证券代码：301061 证券简称：匠心家居 公告编号：2025-020 常州匠心独具智能家居股份有限公司 2024年年度股东大会决议公告 一、会议召开和出席情况 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。 重要提示： 1、本次股东大会无否决提案的情况； 2、本次股东大会不涉及变更以往股东大会已通过的决议； 3、本次股东大会对中小投资者进行了单独计票（中小投资者是指除上市公 司董事、监事、高级管理人员以及单独或者合计持有公司 5%以上股份的股东以 外的其他股东）。 （四）会议召开时间： 1、现场会议召开时间：2025 年 5 月 15 日（星期四）下午 14:30 （一）股东大会届次：2024 年年度股东大会 （二）股东大会的召集人：董事会 （三）股东大会现场会议主持人：董事兼董事会秘书张聪颖先生 公司董事长李小勤女士因工作原因，无法出席并主持公司 2024 年年度股东 大会；根据《公司章程》第六十九条规定："股东大会由董事长主持。董事长不 能履行职务或不履行职务时，由半数以上董事共同推选的一名董事主持。" 本 次股东大会由公司过半数的董事共同推举董事张聪颖 ...

Core Viewpoint - The company reported strong financial performance in Q1 2025, with revenue and net profit showing significant year-on-year growth, driven by customer expansion and product strength [1][2][3]. Revenue Growth - Q1 2025 revenue reached 773 million yuan, a 38% increase year-on-year, supported by strong product capabilities that led to both existing customer growth and new customer acquisition [1][2]. - Among the top 10 customers, 8 experienced transaction growth ranging from 11% to 325%, with 3 customers exceeding 200% growth [2]. - The company added 22 new retail customers in Q1 2025, including 2 from the top 100 furniture retailers in the U.S., bringing the total to 51 [2]. - The proportion of retail customers in the U.S. increased to 88.19%, with revenue from U.S. retail customers accounting for 64.75% of total revenue [2]. Profitability and Cost Management - The company achieved a net profit margin increase of 3.5 percentage points and a non-GAAP net profit margin increase of 3.9 percentage points year-on-year in Q1 2025, alongside a gross margin increase of approximately 4 percentage points [3]. - Cost management strategies, including procurement cost reduction and product structure optimization, contributed to improved profitability [3]. - The company is actively communicating with clients regarding tariff impacts, with many clients accelerating shipments to manage inventory amid supply chain fluctuations [3]. Product and Market Strategy - The company continues to leverage strong product capabilities to enhance customer relationships and market share, with a focus on high-end positioning and relative cost advantages [4]. - The "store-in-store" model is expanding rapidly in the U.S., with over 500 locations established across 32 states [2][4]. - Despite tariff challenges, the company is expected to maintain a strong growth trajectory, with projected net profits of 750 million, 940 million, and 1.13 billion yuan for 2025-2027 [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Insights - In Q1 2025, the company achieved revenue of 773 million yuan, net profit attributable to shareholders of 194 million yuan, and net profit excluding non-recurring items of 186 million yuan, representing year-on-year growth of 38%, 60%, and 65% respectively [2][6] - The high revenue growth in Q1 2025 is attributed to the expansion and cultivation of retail partners, with overall performance exceeding expectations due to cost reduction in procurement and optimization of product structure [2][12] - The company has successfully deepened cooperation with top clients, with transaction amounts increasing significantly, and has added 22 new retail clients, including two from the top 100 furniture retailers in the U.S. [7][12] Summary by Sections Financial Performance - Q1 2025 revenue reached 773 million yuan, with a year-on-year increase of 38% [2][6] - Net profit attributable to shareholders was 194 million yuan, up 60% year-on-year [2][6] - The net profit margin improved, with a year-on-year increase of 3.5 percentage points for net profit attributable to shareholders and 3.9 percentage points for net profit excluding non-recurring items [12] Customer Expansion - The company expanded its retail partnerships, adding 22 new clients in Q1 2025, with a focus on quality and quantity [7] - The proportion of retail clients in the U.S. increased to 88.19%, with revenue from U.S. retail clients accounting for 64.75% of total revenue [7] Product and Market Strategy - The company’s strong product capabilities have enabled it to enhance customer share, with a focus on high-end positioning and relative cost-performance advantages [12] - The "store-in-store" model has accelerated expansion, with over 500 locations opened in the U.S. by Q1 2025 [7][12] Future Outlook - The company is expected to maintain a strong growth trend, with projected net profits for 2025-2027 at 750 million, 940 million, and 1.13 billion yuan respectively, corresponding to PE ratios of 16, 13, and 11 times [12]

