Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company achieved significant revenue and profit growth in 2024, with revenue reaching 2.55 billion yuan, up 32.6% year-on-year, and net profit attributable to shareholders at 680 million yuan, up 67.6% year-on-year [4][5]. - The company's strong performance is attributed to increased internal R&D investment, successful new product launches, and significant growth in direct retail customer numbers [5]. - The company has established over 500 "MOTO Gallery" store-in-store locations in the U.S. and expanded into Canada, enhancing its retail network in North America [6]. - The gross margin improved to 39.4% in 2024, up 5.4 percentage points year-on-year, driven by lower raw material prices and an increase in the revenue share of higher-margin products [6][8]. - The company plans to distribute a cash dividend of 5.0 yuan per 10 shares and increase its share capital by 3 shares for every 10 shares held [4]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 2.55 billion yuan and a net profit of 680 million yuan, with a significant increase in Q4 revenue and profit [4][5]. - The company’s revenue from smart electric sofas, smart electric beds, and accessories reached 1.96 billion yuan, 350 million yuan, and 230 million yuan respectively, with year-on-year growth rates of 37.1%, 20.5%, and 20.5% [5]. Customer and Market Expansion - 90.5% of the company's products were sold in the U.S., with 84.0% produced in Vietnam [5]. - The company added 96 new retail customers in 2024, including 14 from the top 100 furniture retailers in the U.S., indicating a strengthened customer base [5]. Cost and Profitability - The gross margin for 2024 was 39.4%, with a notable increase in Q4 gross margin to 54.3% [6][8]. - The company’s operating expenses decreased to 8.0% of revenue, down 3.1 percentage points year-on-year, with significant reductions in financial expenses due to increased foreign exchange gains [7]. Future Projections - The company’s net profit forecasts for 2025-2027 have been raised to 800 million yuan, 950 million yuan, and 1.14 billion yuan respectively, reflecting a strong growth outlook [8]. - The projected EPS for 2025, 2026, and 2027 are 4.81 yuan, 5.66 yuan, and 6.84 yuan, with corresponding P/E ratios of 13, 11, and 9 [8][9].

Investment Rating - The report maintains a "Buy" rating for the company, with expected EPS for 2025-2027 at 4.71, 5.54, and 6.60 RMB respectively, corresponding to PE ratios of 13, 11, and 9 times [5]. Core Insights - The company reported a revenue of 2.55 billion RMB for 2024, a year-on-year increase of 32.6%, and a net profit attributable to shareholders of 680 million RMB, up 67.6% year-on-year. The Q4 2024 results showed a revenue of 700 million RMB, a 49.8% increase year-on-year, with net profit and adjusted net profit of 250 million and 220 million RMB, respectively, reflecting increases of 197.2% and 198.6% [2]. - The company has successfully expanded its customer base and procurement scale, with significant growth in electric sofa sales. For 2024, revenue from smart electric sofas, beds, and accessories reached 1.96 billion, 350 million, and 230 million RMB, representing year-on-year growth of 37.1%, 20.4%, and 20.5% respectively. The company added 96 new retail customers in the U.S. in 2024, including 14 from the top 100 furniture retailers [2][3]. - The gross margin improved significantly, with a full-year gross margin of 39.4%, up 5.4 percentage points year-on-year. In Q4 2024, the gross margin reached 54.3%, an increase of 14.3 percentage points year-on-year, attributed to the ongoing development of the company's own brand and scale effects [3]. - The company has successfully established over 500 "MOTO Gallery" stores in the U.S. by Q1 2025, indicating a strong performance in the end market and validating the feasibility of its own brand store-in-store model [4]. Summary by Sections Performance Review - In 2024, the company achieved a revenue of 2.55 billion RMB, a 32.6% increase year-on-year, and a net profit of 680 million RMB, up 67.6% year-on-year. Q4 2024 revenue was 700 million RMB, a 49.8% increase year-on-year, with net profits showing substantial growth [2]. Operational Analysis - The company saw a continuous increase in customer acquisition and procurement scale, with electric sofa sales driving revenue growth. The revenue from electric sofas, beds, and accessories for 2024 was 1.96 billion, 350 million, and 230 million RMB, respectively, with significant year-on-year growth rates [2][3]. Financial Metrics - The gross margin for 2024 was 39.4%, an increase of 5.4 percentage points year-on-year, while Q4 2024 gross margin reached 54.3%, up 14.3 percentage points year-on-year. The company effectively controlled expenses, with sales, management, and R&D expense ratios showing favorable trends [3]. Brand Development - The company has made significant progress in developing its own brand, with the successful establishment of over 500 MOTO Gallery stores in the U.S. by Q1 2025, enhancing its market presence and brand recognition [4].

