Investment Rating - The investment rating for the company is "Buy - A" with a target price of 66.3 CNY [3]. Core Views - The company continues to show strong performance with a revenue of 1.207 billion CNY in H1 2024, representing a year-on-year growth of 27.67%, and a net profit of 285 million CNY, up 41.81% year-on-year [1][2]. - The company is steadily advancing its overseas brand development, having acquired 49 new retail clients in H1 2024, with a significant portion being among the top 100 furniture retailers in the U.S. [2]. - The product structure is continuously optimized, with the revenue from electric sofas reaching 935 million CNY, a growth of 35.62% year-on-year [2]. Financial Performance Summary - In Q2 2024, the company achieved a revenue of 648 million CNY, a year-on-year increase of 25.20%, and a net profit of 164 million CNY, up 31.88% year-on-year [1]. - The gross margin for H1 2024 was 33.22%, an increase of 1.75 percentage points year-on-year, while the net profit margin was 23.64%, up 2.36 percentage points year-on-year [2]. - The company plans to distribute a cash dividend of 5 CNY per 10 shares to shareholders [1]. Customer and Market Expansion - The company has expanded its customer base significantly, with 78.43% of its retail clients in the U.S. being furniture retailers, and 56.19% of its total revenue coming from U.S. retail clients [2]. - The establishment of over 100 small-scale "store-in-store" setups in U.S. retail locations is part of the company's long-term strategy to enhance brand presence and sales [2]. Future Projections - Revenue projections for the company are expected to reach 2.3348 billion CNY in 2024, with a year-on-year growth of 21.51%, and net profit is projected to be 495.3 million CNY, also reflecting a growth of 21.58% [6][7]. - The company maintains a strong focus on R&D and cost control, which supports its profitability and competitive edge in the market [6].

[ T able_StockInfo] 2024 年 08 月 31 日 证券研究报告•2024 年中报点评 持有 （维持） 当前价：51.20 元 匠心家居（301061）轻工制造 目标价：——元（6 个月） 业绩表现亮眼，自主品牌持续拓展 [Table_Summary 事件：公司发布] 2024年中报。2024年 H1公司实现营收12.1亿元，同比+27.7%； 实现归母净利润 2.9亿元，同比+41.8%；实现扣非净利润 2.6亿元，同比+48.1%。 单季度来看，2024年 Q2公司实现营收 6.5亿元，同比+25.2％；实现归母净利 润 1.6亿元，同比+31.9%；实现扣非后归母净利润 1.4亿元，同比 28.9%。24 年 Q2 公司营收利润保持较快增长趋势。 费控良好，盈利能力保持较高水平。报告期内，公司整体毛利率为 33.2%，同 比+1.8pp；其中 2024 年 Q2 毛利率为 33.1%，同比+0.5pp；分产品看，2024 年 H1公司智能电动沙发毛利率为 33.9%（+1.7pp），智能电动床毛利率为 33.3% （+0.8pp），配件毛利率为 27.8%（+7.2pp）。分销售区 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [1]. Core Insights - The company reported strong performance in the first half of 2024, achieving revenue of 1.207 billion yuan, a year-on-year increase of 27.67%, and a net profit attributable to shareholders of 285 million yuan, up 41.81% year-on-year [1]. - The gross profit margin for the first half of 2024 was 33.22%, an increase of 1.75 percentage points year-on-year [1]. - The company successfully expanded its customer base, adding 49 new retail customers, including 6 from the top 100 furniture retailers in the U.S. [1]. - The company is actively exploring its own brand development, having established over 100 small-scale shop-in-shop formats in U.S. retail locations [1]. - The company is expected to maintain high growth rates, with projected earnings per share of 3.08, 3.74, and 4.76 yuan for 2024, 2025, and 2026, respectively, corresponding to price-to-earnings ratios of 17X, 14X, and 11X [1]. Financial Performance Summary - For the first half of 2024, the company achieved a net profit margin of 21.33%, an increase of 2.95 percentage points year-on-year [1]. - The company’s operating revenue is projected to grow from 1.921 billion yuan in 2023 to 3.767 billion yuan in 2026, reflecting a compound annual growth rate [4]. - The net profit is expected to rise from 407.39 million yuan in 2023 to 791.27 million yuan in 2026, indicating strong profitability growth [4]. - The gross margin is forecasted to improve slightly from 33.95% in 2023 to 34.95% in 2026 [4].