Group 1 - The core viewpoint of the news is that a comprehensive financial policy package has been introduced to support the stability of the market and expectations, particularly benefiting the elderly care sector [1][3] - The People's Bank of China has established a 500 billion yuan service consumption and elderly care relending tool to enhance financial support for key areas such as elderly care and service consumption [3] - The elderly care industry in China is projected to reach a scale of 9 trillion yuan in 2022, with expectations to exceed 12 trillion yuan by 2025, indicating a significant growth phase ahead [4][5] Group 2 - The elderly care concept stocks have shown strong performance, with multiple stocks such as Jinming Precision Machinery and Xinhua Jin experiencing significant price increases, some reaching the daily limit [2] - The new policy tool is an expansion and upgrade of the previous inclusive elderly care relending policy, which had a smaller quota of 40 billion yuan and was initially piloted [3] - The silver economy is expected to grow substantially, with projections indicating it could reach 30 trillion yuan by 2035, accounting for 10% of GDP, driven by various sectors including elderly services and health care [4]

创业板股最新融资余额为3319.59亿元，环比减少32.34亿元，20只股融资余额环比增长超10%，融资余 额环比降幅超10%的有26只。 证券时报·数据宝统计显示，4月30日创业板指上涨0.83%，创业板股两融余额合计3328.14亿元，较上一 交易日减少32.41亿元，已连续5个交易日减少。其中，融资余额合计3319.59亿元，环比上一日减少 32.34亿元；为连续5个交易日减少。融券余额8.55亿元，环比减少747.23万元。 具体来看，融资余额增长的创业板股有257只，其中，20股融资余额增幅超过10%。增幅最大的是博创 科技，该股最新融资余额3.36亿元，环比上一交易日增幅为69.00%；股价表现上，该股当日上涨 2.81%，表现强于创业板指；融资余额增幅较多的还有拓斯达、大叶股份等，分别增长51.33%、 37.83%。 融资余额降幅居前个股 | 代码 | 简称 | 最新融资余额(万 | 融资余额环比增减 | 收盘价 | 当日涨跌幅 | 所属行 | | --- | --- | --- | --- | --- | --- | --- | | | | 元） | （%） | （元） | （%） | 业 ...

事件：公司发布2025 年一季度报告。25Q1 公司实现收入 7.73 亿元（同比+38.2%），归母净利润1.94 亿元（同比+60.4%），扣非归母净利润1.86 亿元（同比+64.6%）。我们预计收入端稳健增长主要系老 客户份额提升以及新客户逐步放量；产品结构优化助力盈利能力高位向上，业绩表现超预期。 盈利能力有望持续提升，费用管控优异。2025Q1 公司毛利率37.2%（同比+3.9pct），归母净利率 25.1% （（ 同比+3.5pct），受益于公司店中店高速扩张（集中展示销售高毛利产品），我们预计未来盈利能 力仍有望提升。费用端方面，Q1期间费用率为8.54%（同比+0.6pct），其中销售/研发/管理/财务费用率 分别为3.3%/5.3%/2.7%/-2.9%（同比分别+0.4pct/+0.2pct/-0.6pct/+0.6pct）。 现金流&营运能力稳定。2025Q1 公司经营性现金流为1.23 亿元（同比+0.46亿元）。截至2025Q1 末公 司存货周转天数91.34 天（同比+26.62 天）、应收账款周转天数48.72 天（同比+2.61 天）、应付账款周 转天数71.40 天（同比 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6] Core Views - The company reported a strong Q1 2025 performance with revenue of 770 million, a 38% year-on-year increase, and a net profit of 190 million, reflecting a 60% increase [1] - The growth is attributed to multiple factors including a focus on high-quality brand positioning, innovative product differentiation, and an optimized customer structure [2][3] - The company has successfully expanded its collaboration with major U.S. furniture retailers, resulting in a diversified and robust customer base [3] - The production capacity in Vietnam is being efficiently utilized, enhancing order delivery capabilities and solidifying the company's competitive advantage in the global supply chain [3] - Following the introduction of a 10% temporary tariff, the company has engaged in discussions with clients regarding cost-sharing, with most retailers showing a cooperative spirit [4] - The company has adjusted its profit forecasts, expecting net profits of 910 million, 1.11 billion, and 1.38 billion for 2025, 2026, and 2027 respectively, with corresponding EPS of 5.4, 6.6, and 8.3 [4] Financial Data Summary - The company’s total revenue is projected to grow from 1.92 billion in 2023 to 5.07 billion in 2027, with a compound annual growth rate (CAGR) of approximately 20.90% [10] - The net profit is expected to increase from 407 million in 2023 to 1.38 billion in 2027, with a significant growth rate of 24.52% in 2027 [10] - The company maintains a low debt-to-asset ratio of 17.84%, indicating strong financial health [6]

