 | 20.9 | | 市盈率 | 13 ...

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 ...

证券代码：002572 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 编号：20240430 投资者关系活 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 路演活动 现场参观 其他（电话会议） 参与单位名称 长江证券组织的电话会议，共计103位投资机构及个人参加会议。 及人员姓名 时间 2024年4月30日上午 地点 公司会议室 上市公司接待 公司管理层 人员姓名 公司2024 年第一季度经营情况介绍 【业绩解读】 2024 年第一季度，公司实现营业收入 21.11 亿元，同比增长 16.98%； 归属于上市公司股东的净利润1.65 亿元，同比增长 58.59%；归属于上 市公司股东的扣除非经常性损益的净利润1.56亿元，同比增长73.81%。 ...

证 券 研 究 报 告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|--------------------------------------------------------------|--------------------------------------|----------------------------------------------------------------|------------------------------|------------------------|----------------------------------------|---------------------------|------------|---------------| | | [Table_Title] \n索菲亚 (002572) | | | [Table_industryInfo] | | [Table_Invest] 评级： | | 林纸产品 | 增持 / 原材料 | ...

[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]

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 ...