公司报告 | 季报点评 匠心家居（301061） 证券研究报告 关税或重构零售商与供应链信任和合作 公司发布一季报 25Q1 营收 7.7 亿同增 38%，归母净利 1.9 亿同增 60%，扣非后归母净利 1.9 亿同增 65%。 25Q1 公司超预期增长，得益于以下多重因素叠加带来综合效应： 1. 聚焦高品质品牌定位：尽管整体宏观环境仍存在不确定性，美国市场在 特定品类（如智能家具、中高端功能性家具）上已出现消费回暖迹象。公 司紧抓市场变化，持续聚焦高潜力细分领域，致力于打造优质、稳定、具 备高附加值的 MotoMotion 品牌形象，进一步夯实了在智能功能性家具市 场的竞争优势和品牌认知度。 2. 创新驱动产品差异化：依托精准的市场布局，公司持续加大创新投入， 积极推出一系列高附加值产品，开创多个行业新品类。这些新产品在功能 性、完善度及技术水平方面实现了全面跃升，引领智能化与功能性家具领 域的发展方向，也提升公司在中高端细分市场引领力与品牌影响力。 3. 客户结构持续优化：公司成功扩大与美国大型家具连锁零售商合作规 模，同时新客户拓展取得积极进展，整体出货规模实现有效增长。客户结 构进一步优化，呈现出更 ...

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company reported a revenue of 773 million yuan in Q1 2025, representing a year-on-year increase of 38.2%, and a net profit attributable to the parent company of 194 million yuan, up 60.4% year-on-year [1][2] - The growth in revenue is attributed to an increase in market share from existing customers and the gradual ramp-up of new customers, alongside product structure optimization that enhances profitability [1][2] - The company has successfully expanded its customer base, with 8 out of its top 10 customers experiencing year-on-year growth, some exceeding 200% [2] - The company has established a strong presence in the U.S. market, with 64.8% of its revenue coming from U.S. retailers, and has built production capacity in Vietnam to mitigate tariff impacts [2] - The gross margin for Q1 2025 was 37.2%, an increase of 3.9 percentage points year-on-year, and the net profit margin was 25.1%, up 3.5 percentage points year-on-year [3] Financial Performance Summary - The company’s total revenue is projected to grow from 1,921 million yuan in 2023 to 4,414 million yuan in 2027, with a compound annual growth rate (CAGR) of 14.3% [4][6] - The net profit attributable to the parent company is expected to increase from 407 million yuan in 2023 to 1,135 million yuan in 2027, reflecting a CAGR of 16.1% [4][6] - The company’s gross margin is forecasted to improve from 33.6% in 2023 to 39.5% in 2027 [4][6] - The projected earnings per share (EPS) will rise from 2.43 yuan in 2023 to 6.78 yuan in 2027 [4][6] - The price-to-earnings (P/E) ratio is expected to decrease from 28.71 in 2023 to 10.31 in 2027, indicating a potential increase in valuation attractiveness [4][6]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company reported a strong Q1 2025 performance with revenue of 770 million, a 38% year-on-year increase, and a net profit attributable to the parent company of 190 million, up 60% year-on-year [1][2]. - The growth is attributed to multiple factors including a focus on high-quality brand positioning, innovation-driven product differentiation, and an optimized customer structure [2][3]. - The company has successfully expanded its collaboration with major U.S. furniture retailers, resulting in a diversified and robust customer base [3]. - The production capacity in Vietnam is being efficiently utilized, enhancing order delivery capabilities and solidifying the company's competitive advantage in the global supply chain [3]. - Following the introduction of a 10% temporary tariff, the company has engaged in discussions with clients regarding cost-sharing, with most core retailers showing a cooperative spirit [4]. - The company has adjusted its profit forecasts, expecting net profits for 2025-2027 to be 910 million, 1.11 billion, and 1.38 billion respectively, with corresponding EPS of 5.4, 6.6, and 8.3 [4]. Financial Data Summary - For 2023, the company expects revenue of 1.92 billion, with a growth rate of 31.37%, and a net profit of 407.39 million, reflecting a growth rate of 21.93% [10]. - The projected revenue for 2025 is 3.35 billion, with a net profit of 906.11 million, indicating a growth rate of 32.68% [10]. - The company maintains a low debt-to-asset ratio of 17.84% and a strong return on equity (ROE) projected at 21.16% for 2025 [6][12].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 105.17 CNY, maintaining the rating [5]. Core Views - The company has demonstrated strong performance in its financial results, with a revenue of 2.548 billion CNY in 2024, representing a year-on-year growth of 32.63%. The net profit attributable to shareholders reached 683 million CNY, up 67.64% year-on-year [1]. - The company is actively advancing its independent brand strategy, with significant progress in the overseas market, particularly in the United States, where the "MOTOGallery" project has established over 500 store-in-store locations across 32 states [2]. - The company has successfully expanded its customer base, adding 96 new retail customers in 2024, all of which are U.S. retailers, enhancing its customer structure and channel resources [3]. Financial Performance - In 2024, the company's revenue from electric sofas was 1.955 billion CNY, a year-on-year increase of 37.13%, while electric beds generated 346 million CNY, up 20.45% [2]. - The gross profit margin for 2024 was 39.35%, an increase of 5.40 percentage points year-on-year, while the net profit margin was 26.80%, up 5.60 percentage points [11]. - The company plans to distribute a cash dividend of 5.0 CNY for every 10 shares and to increase capital by converting reserves into shares at a ratio of 3 shares for every 10 shares held [1]. Customer and Market Expansion - The company has seen a significant increase in procurement amounts from its top 10 customers, with nine out of ten reporting growth, and three customers exceeding 100% growth [3]. - As of Q1 2025, the company’s retail customers in the U.S. accounted for 88.19% of its total U.S. furniture customers, with sales to U.S. retailers contributing 64.75% of total revenue [10]. - The company’s retail channel layout in the U.S. has shown significant effectiveness, with a focus on large retailers driving steady growth [10]. Future Projections - The company is expected to achieve revenues of 3.162 billion CNY, 3.850 billion CNY, and 4.631 billion CNY for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 24.10%, 21.73%, and 20.29% [15]. - The projected net profits for the same years are 794 million CNY, 931 million CNY, and 1.107 billion CNY, with growth rates of 16.25%, 17.25%, and 18.90% [15].

