Investment Rating - The investment rating for the company is "Increase" (maintained) [1] Core Views - The company has adopted AI technology as a core driver for development, enhancing productivity across marketing, design, production, and logistics [1] - The company reported a revenue of 1 billion yuan in Q3 2024, a decrease of 29% year-on-year, with a net profit attributable to the parent company of -0.08 billion yuan, down 112% year-on-year [1] - The "old-for-new" home decoration subsidy policy is being implemented effectively, stimulating market confidence and consumer activity [1] - The company is actively expanding its domestic and overseas market presence, with a focus on lower-tier cities and international markets [1][3] Financial Performance Summary - For the first three quarters of 2024, the company's revenue was 2.7 billion yuan, a decrease of 22% year-on-year, with a net profit of -1.14 billion yuan, down 2905% year-on-year [1] - The gross margin for the first three quarters of 2024 was 31.93%, a decrease of 2.6 percentage points year-on-year, while the net margin was -4.18%, down 4.30 percentage points year-on-year [1] - The company expects EPS for 2024-2026 to be -0.6 yuan, 0.2 yuan, and 0.3 yuan respectively, with PE ratios for 2025-2026 projected at 57 and 40 times [3][4] Market Strategy - The company has launched various product packages to stimulate home renovation activities, including direct subsidies and live-streaming promotions [1] - The company is enhancing its channel layout domestically and has initiated overseas expansion efforts, particularly in the Middle East, Southeast Asia, and Africa [1][3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.37 CNY [4][8]. Core Views - The company's revenue continued to decline in the third quarter, with a year-on-year decrease of 29.09%, resulting in a net profit attributable to the parent company of -0.08 million CNY [2][3]. - The company is undergoing channel and organizational adjustments, compounded by a low overall industry sentiment and intensified competition, leading to a sustained downward trend in revenue [2][3]. - The introduction of government subsidies is expected to gradually improve the home furnishing market, potentially boosting the company's revenue [2][3]. Summary by Sections Revenue Performance - In the first three quarters of 2024, the company achieved revenue of 2.732 billion CNY, a year-on-year decrease of 22.22%, with a net profit of -114 million CNY [2][3]. - The third quarter revenue was 1.022 billion CNY, down 29.09% year-on-year, with a net profit of -8 million CNY [2][3]. Profitability Analysis - The gross margin for the third quarter of 2024 was 34.18%, a decrease of 1.0 percentage points year-on-year, primarily due to a reduction in the proportion of direct sales revenue following channel adjustments [2][3]. - The operating expense ratio increased to 34.82%, up 6.4 percentage points year-on-year, attributed to a significant decline in revenue [2][3]. - The net profit margin for the third quarter was -0.81%, down 5.5 percentage points year-on-year, indicating pressure on profitability [2][3]. Future Outlook - The recent implementation of "old-for-new" policies for home products is expected to enhance consumer traffic and conversion rates, positively impacting the company's revenue growth [2][3]. - The company is also enhancing its subsidy policies and expanding online payment channels to increase consumer reach and improve market conditions [2][3]. Financial Forecast - The company’s net profit forecasts for 2024-2026 are -68 million CNY, 51 million CNY, and 58 million CNY respectively, with adjustments made to revenue growth assumptions for custom furniture and related products [3][8].

Investment Rating - The investment rating for the company is "Accumulate" and is maintained [8]. Core Insights - The company reported a revenue of 2.732 billion yuan for the first three quarters of 2024, a decrease of 22% year-on-year, with a net loss attributable to shareholders of 114 million yuan [3][4]. - In Q3 2024, the revenue was 1.022 billion yuan, down 29% year-on-year, with a net loss of 8 million yuan [3][4]. - The company is focusing on its traditional strengths in customization and supporting businesses, aiming for high-quality development [4][6]. Summary by Sections Financial Performance - The company experienced a significant decline in revenue and profitability in 2024, with Q3 showing a 29% drop in revenue compared to the previous year [3][4]. - The gross margin decreased by 1.0 percentage points in Q3, while various expense ratios increased, indicating pressure on overall profitability [4]. Business Strategy - The company is implementing a channel transformation, emphasizing a self-operated franchise model and launching a "9 Cities 500 Stores" initiative to support young entrepreneurs [4][5]. - The focus is on enhancing the efficiency of the entire channel and deepening terminal coverage, particularly in lower-tier cities [5][6]. Market Opportunities - The company is benefiting from government subsidies in the home furnishing sector, with positive responses from dealers in regions with strong policy foundations [5][6]. - The company is actively expanding its overseas presence under the Sunpina brand, targeting markets in the Middle East, Southeast Asia, and Africa [4][6]. Future Outlook - The company aims to achieve a net profit of approximately -1.08 billion yuan in 2024, with a projected recovery to 620 million yuan in 2025 [6].