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company achieved a revenue of 1.207 billion yuan in H1 2024, representing a year-on-year increase of 27.7%, and a net profit of 285 million yuan, up 41.8% year-on-year [1] - The company is expanding its market share against a backdrop of declining sales in the U.S. home goods sector, with significant growth in smart electric sofas and beds [1][2] - The company is actively pursuing a "store-in-store" strategy, with over 100 stores established, which is expected to contribute significantly to revenue in H2 2024 [1] Financial Performance - In Q2 2024, the gross margin was 33.1%, and the net profit margin was 25.4%, reflecting improvements in profitability [2] - The company’s operating cash flow for Q2 2024 was 166 million yuan, indicating stable cash flow management [2] - The forecasted net profits for 2024, 2025, and 2026 are 524 million yuan, 629 million yuan, and 736 million yuan, respectively, with corresponding PE ratios of 15.1X, 12.6X, and 10.7X [2][3] Market Position and Strategy - The company has successfully increased its share among existing customers and rapidly acquired new customers, with 49 new retail clients in H1 2024, including six from the U.S. Top 100 retailers [1] - The company’s revenue from its Vietnam base accounted for approximately 80% of total revenue in H1 2024, with a net profit margin of 14.9% [1] - The management team is being localized in the U.S. to enhance operational efficiency and brand recognition [1]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown significant growth in revenue and net profit, with a year-on-year increase of 27.67% in revenue and 41.81% in net profit for the first half of 2024 [3] - The company is successfully implementing a "store-in-store" model, which is contributing to customer growth and new client acquisition [3] - The company has a strong presence in the U.S. market, with 90.05% of its products sold there, and has established over 100 small-scale store-in-store setups in U.S. retail locations [3] Financial Performance - For the first half of 2024, the company reported revenue of 1.207 billion yuan and a net profit of 285 million yuan, with respective year-on-year growth rates of 27.67% and 41.81% [3] - The gross margin for the first half of 2024 was 33.22%, an increase of 1.75 percentage points compared to the previous year [4] - The company expects revenue to grow to 2.401 billion yuan in 2024, with an estimated EPS of 3.04 yuan per share [5][6] Customer and Market Expansion - The company has successfully increased its customer base, adding 49 new retail clients in the first half of 2024, including six from the top 100 furniture retailers in the U.S. [3] - The company’s core products, such as smart electric sofas and beds, have seen double-digit growth, with smart electric beds showing particularly strong performance [3] Profitability and Cost Management - The net profit margin improved to 23.64% in the first half of 2024, up 2.36 percentage points year-on-year, indicating effective cost management [4] - The company’s sales and management expense ratios have slightly increased, attributed to higher share-based payment expenses and marketing efforts [4] Future Outlook - The company is expected to continue its growth trajectory, with revenue projections of 3.024 billion yuan in 2025 and 3.834 billion yuan in 2026, alongside an EPS forecast of 4.76 yuan per share in 2026 [5][6]

北京市环球律师事务所 关于 常州匠心独具智能家居股份有限公司 2023 年限制性股票激励计划调整事项 之 法律意见书 北京市环球律师事务所 关于 常州匠心独具智能家居股份有限公司 2023 年限制性股票激励计划调整事项 之 法律意见书 致：常州匠心独具智能家居股份有限公司 北京市环球律师事务所（以下简称"本所"或"环球"）接受常州匠心独具 智能家居股份有限公司（以下简称"匠心家居"或"公司"）的委托，担任公司 2023 年限制性股票激励计划（以下简称"本次激励计划"或"本计划"）的专项 法律顾问。本所经办律师（以下简称"本所律师"）依据《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》"）、 中国证券监督管理委员会发布的《上市公司股权激励管理办法》（以下简称"《管 理办法》"）、《深圳证券交易所创业板股票上市规则（2024 年修订）》（以下简称 "《上市规则》"）、《深圳证券交易所创业板上市公司自律监管指南第 1 号——业 务办理（2024 年修订）》（以下简称"《自律监管指南》"）等有关法律、法规、规 范性文件和《常州匠心独具智能家居股份有限公司章程》（以下 ...