证券研究报告 公司研究 报告内容摘要: [Table_S 事件：公司发布 ummary] 2025 年一季度报告。25Q1 公司实现收入 7.73 亿元（同比 +38.2%），归母净利润 1.94 亿元（同比+60.4%），扣非归母净利润 1.86 亿元 （同比+64.6%）。我们预计收入端稳健增长主要系老客户份额提升以及新客户 逐步放量；产品结构优化助力盈利能力高位向上，业绩表现超预期。 逆势破冰，品牌力量驱动增长。25Q1 公司 TOP10 客户中 8 家实现同比增长（增 幅在 10.5%-325.2%之间）、其中 3 家增幅超 200%，客户份额持续提升。此外， Q1 公司新拓客户 22 家（均为零售商且 2 家为美国 TOP100 家居零售商），对美 国零售商收入占总收入比例已达 64.8%。受制于贸易摩擦加剧，近日高点展会 人流明显下滑、下单节奏放缓、客户信心波动，但根据公司反馈，其展厅热度 依旧，我们预计公司 Q2 订单仍有望延续高增（出货节奏或略放缓）。 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 匠心家居(301061) | 投资评级 | 无评 ...

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company reported a revenue of 773 million yuan in Q1 2025, representing a year-on-year increase of 38.2%, and a net profit attributable to the parent company of 194 million yuan, up 60.4% year-on-year [1][2] - The growth in revenue is attributed to an increase in market share from existing customers and the gradual ramp-up of new customers, alongside product structure optimization that enhances profitability [1][2] - The company has successfully expanded its customer base, with 8 out of its top 10 customers experiencing year-on-year growth, some exceeding 200% [2] - The company has established a strong presence in the U.S. market, with 64.8% of its revenue coming from U.S. retailers, and has built production capacity in Vietnam to mitigate tariff impacts [2] - The gross margin for Q1 2025 was 37.2%, an increase of 3.9 percentage points year-on-year, and the net profit margin was 25.1%, up 3.5 percentage points year-on-year [3] Financial Performance Summary - The company’s total revenue is projected to grow from 1,921 million yuan in 2023 to 4,414 million yuan in 2027, with a compound annual growth rate (CAGR) of 14.3% [4][6] - The net profit attributable to the parent company is expected to increase from 407 million yuan in 2023 to 1,135 million yuan in 2027, reflecting a CAGR of 16.1% [4][6] - The company’s gross margin is forecasted to improve from 33.6% in 2023 to 39.5% in 2027 [4][6] - The projected earnings per share (EPS) will rise from 2.43 yuan in 2023 to 6.78 yuan in 2027 [4][6] - The price-to-earnings (P/E) ratio is expected to decrease from 28.71 in 2023 to 10.31 in 2027, indicating a potential increase in valuation attractiveness [4][6]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company reported a strong Q1 2025 performance with revenue of 770 million, a 38% year-on-year increase, and a net profit attributable to the parent company of 190 million, up 60% year-on-year [1][2]. - The growth is attributed to multiple factors including a focus on high-quality brand positioning, innovation-driven product differentiation, and an optimized customer structure [2][3]. - The company has successfully expanded its collaboration with major U.S. furniture retailers, resulting in a diversified and robust customer base [3]. - The production capacity in Vietnam is being efficiently utilized, enhancing order delivery capabilities and solidifying the company's competitive advantage in the global supply chain [3]. - Following the introduction of a 10% temporary tariff, the company has engaged in discussions with clients regarding cost-sharing, with most core retailers showing a cooperative spirit [4]. - The company has adjusted its profit forecasts, expecting net profits for 2025-2027 to be 910 million, 1.11 billion, and 1.38 billion respectively, with corresponding EPS of 5.4, 6.6, and 8.3 [4]. Financial Data Summary - For 2023, the company expects revenue of 1.92 billion, with a growth rate of 31.37%, and a net profit of 407.39 million, reflecting a growth rate of 21.93% [10]. - The projected revenue for 2025 is 3.35 billion, with a net profit of 906.11 million, indicating a growth rate of 32.68% [10]. - The company maintains a low debt-to-asset ratio of 17.84% and a strong return on equity (ROE) projected at 21.16% for 2025 [6][12].