证券代码：300616 证券简称：尚品宅配 编号：2024017 广州尚品宅配家居股份有限公司 投资者关系活动记录表 | --- | --- | --- | |--------------------------|------------------------------------|--------------------------------------------------------------| | | | | | | ■特定对象调研 □分析师会议 | | | 投 资 者关 系活动 | □媒体采访 □业绩说明会 | | | 类别 | □新闻发布会 □路演活动 | | | | □现场参观 □其他 | （ ） | | | 参与单位 长江证券、融通基金 | | | 时间 2024 | 年 11 月 7 日 | 9：00 | | | | | | 地点 | 广州总部（高德置地 | A 座） | | 上 市 公司 接待人 员姓名 | 董事会秘书何裕炳 | | | | 一、主要问题及回答 | : | | | 问：近期家装国补政策的实施情况如何 | ? | | | | 答：以旧换新家装补贴政策在各地的有序开展 ...

证券代码：300616 证券简称：尚品宅配 公告编号:2024-113 号 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关规定，现将公司回购股份进展情况公告如下： 一、回购公司股份的进展情况 截至 2024 年 10 月 31 日，公司本次回购方案通过回购专用证券账户以集中 竞价交易方式累计回购公司股份数量为 2,788,327 股，占公司目前总股本的 1.24%，本次回购股份的最高成交价为 9.74 元/股，最低成交价为 9.28 元/股， 已使用总金额为 26,831,674.58 元（含交易费用）。 1/2 本次回购符合公司既定的回购方案、回购报告书及相关法律法规的要求。 二、其他说明 广州尚品宅配家居股份有限公司 关于回购公司股份的进展公告 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。 广州尚品宅配家居股份有限公司（以下简称"公司"）于 2024 年 8 月 22 日 召开第五届董事会第二次会议，审议通过了《关于以集中竞价交易方式回购公司 股份的议案》，同意公司使用自有资金以集中竞价交易方式回购公司部分 ...

Financial Performance - The company's revenue for Q3 2024 was ¥1,022,386,780.38, representing a decrease of 29.09% compared to the same period last year[2]. - The net profit attributable to shareholders was -¥8,253,765.80, a decline of 112.31% year-on-year[2]. - The net cash flow from operating activities was -¥97,100,802.35, down 138.16% from the previous year[2]. - Total operating revenue for Q3 2024 was ¥2,731,896,184.18, a decrease of 22.2% compared to ¥3,512,202,651.61 in Q3 2023[19]. - The net loss for Q3 2024 was ¥114,101,113.75, compared to a net profit of ¥4,194,839.84 in Q3 2023, indicating a significant decline in profitability[20]. - The total comprehensive income attributable to the parent company was -114,157,376.50, compared to 4,069,869.28 in the previous period[22]. - Basic and diluted earnings per share were both -0.54, a significant decrease from 0.02 in the previous period[22]. Assets and Equity - Total assets as of September 30, 2024, were ¥8,210,175,003.24, a decrease of 6.62% from the end of the previous year[2]. - The company's total equity attributable to shareholders decreased by 2.76% to ¥3,515,378,481.56[2]. - The company's equity attributable to shareholders decreased to ¥3,515,378,481.56 from ¥3,615,279,897.91, a decline of approximately 2.3%[17]. - The company reported a significant increase in deferred tax assets by 41.53% to ¥203,427,235.48, reflecting an increase in recoverable losses[5]. - The company reported a significant increase in deferred tax assets, rising to ¥203,427,235.48 from ¥143,734,588.99, indicating potential future tax benefits[17]. Cash Flow - The company's cash and cash equivalents decreased from 2,990,670,214.71 yuan at the beginning of the period to 2,441,700,727.71 yuan at the end[15]. - Cash inflow from operating activities was 3,049,522,579.97, down from 3,991,936,165.46 in the previous period, indicating a decline of approximately 23.6%[23]. - The net cash flow from operating activities was -97,100,802.35, contrasting with a positive cash flow of 254,455,568.01 in the previous period[23]. - Cash inflow from financing activities totaled 11,742,610,112.11, significantly higher than 3,013,043,350.02 in the previous period[24]. - The net cash flow from financing activities was 196,701,600.33, compared to 571,472,869.26 in the previous period, showing a decrease of approximately 65.6%[24]. - The cash and cash equivalents at the end of the period were 912,703,814.03, down from 2,309,328,350.09 in the previous period[24]. - The company received cash from investment activities amounting to 1,194,251,967.97, a decrease from 1,688,586,258.49 in the previous period[24]. - The cash outflow from investment activities was 1,438,749,697.14, slightly lower than 1,495,257,541.57 in the previous period[24]. - The company reported a total cash outflow of 11,545,908,511.78 from financing activities, compared to 2,441,570,480.76 in the previous period[24]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 18,755[10]. - The top shareholder, Li Lianzhu, holds 20.78% of shares, totaling 46,659,935 shares, with 34,994,951 shares pledged[10]. - The number of shares held in the repurchase account is 16,267,830, accounting for 7.25% of total shares[11]. - The top ten shareholders include several significant investors, with the largest being Li Lianzhu and Zhou Shuyi as concerted actors[11]. - The company has no changes in the number of shares due to securities lending among the top ten shareholders[12]. Operational Costs and Expenses - Total operating costs for Q3 2024 were ¥2,911,651,289.46, down from ¥3,537,611,401.09 in the same period last year, reflecting a reduction of 17.6%[19]. - Research and development expenses for Q3 2024 were ¥146,838,866.10, an increase from ¥128,301,533.66 in Q3 2023, reflecting a focus on innovation[19]. - The company is focusing on cost control measures, as evidenced by the reduction in sales and management expenses compared to the previous year[19]. Investment Activities - The net cash flow from investing activities was -¥244,497,729.17, a decline of 226.47% year-on-year due to reduced recovery of bank financial products[7]. - The long-term equity investment decreased from 4,697,923.74 yuan to 2,676,716.07 yuan[15]. - The company experienced a 35.48% increase in trading financial assets, totaling ¥408,000,000.00 due to increased financial products[5]. - The company’s investment income rose by 50.53% to ¥3,574,069.17, attributed to higher returns from financial products[6].

