公司报告 | 年报点评报告 24 年公司实现收入 25.5 亿，同比+33%，归母净利润 6.8 亿，同比+68%， 扣非归母净利润 6.1 亿，同比+72%； 匠心家居（301061） 证券研究报告 24 年公司毛利率 39.4%，同比+5.7pct，归母净利率 26.8%，同比+5.6pct。 盈利亮眼，全面应对关税变化 24 年公司营收与利润超预期主要系：1）积极推进自主品牌战略，直销零 售商客户数量显著增加，"店中店"模式落地顺利，为业绩增长提供稳定的 渠道支持；2）多款新产品在 2024 年成功上市，有效带动销售增长；3） 持续优化生产流程与品控体系，产品稳定性和一致性明显提高，在营收增 长的同时有效降低了投诉率、退换货率及售后成本；4）产品销售主要以美 元计价，美元利率与汇率整体保持平稳，对公司汇兑收益形成正向影响。 公司发布 2024 年度业绩报告 在密集关税政策后，公司收到客户调整通知，主要包括： 24Q4 公司实现收入 6.99 亿，同比+50%，归母净利润 2.5 亿，同比+197%， 扣非归母净利润 2.23 亿，同比+199%； 1、要求在 4 月 9 日前尽快完成出货与清关，以赶在高 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [5] Core Views - The company reported strong financial performance for 2024, with revenue of 2.55 billion, a year-on-year increase of 33%, and a net profit of 680 million, up 68% year-on-year [1] - The increase in revenue and profit is attributed to several factors, including the successful implementation of a direct sales strategy, the launch of new products, and improved production processes [1] - The company is actively responding to tariff changes by adjusting shipment schedules and negotiating tax-sharing mechanisms with clients to ensure business continuity [2][3] Financial Performance Summary - In Q4 2024, the company achieved revenue of 699 million, a 50% increase year-on-year, and a net profit of 250 million, up 197% year-on-year [1] - The gross margin for 2024 was 39.4%, an increase of 5.7 percentage points year-on-year, while the net profit margin was 26.8%, up 5.6 percentage points year-on-year [1] - The company expanded its retail customer base significantly, acquiring 96 new retail clients, including 14 from the top 100 furniture retailers [4] Market Strategy - The company is focusing on building its brand presence through deep collaboration with quality retail clients and optimizing in-store displays and customer interactions [3] - The company aims to transition from being a "channel participant" to a "brand owner" in major global markets [3] Financial Projections - The report adjusts profit forecasts for 2025-2027, expecting net profits of 770 million, 890 million, and 1.04 billion respectively, with corresponding P/E ratios of 15X, 13X, and 11X [5] - The company’s total revenue is projected to grow from 2.55 billion in 2024 to 4.17 billion by 2027, with a compound annual growth rate of approximately 15.38% [9]

报告要点 [Table_Summary] 公司 2024 年实现营收/归母净利润/扣非净利润 25.48/6.83/6.14 亿元，同增 33%/68%/72%； 其中 2024Q4 分别对应 6.99/2.52/2.23 亿元，同增 50%/197%/199%。2024Q4 收入高增长源 于零售商拓展与培育，全年业绩超预期与采购降本、产品结构优化、汇兑收益等因素有关。近 期关税波折下正紧密沟通，客户加快出货，亦彰显对公司产品动销的信任。持续看好公司强产 品力赋能客户的提份额内核，当前成长趋势正强化。 分析师及联系人 丨证券研究报告丨 公司研究丨点评报告丨匠心家居（301061.SZ） [Table_Title] 匠心家居 2024A 点评：业绩超预期，从"渠道 参与者"迈向"品牌拥有者" [Table_Author] 匠心家居（301061.SZ） cjzqdt11111 蔡方羿 米雁翔 应奇航 SAC：S0490516060001 SAC：S0490520070002 SAC：S0490524080008 SFC：BUV463 请阅读最后评级说明和重要声明 %% %% %% %% research.955 ...

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company reported a revenue of 2.548 billion yuan in 2024, representing a year-on-year increase of 32.63%, and a net profit attributable to shareholders of 683 million yuan, up 67.64% year-on-year [1] - In Q4 2024, the company achieved a revenue of 699 million yuan, a year-on-year increase of 49.78%, with a net profit of 252 million yuan, reflecting a significant growth of 197.20% year-on-year [1] - The strong performance in Q4 is attributed to favorable exchange rates, interest income, and an increase in the proportion of high-margin new products [1] - The company has successfully expanded its customer base, adding 96 new clients, with 9 out of the top 10 clients increasing their purchase amounts significantly [2] - The "store-in-store" model has been implemented, with over 500 locations in the US and 24 in Canada, enhancing product visibility and sales of high-margin products [2] - The company has established a strong overseas production capacity, with approximately 90.5% of its revenue coming from the US and 84.0% from exports through Vietnam, minimizing the impact of tariffs [3] - The gross profit margin for Q4 2024 was 54.3%, an increase of 14.3 percentage points year-on-year, while the net profit margin was 36.1%, up 17.9 percentage points year-on-year [3] - The company’s operating cash flow for Q4 2024 was 63 million yuan, showing a decline compared to the previous year [4] - Profit forecasts for 2025 to 2027 indicate net profits of 780 million, 900 million, and 1.048 billion yuan, respectively, with corresponding P/E ratios of 14.8X, 12.8X, and 11.0X [4] Financial Summary - Total revenue for 2023 was 1.921 billion yuan, with a year-on-year growth of 31.4% [6] - The company’s net profit attributable to shareholders for 2023 was 407 million yuan, reflecting a year-on-year increase of 21.8% [6] - The gross profit margin for 2023 was 33.6%, with a projected increase to 39.4% in 2024 [6] - The return on equity (ROE) for 2023 was 13.6%, expected to rise to 19.1% in 2024 [6] - The earnings per share (EPS) for 2023 was 2.43 yuan, projected to increase to 4.08 yuan in 2024 [6]

