2025 年 4 月 30 日 公司研究 海外自主品牌影响力持续提升，一季度业绩表现超预期 ——匠心家居（301061.SZ）2025 年一季报点评 要点 事件：公司发布 2025 年一季报，1Q2025 实现营收 7.7 亿元，同比+38.1%，实 现归母净利润 1.9 亿元，同比+60.4%。1Q2025 公司实现经营性净现金流 1.2 亿 元，同比+59.8%。 点评：营收利润延续高增，一季度业绩表现超预期：1Q2025 公司营收利润延续 高速增长，主要原因系：1、公司聚焦高品质品牌定位，持续加大创新投入，积 极推出一系列高附加值产品，在中高端细分市场影响力显著提升；2、公司直销 零售商客户数量持续增加、合作规模不断扩张；3、公司越南基地产能利用率持 续提升，订单交付能力不断增强。 分地区看，1Q2025 公司 89.5%的产品销往美国，78.0 %的产品出自越南工厂。 1Q2025，公司前 10 大客户均为美国客户，70%为零售商，前十大客户中有 8 家客户增加了采购金额，同比增幅在 10.52%~325.22%。此外，1Q2025 公司一 共开拓了 22 位新客户，全部为零售商，其中 2 位属于"全 ...

24Q4 经营性现金流短暂承压。24Q4 公司经营性现金流0.63 亿元（同比-0.46 亿元），短暂承压。截至 24 年末公司存货周转天数84.25 天（同比+6.09 天）、应收账款周转天数48.47 天（同比+7.59 天）、应 付账款周转天数72.04 天（同比+18.41 天）。 海外产能充裕，关税影响有限。公司形成了完善的海外制造和运营体系，尤其是越南基地已成为支撑对 美出口的核心力量。越南工厂产能充裕且管理持续优化，制造效率稳步提升，24 年公司制造费用同 比-18.9%，预计整体盈利能力将保持稳定。2024 年公司90.5%的产品销往美国市场，而公司84.0%的产 品由越南出口，由中国直接出口至美国的产品敞口较小，加之目前美国对东南亚对等关税推迟90 天执 行，有效降低关税政策的不利影响；考虑到沙发制造回流美国本土可能性较低，在关税推迟执行结束 后，越南向美国出口沙发品类关税税率或降低。 公司24 年营收25.48 亿元（同比+32.63%），归母净利润6.83 亿元（同比+67.64%），核心驱动包括： 1）自主品牌突破，高毛利新品占比提升，智能电动沙发量价齐升（销量+18.4%、单价+15 ...

