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]

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Views - 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] - In Q4 2024, the company reported a revenue of 699 million yuan, a year-on-year increase of 49.78%, and a net profit attributable to shareholders of 252 million yuan, reflecting a significant year-on-year growth of 197.20% [1] - The strong performance in Q4 is attributed to favorable exchange rates and interest income, an increase in the proportion of high-margin new products, and optimization of the product structure [1] - The company has successfully expanded its customer base, adding 96 new clients, with 9 out of the top 10 customers increasing their purchase amounts [2] - The "store-in-store" model has been implemented, with over 500 stores in the U.S. and 24 in Canada, enhancing product visibility and sales of high-margin products [2] - The company's overseas production capacity is robust, with approximately 90.5% of revenue coming from the U.S. and 84.0% from exports to Vietnam, which has mitigated 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, a decrease of 46 million yuan year-on-year, but inventory and accounts receivable turnover days have shown stability [4] Financial Summary - The company’s total revenue for 2023 was 1.921 billion yuan, with a year-on-year growth of 31.4%, and is projected to reach 3.050 billion yuan by 2025, reflecting a growth rate of 19.7% [6] - The net profit attributable to shareholders for 2023 was 407 million yuan, with a year-on-year increase of 21.8%, expected to grow to 781 million yuan by 2025 [6] - The gross profit margin is expected to stabilize around 39.4% by 2027, while the return on equity (ROE) is projected to be 18.4% [6] - The company’s earnings per share (EPS) is forecasted to increase from 4.08 yuan in 2024 to 6.26 yuan in 2027 [6]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 公司发布2024年年报，2024全年实现营收25.5亿元，同比+32.6%，实现归母净利润6.8亿元，同比+67.6%，剔 除股份支付费用影响后同比+66.7%。4Q2024实现营收7.0亿元，同比+49.8%，实现归母净利润2.5亿元，同比 +197.2%。2024年度拟向全体股东每10股派发现金股利5.0元，以资本公积转增股本方式向全体股东每10股转增 3股。 点评： 业绩高速增长，自主品牌建设成效显著 2024年公司营收利润高速增长，主要原因系：1、公司持续加强内部研发投入、扩大外部创新合作范围，2024 年推出多款新品，有效拓展了市场空间；2、公司自主品牌建设成效显著，直销零售商客户数量显著增加；3、 公司持续 ...

事件： 公司发布2024年年报，2024全年实现营收25.5亿元，同比+32.6%，实现归母净利润6.8亿元，同比+67.6%，剔 除股份支付费用影响后同比+66.7%。4Q2024实现营收7.0亿元，同比+49.8%，实现归母净利润2.5亿元，同比 +197.2%。2024年度拟向全体股东每10股派发现金股利5.0元，以资本公积转增股本方式向全体股东每10股转增 3股。 点击注册小程序 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 查看完整报告 2024年度公司毛利率为39.4%，同比+5.4pcts。分产品看，2024年公司智能电动沙发/智能电动床/配件的毛利率 分别为39.5%/39.3%/38.2%，分别同比+6.9/+2.9/+2.9pcts。 4Q2024毛利率为54.3%，同比+14.3 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【北方稀土（600111.SH）】Q4归母净利润为全年单季最高，2025年生产经营目标利润总额增长53.5%—— 2024年报点评 您可点击今日推送内容的第3条查看 【震裕科技（300953.SZ）】锂电结构件盈利改善持续，人形机器人业务彰显能力——2024年年报点评 震裕科技24年营收71.29亿元，同比增长18.45%；归母净利润2.54亿元，同比增长493.77%；扣非归母 净利润2.31亿元，同比增长2528.14%，拟每10股派发现金股利2.1元（含税）、转增4股。 （殷中枢/陈无忌） 2025-04-23 北方稀土公布2024年报，公司2024年实现营业收入329.66亿元，同比-1.58%；实现归母净利润1 ...

证券代码：301061 证券简称：匠心家居 公告编号：2025-014 常州匠心独具智能家居股份有限公司 关于公司及子公司2025年度向银行申请综合授信额度的公告 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《关于公司及子公司 2025 年度向银行申请综合授 信额度的议案》，该议案尚需提交公司 2024 年年度股东大会审议，现将相关事 宜公告如下： 一、申请综合授信情况概述 为满足公司生产经营和发展之需要，结合公司实际情况，公司及其三家全资 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、常州美闻贸 易有限公司拟向银行申请综合授信额度，担保方式为信用，合计不超过 375,400 万元。具体情况如下： | 申请主体 | 授信银行 江苏银行常州钟楼支行 | 授信综合额度 （万元） 47,000 | | --- | --- | --- | | | 招商银行常州分行 中国工 ...

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].