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Views - The company achieved a revenue of 2.548 billion yuan in 2024, representing a year-on-year increase of 32.63%, and a net profit attributable to shareholders of 683 million yuan, up 67.64% year-on-year [1] - In Q4 2024, the company reported a revenue of 699 million yuan, a year-on-year increase of 49.78%, and a net profit attributable to shareholders of 252 million yuan, reflecting a significant year-on-year growth of 197.20% [1] - The strong performance in Q4 is attributed to favorable exchange rates and interest income, an increase in the proportion of high-margin new products, and optimization of the product structure [1] - The company has successfully expanded its customer base, adding 96 new clients, with 9 out of the top 10 customers increasing their purchase amounts [2] - The "store-in-store" model has been implemented, with over 500 stores in the U.S. and 24 in Canada, enhancing product visibility and sales of high-margin products [2] - The company's overseas production capacity is robust, with approximately 90.5% of revenue coming from the U.S. and 84.0% from exports to Vietnam, which has mitigated the impact of tariffs [3] - The gross profit margin for Q4 2024 was 54.3%, an increase of 14.3 percentage points year-on-year, while the net profit margin was 36.1%, up 17.9 percentage points year-on-year [3] - The company’s operating cash flow for Q4 2024 was 63 million yuan, a decrease of 46 million yuan year-on-year, but inventory and accounts receivable turnover days have shown stability [4] Financial Summary - The company’s total revenue for 2023 was 1.921 billion yuan, with a year-on-year growth of 31.4%, and is projected to reach 3.050 billion yuan by 2025, reflecting a growth rate of 19.7% [6] - The net profit attributable to shareholders for 2023 was 407 million yuan, with a year-on-year increase of 21.8%, expected to grow to 781 million yuan by 2025 [6] - The gross profit margin is expected to stabilize around 39.4% by 2027, while the return on equity (ROE) is projected to be 18.4% [6] - The company’s earnings per share (EPS) is forecasted to increase from 4.08 yuan in 2024 to 6.26 yuan in 2027 [6]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 公司发布2024年年报，2024全年实现营收25.5亿元，同比+32.6%，实现归母净利润6.8亿元，同比+67.6%，剔 除股份支付费用影响后同比+66.7%。4Q2024实现营收7.0亿元，同比+49.8%，实现归母净利润2.5亿元，同比 +197.2%。2024年度拟向全体股东每10股派发现金股利5.0元，以资本公积转增股本方式向全体股东每10股转增 3股。 点评： 业绩高速增长，自主品牌建设成效显著 2024年公司营收利润高速增长，主要原因系：1、公司持续加强内部研发投入、扩大外部创新合作范围，2024 年推出多款新品，有效拓展了市场空间；2、公司自主品牌建设成效显著，直销零售商客户数量显著增加；3、 公司持续 ...

Core Viewpoint - The company reported significant growth in revenue and net profit for 2024, driven by strong brand development and product innovation [2][3]. Financial Performance - In 2024, the company achieved revenue of 2.55 billion yuan, a year-on-year increase of 32.6%, and a net profit of 680 million yuan, up 67.6% year-on-year, with a proposed cash dividend of 5.0 yuan per 10 shares [2]. - The fourth quarter of 2024 saw revenue of 700 million yuan, a 49.8% increase year-on-year, and a net profit of 250 million yuan, reflecting a 197.2% year-on-year growth [2]. Product and Market Development - The company launched multiple new products in 2024, significantly expanding market reach, with revenue from smart electric sofas, beds, and accessories reaching 1.96 billion, 350 million, and 230 million yuan respectively, with year-on-year growth of 37.1%, 20.5%, and 20.5% [3]. - 90.5% of the company's products were sold in the U.S., with 84.0% produced in Vietnam, indicating a strong reliance on the U.S. market [3]. Customer Base and Sales Channels - The company expanded its customer base by acquiring 96 new retail clients, including 14 from the top 100 furniture retailers in the U.S., enhancing its sales channel resources [3]. - Sales to U.S. retail clients accounted for 58.84% of total revenue, with 65.03% of U.S. market revenue coming from the company [3]. Brand Presence and Retail Network - The company established over 500 "MOTO Gallery" store-in-stores in the U.S. and 24 stores in Canada, creating a retail network across major North American markets [4]. Profitability and Cost Management - The company's gross margin for 2024 was 39.4%, an increase of 5.4 percentage points year-on-year, with the fourth quarter gross margin reaching 54.3%, up 14.3 percentage points [5]. - The reduction in raw material prices and continuous product structure upgrades contributed to improved profitability [5]. Operational Efficiency - The company reported a period expense ratio of 8.0% for 2024, down 3.1 percentage points year-on-year, with significant reductions in financial expenses due to increased exchange gains and interest income [5]. Production Capacity and Trade Environment - The company's Vietnamese factory has sufficient capacity to meet U.S. export demands, with potential for reduced tariffs on sofa exports from Vietnam to the U.S. following the suspension of tariffs [6].

