Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation of performance relative to the market [17]. Core Insights - The company reported a profit that exceeded expectations for Q1 2024, with a revenue of 5.59 billion yuan, a year-on-year increase of 30.7%, and a net profit of 1.21 billion yuan, a year-on-year increase of 58.0% [17]. - The growth in revenue is attributed to the steady expansion of new customers, new products, new series, and new channels [17]. - The company's gross margin improved due to supply chain integration, product structure upgrades, and customer structure optimization, with a gross margin of 34.0% in 2023, up 1.4 percentage points year-on-year [17]. Financial Summary - For 2023, the company achieved total revenue of 19.21 billion yuan, a 31.4% increase year-on-year, and a net profit of 4.07 billion yuan, a 21.8% increase year-on-year [12][17]. - The company expects net profits of 4.91 billion yuan in 2024, 5.98 billion yuan in 2025, and 7.31 billion yuan in 2026, with respective year-on-year growth rates of 20.4%, 21.8%, and 22.3% [17]. - The company's earnings per share are projected to be 3.83 yuan in 2024, 4.67 yuan in 2025, and 5.71 yuan in 2026 [12][17]. Market Position and Strategy - The company has successfully acquired 34 new customers in 2023, including 32 retailers, with a significant portion of sales coming from U.S. retailers [17]. - New product launches, particularly in the smart electric sofa segment, have driven revenue growth, with smart electric sofas generating 14.26 billion yuan in revenue, a 46.3% increase year-on-year [17]. - The company is exploring overseas brand development and expects continued high growth in exports of functional sofas to the U.S. market [17].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 92.65 CNY, maintaining the rating [4][28]. Core Insights - The company reported a revenue of 1.9215 billion CNY in 2023, a year-on-year increase of 31.37%, and a net profit of 407.4 million CNY, up 21.76% year-on-year [3][28]. - The company is focusing on optimizing its product structure, with a significant increase in the proportion of electric sofas, which generated 1.426 billion CNY in revenue, a 46.26% increase year-on-year [26][28]. - The company is expanding its overseas brand presence, with a notable increase in retail customers in the U.S., accounting for 75.61% of its U.S. furniture customer base [23][28]. Financial Performance - In Q4 2023, the company achieved a revenue of 467 million CNY, a 32.00% increase year-on-year, and a net profit of 85 million CNY, up 9.17% year-on-year [3][28]. - The gross profit margin for 2023 was 33.95%, an increase of 1.40 percentage points year-on-year, while the net profit margin was 21.20%, a decrease of 1.64 percentage points year-on-year [13][28]. - The company expects revenues of 2.3348 billion CNY, 2.8212 billion CNY, and 3.3878 billion CNY for 2024, 2025, and 2026, respectively, with corresponding net profits of 495.3 million CNY, 601.1 million CNY, and 720.7 million CNY [20][28]. Market Position and Strategy - The company is actively developing its overseas brand and channel strategy, with plans to accelerate market expansion in the U.S. through a "store-in-store" model [23][28]. - The company has successfully acquired 24 new retail customers in Q1 2024, all of which are U.S. retailers, contributing to a strong sales performance [23][28]. - The MotoLiving series, developed by a renowned designer, has received significant orders, indicating a positive outlook for the company's product offerings [23][28].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 82.40 [10][11]. Core Insights - The company's performance meets expectations, with a significant acceleration in customer expansion, particularly in Q1 2024, where it acquired 24 new clients, all retail companies [10][11]. - Revenue growth is expected to continue, with projected revenues of 2,440 million in 2024, up from 1,921 million in 2023, reflecting a growth rate of 27% [10][11]. - The company is focusing on enhancing its brand recognition and market presence through a "store-in-store" model, which is expected to deepen brand loyalty and drive valuation upwards [10][11]. Financial Summary - Total revenue for 2022 was 1,463 million, increasing to 1,921 million in 2023, with projections of 2,440 million for 2024 and 2,953 million for 2025 [10][11]. - Operating profit (EBIT) is forecasted to rise from 396 million in 2023 to 546 million in 2024, indicating a growth rate of 38% [10][11]. - Net profit attributable to shareholders is expected to grow from 407 million in 2023 to 480 million in 2024, reflecting an 18% increase [10][11]. Valuation Metrics - The company is valued at a PE ratio of 20.02 for 2024, which is expected to decrease to 17.00 in 2025 [10][11]. - The projected dividend yield is 4.9% for 2024, increasing to 7.4% in 2025 [10][11]. - The report highlights a gross margin improvement, with a forecasted gross margin of 35.0% for 2024, up from 34.0% in 2023 [10][11].