Financial Performance - In Q1 2025, the company achieved revenue of 773 million RMB, a year-on-year increase of 38.16%, with a gross margin of 37.21%, up 4 percentage points from the same period in 2024[10]. - The net profit attributable to shareholders was 194 million RMB, reflecting a significant year-on-year growth of 60.41%, indicating enhanced profitability[10]. - Sales revenue from US retail clients accounted for 64.75% of total revenue in Q1 2025, demonstrating a strong retail channel performance[19]. - The company's revenue for the current period reached ¥772,512,162.27, representing a 38.16% increase compared to ¥559,160,866.38 in the same period last year[45]. - Net profit attributable to shareholders was ¥194,094,105.20, a 60.41% increase from ¥120,999,957.28 year-on-year[45]. - Basic and diluted earnings per share rose to ¥1.16, reflecting a 58.90% increase from ¥0.73 in the same period last year[45]. - Operating profit for the current period was ¥226,851,899.43, up 55.7% from ¥145,618,430.18 in the previous period[64]. - Total assets at the end of the reporting period were ¥4,590,172,046.99, a 5.62% increase from ¥4,346,134,565.57 at the end of the previous year[45]. - The weighted average return on equity improved to 5.28%, up from 3.95% in the previous year, indicating better profitability[45]. Market and Customer Insights - 89.45% of the company's products were exported to the US market, with 77.95% of these exports routed through Vietnam, highlighting the strategic importance of Vietnam in the global supply chain[9]. - The company expanded its customer base by adding 22 new retail clients in the US, with 88.19% of its US furniture clients being retailers[18]. - The company’s innovative product offerings have led to a significant increase in procurement amounts from major clients, with some clients experiencing growth rates between 10.52% and 325.22%[18]. - The company’s focus on high-quality brand positioning and innovation has allowed it to capture market opportunities despite macroeconomic uncertainties[13]. - Customer engagement and willingness to collaborate have increased, demonstrating high recognition and trust in MotoMotion products and brand[33]. - In the context of a 10% temporary tariff policy, core retailers have shown a strong sense of responsibility and cooperation, tending to maintain stable end prices[36]. Operational Efficiency - The company’s production capacity utilization in Vietnam has improved, ensuring efficient order fulfillment and enhancing overall supply chain stability[17]. - The company confirmed a share-based payment expense of 4.27 million RMB in Q1 2025, a decrease from 6.28 million RMB in the same period of 2024, indicating reduced cost impact from the incentive plan[11]. - The company plans to lift restrictions on 124,800,000 shares, which accounts for 74.57% of the total share capital, on March 14, 2025[59]. - The total number of shares available for trading after the lifting of restrictions will be 34,756,800, representing 20.77% of the total share capital[59]. Investment and Cash Flow - The net cash flow from operating activities increased by 59.78% to ¥122,846,680.30, up from ¥76,882,654.63 in the previous year[53]. - The net cash flow from investing activities showed a drastic decline of 1265.98%, amounting to -¥902,029,230.04, primarily due to increased investments in financial products[53]. - Cash inflow from operating activities totaled ¥801,113,977.73, up from ¥572,892,264.97, indicating a rise of 40%[67]. - Cash outflow from investment activities rose to ¥1,523,462,681.29 from ¥1,322,790,833.12, an increase of 15%[67]. - Financing activities net cash flow amounted to ¥22,888,024.59, compared to ¥13,713,957.28, marking a growth of 67%[68]. Challenges and Market Conditions - The furniture manufacturing industry in China faced challenges, with a 2.20% decline in revenue and a 40.10% drop in profit in Q1 2025, indicating a tough market environment[8]. - The overall visitor numbers at the exhibition decreased significantly due to uncertainties in tariff policies, with some large retailers like Costco deciding not to send teams to participate[28]. - The procurement pace has noticeably slowed, with clients being more cautious in their purchasing decisions due to unclear tariff policies[31].

匠心家居（301061）公告，2025年一季度，公司实现营业收入7.73亿元人民币，同比增长38.16%。毛利 率达到37.21%，较2024年同期提升4个百分点。扣除股份支付费用后，公司实现归属于上市公司股东的 净利润1.94亿元人民币，同比增长60.41%。 ...

[Table_Reportdate] 2025年04月28日 [Table_invest] 买入（维持） 报告原因：业绩点评 [匠心家居（ Table_NewTitle] 301061）：业绩超预期，自主 品牌稳步建设 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 ——公司简评报告 [table_main] 投资要点 [盈利预测与估值简表 Table_profits] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 主营收入(百万元) | 2,548.38 | 3,103.73 | 3,636.29 | 4,203.22 | | 同比增速(%) | 32.63% | 21.79% | 17.16% | 15.59% | | 归母净利润(百万元) | 682.94 | 761.96 | 896.15 | 1,069.57 | | 同比增速(%) | 67.64% | 11.57% | 17.61% | 19.35% | | EPS(元/股) | 4.08 | 4. ...

在关税变化的背景下，以智能电动软体家具为核心业务的匠心家居（301061），正在思考如何调整经营 策略。 匠心家居近日公布的业绩显示，公司2024年营业收入达到25.48亿元人民币，同比增长32.63%，实现三 年连续增长；扣除股份支付费用后的全年净利润为6.83亿元人民币，同比增长67.64%；扣非后归属上市 公司股东净利润6.14亿元，同比大涨72.47%；毛利率达到39.35%，较上年同期增长67.64%；资产总额提 升22.05%，达到43.46亿元。 匠心家居是典型的家具出口企业，近年来逐渐打开在海外市场的局面，业绩呈现出良好的业绩上升势 头。 然而加征关税阴云之下，匠心家居正面临重大挑战：超过90%的产品均销往美国市场，在关税压力之 下，下一步该怎么办？ 北美为核心市场，从代工到成立自主品牌 匠心家居的总部位于常州，主要业务为智能电动沙发、智能电动床及其核心配件的研究、设计、开发、 生产、销售及服务。 在公司成立之初的2002年，匠心家居主要从事美国家用健身品牌的健身器材与抬升椅等产品的OEM代 工，产品由此打开海外市场。2021年，在经过近20年的代工业务之后，匠心家居开始推出自主智能软体 家具 ...

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]