Group 1 - Northern Rare Earth (600111.SH) reported a Q4 net profit of 1.004 billion yuan, the highest quarterly profit for the year, with a 53.5% growth target for total profit in 2025. The 2024 revenue was 32.966 billion yuan, down 1.58% year-on-year, and net profit decreased by 57.64% due to falling rare earth product prices, despite an increase in sales volume of major products. The company is advancing green smelting upgrades and is awaiting an industry turnaround as rare earth prices are at a low point [3][4]. - Xiamen Xiangyu (600057.SH) achieved a revenue of 366.7 billion yuan in 2024, a decrease of 20.12% year-on-year, with a net profit of 1.419 billion yuan, down 9.86%. The decline in revenue was influenced by falling commodity prices, although overall operating volume remained stable year-on-year [3][4]. - Zhenan Technology (300767.SZ) reported a revenue of 420 million yuan and a net profit of -140 million yuan for 2024, compared to 690 million yuan and -40 million yuan in the previous year. In Q4 2024, the company achieved a revenue of 100 million yuan and a net profit of -80 million yuan [4]. - Zhenyu Technology (300953.SZ) saw a revenue increase of 18.45% to 7.129 billion yuan in 2024, with a net profit of 254 million yuan, up 493.77%. The company proposed a cash dividend of 2.1 yuan per share and a stock bonus of 4 shares for every 10 shares held [4]. - Yingweitong (002334.SZ) reported a Q1 2025 revenue of 840 million yuan, down 11% year-on-year and 29% quarter-on-quarter, with a net profit of 35 million yuan, down 26% year-on-year and 74% quarter-on-quarter [4]. Group 2 - Jiangxin Home (301061.SZ) achieved a revenue of 2.55 billion yuan in 2024, an increase of 32.6% year-on-year, with a net profit of 680 million yuan, up 67.6%. In Q4 2024, the revenue was 700 million yuan, a year-on-year increase of 49.8%, and net profit was 250 million yuan, up 197.2% [5]. - Ziyan Food (603057.SH) reported a revenue of 3.363 billion yuan in 2024, down 5.28% year-on-year, with a net profit of 346 million yuan, up 4.50%. In Q1 2025, the revenue was 564 million yuan, down 18.86% year-on-year, and net profit was 15 million yuan, down 71.80% [6].

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【北方稀土（600111.SH）】Q4归母净利润为全年单季最高，2025年生产经营目标利润总额增长53.5%—— 2024年报点评 北方稀土公布2024年报，公司2024年实现营业收入329.66亿元，同比-1.58%；实现归母净利润10.04亿元， 同比-57.64%。2024年业绩下滑主要系稀土产品价格下跌，但公司主要品种销量均增长。推进绿色冶炼升 级改造项目，2025年主要生产经营目标再有提升。稀土价格位于底部区间，静待行业反转。 （王招华/马俊）2025-04-23 震裕科技24年营收71.29亿元，同比增长18.45%；归母净利润2.54亿元，同比增长493.77%；扣非归母 净利润2.31亿元，同比增长252 ...

证券代码：301061 证券简称：匠心家居 公告编号：2025-014 常州匠心独具智能家居股份有限公司 关于公司及子公司2025年度向银行申请综合授信额度的公告 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。 常州匠心独具智能家居股份有限公司（以下简称"公司"或"匠心家居"） 于 2025 年 4 月 21 日（星期一）召开了第二届董事会第十七次会议和第二届监事 会第十五次会议，审议通过了《关于公司及子公司 2025 年度向银行申请综合授 信额度的议案》，该议案尚需提交公司 2024 年年度股东大会审议，现将相关事 宜公告如下： 一、申请综合授信情况概述 为满足公司生产经营和发展之需要，结合公司实际情况，公司及其三家全资 子公司常州携手智能家居有限公司、常州美能特机电制造有限公司、常州美闻贸 易有限公司拟向银行申请综合授信额度，担保方式为信用，合计不超过 375,400 万元。具体情况如下： | 申请主体 | 授信银行 江苏银行常州钟楼支行 | 授信综合额度 （万元） 47,000 | | --- | --- | --- | | | 招商银行常州分行 中国工 ...