匠心家居（301061.SZ） 公司发布 2024Q1 业绩报告：Q1 实现收入 5.59 亿元（同比+30.7%），归 母净利润实现 1.21 亿元（同比+58.0%），扣非归母净利润实现 1.13 亿元 （同比+82.9%）。受益于公司新渠道&新品牌同步放量，低基数下收入延 续高增；利润端剔除股权激励费用后，归母净利润同比+66%、表现靓丽主 要系产品结构升级叠加汇率等正面贡献。 盈利预测：预计 2024-2026 年公司归母净利润分别为 4.9、6.0、7.1 亿元， 对应 PE 估值分别为 16.6X、13.5X、11.5X，维持"买入"评级。 | --- | --- | |-------------------------------|----------| | | | | 买入（维持） | | | 股票信息 | | | 行业 | 家居用品 | | 前次评级 | 买入 | | 4 月 26 日收盘价 ( 元 ) | 63.72 | | 总市值 ( 百万元 ) | 8,156.16 | | 总股本 ( 百万股 ) | 128.00 | | 其中自由流通股 (%) | 25.00 | | 30 日日均成 ...

Financial Performance - In Q1 2024, the company's revenue reached 559 million RMB, representing a 30.66% increase compared to the same period in 2023[8] - The gross margin improved by 3.30% to 33.32% in Q1 2024 compared to the previous year[8] - The net profit (after deducting share-based payment expenses) for Q1 2024 was 121 million RMB, a growth of 57.97% year-on-year[8] - The company's revenue for Q1 2024 reached ¥559,160,866.38, representing a 30.66% increase compared to ¥427,964,511.87 in the same period last year[31] - Net profit attributable to shareholders was ¥120,999,957.28, up 57.97% from ¥76,594,613.98 year-on-year[31] - The net profit after deducting non-recurring gains and losses was ¥113,215,885.74, an increase of 82.93% compared to ¥61,891,636.70 in the previous year[31] - Basic earnings per share rose to ¥0.95, reflecting a 58.33% increase from ¥0.60 in the same quarter last year[31] - The total operating revenue for Q1 2024 was CNY 559.16 million, an increase of 30.5% compared to CNY 427.96 million in Q1 2023[48] - The net profit for Q1 2024 reached CNY 121.00 million, representing a 57.0% increase from CNY 76.59 million in Q1 2023[49] Market Presence - 89.36% of the company's products were sold to the United States in Q1 2024[7] - Sales to U.S. retail customers accounted for 58.35% of total revenue, with U.S. market revenue representing 65.28% of the company's total[10] - The company acquired 24 new retail customers in Q1 2024, with 2 being among the top 100 furniture retailers in the U.S.[10] - The company expanded its exhibition space in Las Vegas to over 1,500 square meters, three times larger than before, enhancing brand visibility[15] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,738,978,028.70, a 5.00% increase from ¥3,560,943,187.30 at the end of the previous year[31] - The total liabilities increased to CNY 617.18 million in Q1 2024, up from CNY 557.23 million in Q1 2023, reflecting a growth of 10.8%[46] - Accounts receivable increased to ¥299,488,170.09 from ¥273,441,683.54, reflecting a growth of about 9.5%[44] - Inventory rose to ¥280,886,535.31 from ¥255,384,514.07, indicating an increase of approximately 9.9%[44] - Total current assets amounted to ¥3,407,673,222.01, up from ¥3,216,741,861.56, showing a growth of around 5.9%[44] Cash Flow - Cash flow from operating activities decreased by 8.46% to ¥76,882,654.63 from ¥83,986,774.28 in the previous year[31] - The company reported a cash inflow from the disposal of fixed assets of ¥801,610.00, indicating ongoing asset management efforts[53] - The cash inflow from operating activities amounted to ¥572,892,264.97, an increase of 54.7% compared to ¥370,246,608.58 in the previous period[51] - The net cash flow from operating activities was ¥76,882,654.63, a decrease of 8.4% from ¥83,986,774.28 in the previous period[51] - The cash inflow from investment activities totaled ¥1,400,153,363.83, down 17.9% from ¥1,706,414,724.26 in the previous period[53] Shareholder Information - Total number of common shareholders at the end of the reporting period is 5,811[41] - The largest shareholder, Li Xiaoqin, holds 43.35% of shares, totaling 55,488,000 shares[41] - The company has a significant shareholder, Ningbo Meishan Free Trade Port Area Suiyuxinrui Investment Co., holding 24.15% of shares[41] - The company has not reported any changes in the top 10 shareholders due to margin trading activities[43] - The total number of preferred shareholders is not applicable for this reporting period[43] Research and Development - Research and development expenses for Q1 2024 were CNY 28.47 million, an increase of 15.0% from CNY 24.62 million in the previous year[48] Other Financial Metrics - The company reported a significant increase in prepayments, which rose by 116.22% to ¥7,477,225.92 due to increased advance payments for goods[36] - Short-term borrowings increased to ¥24,477,750.00, marking a 100.00% rise as a result of increased short-term financing[36] - The company experienced a 49.65% increase in tax and additional fees, totaling ¥2,334,484.81, due to higher tax payments[37] - Investment income decreased by 31.72% to ¥8,864,390.26, primarily due to reduced returns from financial product investments[38] - The company reported a decrease in other comprehensive income, with a net loss of CNY 9.19 million in Q1 2024 compared to a loss of CNY 5.57 million in Q1 2023[49] - The total equity attributable to shareholders of the parent company increased to CNY 3.12 billion in Q1 2024, up from CNY 3.00 billion in Q1 2023, reflecting a growth of 3.9%[46]