证券代码：300616 证券简称：尚品宅配 公告编号：2024-112号 广州尚品宅配家居股份有限公司 关于计提资产减值准备的公告 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。 根据《企业会计准则》、《上市公司自律监管指引第 2 号——创业板上市公 司规范运作》和公司会计政策等相关规定，广州尚品宅配家居股份有限公司（以 下简称"公司"）为真实、准确反映公司截至 2024 年 9 月 30 日的财务状况、资 产价值及经营成果，经公司及控股子公司对存在减值迹象的资产进行全面清查和 资产减值测试，并计提资产减值损失和信用减值损失。现将具体情况公告如下： 2024 年 1-9 月计提各项资产减值准备 8,183,563.56 元，明细如下： 单位：元 | 项目 | 本期计提金额 | | | --- | --- | --- | | 一、信用减值损失 | | 8,674,329.32 | | 其中：应收账款坏账准备 | | 1,052,913.12 | | 应收票据坏账准备 | | -384,847.95 | | 其他应收款坏账准备 | | 8,006,264.15 | ...

广州尚品宅配家居股份有限公司 证券代码：300616 证券简称：尚品宅配 公告编号:2024-109 号 关于开立募集资金现金管理专用结算账户的公告 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。 广州尚品宅配家居股份有限公司（以下简称"公司"或"尚品宅配"）于 2024 年 2 月 2 日召开第四届董事会第十四次会议和第四届监事会第十三次会议，审议 通过了《关于使用部分闲置募集资金进行现金管理的议案》，同意公司及子公司 拟使用最高额度不超过人民币 3.94 亿元的部分闲置募集资金购买安全性高、流 动性好的保本型产品进行现金管理，上述额度自公司董事会审议通过之日起 12 个月内有效，在前述额度和期限范围内可循环滚动使用。具体内容详见公司 2024 年 2 月 3 日在巨潮资讯网(www.cninfo.com.cn)披露的《关于使用闲置募集资金 进行现金管理的公告》。 公司于 2024 年 4 月 26 日召开第四届董事会第十七次会议和第四届监事会第 十五次会议，于 2024 年 5 月 17 日召开 2023 年度股东大会审议通过了《关于延 长使用部分闲置募集 ...

关于回购公司股份的进展公告 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。 广州尚品宅配家居股份有限公司（以下简称"公司"）于 2024 年 8 月 22 日 召开第五届董事会第二次会议，审议通过了《关于以集中竞价交易方式回购公司 股份的议案》，同意公司使用自有资金以集中竞价交易方式回购公司部分社会公 众股份，本次回购的全部股份将在披露回购结果暨股份变动公告十二个月后根据 相关规则予以出售，并在披露回购结果暨股份变动公告后三年内完成出售。公司 如未能在法定期限内完成出售，未出售部分将履行相关程序予以注销。 本次回购资金总额不低于人民币 2,500 万元（含），且不超过人民币 5,000 万元（含），回购股份价格不超过人民币 15.9 元/股（含），本次回购股份的实施 期限为公司董事会审议通过本次回购股份方案之日起 3 个月内，具体回购股份数 量以回购期限届满或回购实施完成时实际回购的股份数量为准。具体内容详见公 司于 2024 年 8 月 22 日在巨潮资讯网（http://www.cninfo.com.cn）披露的《关 于以集中竞价交易方式回购公司股份方案的 ...

编号：2024014 证券代码：300616 证券简称：尚品宅配 | --- | --- | --- | |--------------------------|---------------------------------------------|----------------------------------------------------------------------| | | | | | | ■特定对象调研 □分析师会议 | | | 投 资 者关 系活动 | □媒体采访 □业绩说明会 | | | 类别 | □新闻发布会 □路演活动 | | | | □现场参观 □其他 | （ ） | | | 参与单位 中金、中信证券、恩宝资管、金友投资 | | | 时间 2024 | 年 9 月 24 日 | 10:00 | | | 地点 广州总部（高德置地 | A 座） | | 上 市 公司 接待人 员姓名 | 董事会秘书何裕炳 | | | | 一、主要问题及回答 | : | | | | 问：近期一系列地产利好政策频出，对家居市场的影响? | | | | 答：今天央行宣布了将降低存量房贷利率，并统一 ...