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 ...

Core Insights - 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][2] - The growth was driven by the success of the company's proprietary brand, increased sales through direct retail channels, and cost advantages from manufacturing in Vietnam [1][2][4] Revenue and Profit Growth - In Q4 2024, the company reported revenue of 699 million yuan, a significant increase of 49.78% year-on-year, and a net profit of 252 million yuan, up 197.20% year-on-year [2] - The company's core net profit reached 614 million yuan, reflecting a 72.47% increase year-on-year [2] Product Performance - The smart electric sofa segment generated revenue of 1.96 billion yuan, with a year-on-year growth of 37.1%, driven by an 18.4% increase in sales volume and a 15.8% increase in unit price [3] - The smart electric bed and accessories also saw revenue growth, with the bed segment increasing by 20.5% and accessories achieving growth despite a decline in sales volume [3] Brand and Channel Development - The company made significant strides in building its proprietary brand, MotoMotion, with a notable increase in high-margin new products [4] - The number of direct retail partners increased by 96 in 2024, including 14 of the top 100 furniture retailers in the U.S., enhancing the company's market presence [4] Profitability and Cost Management - The gross margin for 2024 was 39.4%, an increase of 5.4 percentage points year-on-year, with Q4 gross margin reaching 54.3% [5] - The company managed to reduce manufacturing costs by 18.9% year-on-year, contributing to improved profitability [6] Cash Flow and Operational Efficiency - Operating cash flow in Q4 2024 was 63 million yuan, experiencing a decline compared to the previous year [6] - The company maintained a robust overseas manufacturing and operational system, with 84% of products exported from Vietnam, minimizing tariff risks [6] Investment Outlook - The company is expected to continue its growth trajectory, with projected net profits of 790 million yuan, 930 million yuan, and 1.08 billion yuan for 2025 to 2027, respectively [7][8] - The current price-to-earnings ratio is at a low of 14.8x, supporting a "strong buy" investment rating [1][8]

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 ...