Investment Rating - The report maintains a "Buy" rating for the company, with expected EPS for 2025-2027 at 4.71, 5.54, and 6.60 RMB respectively, corresponding to PE ratios of 13, 11, and 9 times [5]. Core Insights - The company reported a revenue of 2.55 billion RMB for 2024, representing a year-on-year increase of 32.6%, and a net profit attributable to shareholders of 680 million RMB, up 67.6% year-on-year. The Q4 2024 results showed a revenue of 700 million RMB, a 49.8% increase year-on-year, with net profits of 250 million RMB, reflecting a 197.2% increase [2]. - The growth in performance is attributed to the expansion of customer base and procurement scale, with significant contributions from electric sofas, which saw both volume and price increases. The company added 96 new retail customers in the U.S. in 2024, including 14 from the top 100 furniture retailers [2][3]. - The gross margin improved significantly, with a full-year gross margin of 39.4%, up 5.4 percentage points year-on-year, and Q4 gross margin reaching 54.3%, up 14.3 percentage points year-on-year. This improvement is driven by the ongoing development of the company's own brand and increasing scale effects [3]. - The company successfully established over 500 "MOTO Gallery" stores in the U.S. by Q1 2025, indicating a strong performance in the end market and validating the feasibility of its store-in-store model [4]. Summary by Sections Performance Review - In 2024, the company achieved a revenue of 2.55 billion RMB, a 32.6% increase year-on-year, and a net profit of 680 million RMB, up 67.6% year-on-year. Q4 2024 revenue was 700 million RMB, a 49.8% increase year-on-year, with net profits of 250 million RMB, reflecting a 197.2% increase [2]. Operational Analysis - The company saw a rise in the number of customers and procurement scale, with electric sofas driving revenue growth. The revenue from smart electric sofas, beds, and accessories reached 1.96 billion, 350 million, and 230 million RMB respectively, with year-on-year growth rates of 37.1%, 20.4%, and 20.5% [2]. - The company added 96 new retail customers in the U.S. in 2024, enhancing its customer structure and increasing its influence in mainstream retail channels [2]. Financial Metrics - The gross margin for 2024 was 39.4%, an increase of 5.4 percentage points year-on-year, while Q4 gross margin reached 54.3%, up 14.3 percentage points year-on-year. The company effectively controlled expenses, with sales, management, and R&D expense ratios showing favorable trends [3]. Brand Development - The company has made significant progress in developing its own brand, with the successful establishment of over 500 MOTO Gallery stores in the U.S. by Q1 2025, indicating a strong market presence and growth potential [4].

证券代码：301061 证券简称：匠心家居 公告编号：2025-015 常州匠心独具智能家居股份有限公司 关于公司变更电子邮箱的公告 变更后：investor_relations@motomotionfurniture.com 变更前：investor_relations@hhc-group.com.cn 除上述变更外，公司办公地址、邮政编码、电话、传真等其他联系方式保持 不变。 敬请广大投资者注意。由此给您带来的不便，敬请谅解。 常州匠心独具智能家居股份有限公司 董 事 会 2025年4月23日 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"）因经营管理需要， 方便投资者沟通联络，自 2025 年 4 月 23 日起，公司投资者关系邮箱予以变更。 具体如下： ...

证券代码：301061 证券简称：匠心家居 公告编号：2025-016 常州匠心独具智能家居股份有限公司 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。 特别提示： 本次会计政策变更是常州匠心独具智能家居股份有限公司（以下简称"公司"） 根据中华人民共和国财政部（以下简称"财政部"）修订的相关会计准则进行的 变更，不属于公司自主变更会计政策的情形，不会对公司营业收入、净利润、净 资产等财务状况和经营成果产生重大影响。根据《深圳证券交易所上市公司自律 监管指引第 2 号——创业板上市公司规范运作》及《公司章程》等有关规定，本 次会计政策变更事项无需提交董事会和股东大会审议。 一、本次会计政策变更概述 （一）本次会计政策变更原因及日期 （二）变更介绍 1、变更前采取的会计政策 本次会计政策变更前，公司按照财政部发布的《企业会计准则——基本准则》 和各项具体会计准则、企业会计准则应用指南、企业会计准则解释公告以及其他 相关规定执行。 关于会计政策变更的公告 2023 年 10 月 25 日，财政部公布了《企业会计准则解释第 17 号》（财会 〔2023〕21 号）， ...