二、考核原则 考核评价必须坚持公正、公开、公平的原则，严格按照本办法和考核对象的 业绩进行评价，以实现股权激励计划与激励对象工作业绩、贡献紧密结合，从而 提高管理绩效，实现公司与全体股东利益最大化。 常州匠心独具智能家居股份有限公司 2023 年限制性股票激励计划实施考核管理办法（修订稿） 常州匠心独具智能家居股份有限公司 2023 年限制性股票激励计划实施考核管理办法（修订稿） 常州匠心独具智能家居股份有限公司（以下简称"公司"）为了进一步建立、 健全公司长效激励机制，吸引和留住优秀人才，充分调动公司董事、高级管理人 员、核心管理人员以及技术（业务）骨干的积极性，有效地将股东利益、公司利 益和核心团队个人利益结合在一起，使各方共同关注公司的长远发展，提升公司 的市场竞争能力与可持续发展能力，在充分保障股东利益的前提下，按照收益与 贡献对等的原则，公司拟实施 2023 年限制性股票激励计划（以下简称"本激励 计划"）。 为保证本激励计划的顺利实施，现根据《中华人民共和国公司法》《中华人 民共和国证券法》《上市公司股权激励管理办法》《深圳证券交易所创业板股票上 市规则》《深圳证券交易所创业板上市公司自律监管指南 ...

证券代码：301061 证券简称：匠心家居 公告编号：2024-029 常州匠心独具智能家居股份有限公司 关于变更注册资本及修订《公司章程》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"）于 2024 年 8 月 27 日（星期二）召开了第二届董事会第十四次会议，审议通过了《关于变更注册 资本及修订<公司章程>的议案》，该议案尚需提交公司股东大会审议批准，现将 相关事宜公告如下： 一、变更公司注册资本的情况 | | | | 1 | 第五条 | 公司注册资本为人民币 | 12,800 万 | 第五条 公司注册资本为人民币 | | 16,640 | | --- | --- | --- | --- | --- | --- | --- | | | 元。 | | | 万元。 | | | | 2 | 第十九条 | 公司股份总数为 12,800 万股， | | 第十九条 | 公司股份总数为 16,640 万 | | | | 全部为普通股。 | | | 股，全部为普通股。 | | | 三、其他 除上述条款修订外，《公 ...

证券代码：301061 证券简称：匠心家居 公告编号：2024-027 常州匠心独具智能家居股份有限公司 关于使用暂时闲置募集资金进行现金管理的公告 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2024年8月27日（星期二）召开了第二届董事会第十四次会议和第二届监事会 第十三次会议，审议通过了《关于使用暂时闲置募集资金进行现金管理的议案》， 同意公司拟使用总额度不超过人民币11.5亿元的暂时闲置募集资金进行现金管 理，用于购买保本型投资产品、结构性存款和大额存单以及其他安全性高、流动 性好、有保本约定、不影响募集资金投资计划正常进行的投资产品。同时，授权 公司管理层在上述额度和期限范围内行使相关投资决策权并签署相关文件，具体 事项由公司财务部负责组织实施。该议案无需提交公司股东大会审议，募集资金 理财使用额度及授权的有效期自董事会审议通过之日起12个月内可以滚动使用。 现将具体情况公告如下： 经中国证券监督管理委员会证监许可〔2021〕2591 号文核准，并经深圳证券 交易所同意，本公司 ...

常州匠心独具智能家居股份有限公司监事会 关于公司 2023 年限制性股票激励计划（草案修订稿）相关事项 的核查意见 常州匠心独具智能家居股份有限公司（以下简称"公司"）于 2024 年 8 月 27 日召开第二届监事会第十三次会议，根据《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》"）《上市公司 股权激励管理办法》（以下简称"《管理办法》"）《深圳证券交易所创业板股票上 市规则》（以下简称"《上市规则》"）《深圳证券交易所创业板上市公司自律监管 指南第 1 号——业务办理》（以下简称"《监管指南》"）等有关法律、行政法规、 规范性文件和《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》"）的有关规定，认真审阅了《常州匠心独具智能家居股份有限公司 2023 年 限制性股票激励计划（草案修订稿）》（以下简称"《激励计划（草案修订稿）》" 或"本次激励计划"）及其摘要等相关资料，经公司全体监事充分讨论，就公司 本次激励计划修订及相关事项发表如下意见： 1、公司修订后的《激励计划（草案修订稿）》及其摘要等相关文件符合《公 司法》《证券法》《管理办法》 ...