一、保荐工作概述 | 项 目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0 | | 2.督导公司建立健全并有效执行规章制度的情 | | | 况 | | | （1）是否督导公司建立健全规章制度（包括但 | | | 不限于防止关联方占用公司资源的制度、募集 | 是 | | 资金管理制度、内控制度、内部审计制度、关 | | | 联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 4 | | （2）公司募集资金项目进展是否与信息披露文 | 是 | | 件一致 | | | 4.公司治理督导情况 | | | （1）列席公司股东大会会次数 | 0（事前审阅相关文件） | | （2）列席公司董事会次数 | 0（事前审阅相关文件） | | （3）列席公司监事会次数 | 0（事前审阅相关文件） | | 5.现场检查情况 | | | （1）现场检查次数 | 1 | | （2）现场检查报告是否按照本 ...

Investment Rating - The report maintains a "Buy" rating for the company [8]. Core Insights - The company achieved a revenue of 1.921 billion yuan in 2023, representing a year-on-year increase of 31.37%. The net profit attributable to shareholders was 407.39 million yuan, up 21.76% year-on-year [9]. - The gross margin for 2023 was 33.95%, an increase of 1.4 percentage points compared to the previous year, driven by product optimization. However, the non-recurring net profit margin decreased to 18.54%, down 1.25 percentage points year-on-year due to rising expense ratios influenced by currency fluctuations [8][9]. - The company has been focusing on product innovation and has maintained a research and development expense ratio above 6% since 2022. In 2023, the sales of smart electric sofas reached 1.426 billion yuan, a growth of 46.26% year-on-year [8]. Financial Summary - The company forecasts earnings per share (EPS) of 3.89 yuan, 4.74 yuan, and 5.59 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 17X, 14X, and 12X [8]. - The projected total operating revenue for 2024 is 2.374 billion yuan, with a year-on-year growth rate of 23.57% [17]. - The company has successfully expanded its customer base, adding 34 new clients, including five from the top 100 furniture retailers in the U.S. [8].

股 票 研 究 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------|---------------------------------------------------------------------------------------|---------------------------|-------------------------------------------------------|-----------------|-------|--------------------------------------------------------------------------|--------------------------------|---------------------------------------------|------------|-------------------| | [ ...

证券研究报告·公司点评报告·家居用品 | --- | --- | --- | --- | --- | --- | |------------------------------|---------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 1,463 | 1,921 | 2,377 | 2,884 | 3,459 | | 同比（ % ） | (24.02) | 31.37 | 23.73 | 21.28 | 19.97 | | 归母净利润（百万元） | 334.59 | 407.39 | 478.11 | 559.15 | 648.02 | | 同比（ % ） | 12.11 | 21.76 | 17.36 | 16.95 | 15.89 | | EPS- 最新摊薄（元 / 股） | 2.61 | 3.18 | 3.74 | 4.37 | 5.06 | | P/E （现价 & 最新摊薄） | 25.21 | 20.70 | ...

| --- | --- | --- | --- | --- | --- | |---------------------------|-------|-------|-------|-------|-------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 1,463 | 1,921 | 2,346 | 2,786 | 3,250 | | 增长率 yoy （ % ） | -24.0 | 31.4 | 22.1 | 18.8 | 16.6 | | 归母净利润（百万元） | 335 | 407 | 488 | 588 | 676 | | 增长率 yoy （ % ） | 12.1 | 21.8 | 19.8 | 20.4 | 15.1 | | EPS 最新摊薄（元 / 股） | 2.61 | 3.18 | 3.81 | 4.59 | 5.28 | | 净资产收益率（ % ） | 12.4 | 13.6 | 14.2 | 15.0 | 15.1 | | P/E （倍） | 26.0 | 21.4 | 17.8 | 14.8 | 12. ...