（二）信用减值损失 常州匠心独具智能家居股份有限公司 关于计提2024年度信用减值及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。 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《关于计提 2024 年度信用减值及资产减值准备的 议案》，该议案无需提交公司股东大会审议批准，现将相关事宜公告如下： 一、本次计提信用减值及资产减值准备的情况概述 证券代码：301061 证券简称：匠心家居 公告编号：2025-017 （一）计提信用减值及资产减值准备的原因 根据《企业会计准则》及公司会计政策的相关规定，基于谨慎性原则，为真 实、准确的反映公司财务状况和资产价值，公司对合并报表范围内截至 2024 年 12 月 31 日各类资产进行了清查，并进行分析和评估，经资产减值测试，公司认 为部分资产存在一定的减值迹象，应计提减值准备。 本次计提资产减值准备事项，真实反映企业财务状况，符合会计准则和相关 政策要求，符合公司的 ...

常州匠心独具智能家居股份有限公司 2024 年度监事会工作报告 2024 年度，常州匠心独具智能家居股份有限公司（以下简称"公司"）监事 会严格按照《中华人民共和国公司法》（以下简称"《公司法》"）《中华人民共和 国证券法》（以下简称"《证券法》"）等法律法规及《公司章程》《监事会议事规 则》等公司制度的规定，从切实维护公司利益和广大股东权益出发，认真履行股 东大会赋予监事会的职责，对公司的经营决策程序、依法运作情况、财务状况及 内部控制制度的建立健全等方面进行了监督和核查，对保障公司的规范运作和健 康发展起到了积极作用。现将 2024 年度监事会的主要工作情况汇报如下： 一、监事会日常工作情况 2024 年度，公司共召开了 5 次监事会会议，监事会的召集、召开和表决等 程序均严格按照《公司法》《公司章程》及《监事会议事规则》等相关规定要求 规范运作。公司全体监事均现场出席了会议。具体情况如下： | 序号 | 会议名称 | | 召开时间 | | 审议通过的议案 | | --- | --- | --- | --- | --- | --- | | | | | | | 1、《关于公司 2023 年度监事会工作报告》 ...

常州匠心独具智能家居股份有限公司全体股东： 常州匠心独具智能家居股份有限公司 2024 年度内部控制自我评价报告 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要 求（以下简称"企业内部控制规范体系"），结合常州匠心独具智能家居股份有限 公司（以下简称"公司"）内部控制制度和评价办法，在内部控制日常监督和专 项监督的基础上，我们对公司 2024 年 12 月 31 日（内部控制评价报告基准日） 的内部控制有效性进行了评价。 一、重要声明 根据公司财务报告内部控制重大缺陷的认定情况，于内部控制评价报告基准 日，公司不存在财务报告内部控制重大缺陷，董事会认为，公司已按照企业内部 控制规范体系和相关规定的要求在所有重大方面保持了有效的财务报告内部控 制。根据公司非财务报告内部控制重大缺陷认定情况，于内部控制评价报告基准 日，公司不存在非财务报告重大内部控制缺陷。 1 / 5 三、内部控制评价工作情况 （一）内部控制评价范围 公司按照风险导向原则确定纳入评价范围的主要单位、业务和事项以及高风 险领域。纳入评价范围的包括公司，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 ...

常州匠心独具智能家居股份有限公司 董事会审计委员会对会计师事务所 2024 年度履职情况评估及履行监督职责情况的报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《国有企业、上市 公司选品会计师事务所管理办法》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等法律、法规及《常州匠心独具智能家居股份 有限公司章程》（以下简称《公司章程》）等有关规定，现就公司董事会审计委员 会对天健会计师事务所（特殊普通合伙）（以下简称"天健"）2024 年度履职情况 评估及履行监督职责情况的汇报如下： 一、2024 年年审会计师事务所基本信息 （一）机构信息 1、基本信息 （二）聘任会计师事务所履行的程序 | （含 | A、B 股）审计 情况 | 审计收费总额 | 7.20 亿元 | | --- | --- | --- | --- | | | | 涉及主要行业 | 制造业，信息传输、软件和信息技术服务 | | | | | 业，批发和零售业，水利、环境和公共设 | | | | | 施管理业，电力、热力、燃气及水生产和 | | | | | 供应业，科学研究和技术服务业，租赁和 | | | | | ...

证券代码：301061 证券简称：匠心家居 公告编号：2025-012 常州匠心独具智能家居股份有限公司 关于政府有偿收回土地使用权的公告 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《关于政府有偿收回土地使用权的议案》。该议案无 需提交公司股东大会审议批准，现将相关事宜公告如下： 一、交易概述 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《关于政府有偿收回土地使用权的议案》，同意江 苏省常州市钟楼区邹区镇人民政府有偿收回公司购买的江苏省常州市钟楼区北 邻振中路，西邻腾龙路，东邻工业大道，南邻广源路的拟用于募投项目"新建智 能家具生产基地项目""新建研发中心项目"的 33,155 平方米的土地使用权， 补偿金额为人民币 14,959,536.00 元。 ...