证券代码：301061 证券简称：匠心家居 公告编号：2025-002 常州匠心独具智能家居股份有限公司 关于首次公开发行前已发行股份上市流通的提示性公告 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。 特别提示： 1、本次解除售股份为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"）首次公开发行前已发行部分股份，本次解除限售的股份数 量为 124,800,000 股，占公司总股本的 74.57%，本次实际可上市流通数量为 34,756,800 股，占公司总股本的 20.77%，申请解除股份限售的股东户数为 5 户； 2、本次解除限售的股份上市流通日期为 2025 年 3 月 14 日（星期五）。 一、首次公开发行前已发行股份概况 （一）首次公开发行股份情况 经中国证券监督管理委员会《关于同意常州匠心独具智能家居股份有限公司 首次公开发行股票注册的批复》（证监许可〔2021〕2591 号）同意注册，并经深 圳证券交易所同意，公司首次公开发行的人民币普通股（A 股）股票 2,000 万股， 并于 2021 年 9 月 13 日在深圳证券交易所创 ...

中信建投证券股份有限公司 关于常州匠心独具智能家居股份有限公司首次公开发行前 已发行股份上市流通的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐人"）作 为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"）首 次公开发行股票并在创业板上市的保荐机构，根据《证券发行上市保荐业务管理 办法》《深圳证券交易所创业板股票上市规则》及《深圳证券交易所上市公司自 律监管指引第 2 号——创业板上市公司规范运作》等有关规定，对匠心家居首次 公开发行前已发行股份上市流通的事项进行了核查，核查情况及核查意见如下： 一、首次公开发行前已发行股份概况 （一）首次公开发行股份情况 经中国证券监督管理委员会《关于同意常州匠心独具智能家居股份有限公司 首次公开发行股票注册的批复》（证监许可〔2021〕2591 号）同意注册，并经深 圳证券交易所同意，公司首次公开发行的人民币普通股（A 股）股票 2,000 万股， 并于 2021 年 9 月 13 日在深圳证券交易所创业板上市。首次公开发行后的公司总 股本为 80,000,000 股，其中有限售条件股份数量为 60,000,000 股，占发行后总股 ...

中信建投证券股份有限公司 关于常州匠心独具智能家居股份有限公司 培训时间：2025 年 3 月 3 日 培训地点及方式：常州匠心独具智能家居股份有限公司 培训对象：匠心家居董事、监事、高级管理人员、证券事务代表及公司控股 股东和实际控制人 二、培训的主要内容 本次培训结合《证券法》《深圳证券交易所上市公司自律监管指引第 2 号— —创业板上市公司规范运作》《深圳证券交易所创业板股票上市规则》等相关规 定，并结合案例，围绕上市公司信息披露、募集资金管理与使用、规范运作以及 上市公司现场检查等方面向参会人员进行了详细解读。 三、培训的完成情况及效果 本次持续督导培训的工作过程中，匠心家居及参会人员给予了积极配合。全 体参加培训人员均进行了认真深入学习，对于上市公司信息披露、募集资金管理 与使用、规范运作以及上市公司现场检查等有了更加深刻的理解和认识。本次培 训按照本保荐机构的持续督导计划、持续培训制度和培训计划进行，达到了预期 的培训效果。 深圳证券交易所： 中信建投证券股份有限公司（以下简称"保荐机构"、"中信建投证券"）作 为常州匠心独具智能家居股份有限公司（以下简称"匠心家居"、"公司"）首次 公开发行股票 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [6]. Core Insights - The company has released a performance forecast for 2024, which exceeds expectations, with an anticipated net profit attributable to shareholders ranging from 570 to 650 million yuan, representing a year-on-year growth of 39.9% to 59.6% [6]. - The company is actively promoting its own brand development, significantly increasing direct retail customers, and successfully advancing the store-in-store model [6]. - The company has demonstrated strong R&D capabilities, with new product series and innovations contributing to revenue growth and improved profit margins [6]. - The company is enhancing its after-sales service capabilities, leading to improved operational quality and efficiency [6]. - Short-term performance is driven by innovation and brand development, while long-term growth is supported by global expansion and product upgrades [6]. Financial Data and Profit Forecast - Total revenue is projected to grow from 1,921 million yuan in 2023 to 4,193 million yuan in 2026, with a compound annual growth rate (CAGR) of approximately 22.7% [2]. - Net profit attributable to shareholders is expected to increase from 407 million yuan in 2023 to 917 million yuan in 2026, reflecting a CAGR of about 21.3% [2]. - The gross margin is forecasted to improve slightly from 34.0% in 2023 to 35.1% in 2026 [2]. - The return on equity (ROE) is projected to rise from 13.6% in 2023 to 19.3% in 2026 [2]. Market Data - As of February 6, 2025, the closing price of the company's stock is 77.50 yuan, with a market capitalization of approximately 3,299 million yuan [3]. - The price-to-earnings (PE) ratio for 2024 is estimated at 21, decreasing to 14 by 2026 [2][3].

Investment Rating - The report assigns a "Buy" rating for the company [9]. Core Insights - The report highlights the company's rapid market share growth in the mid-to-high-end functional sofa market in the U.S., driven by manufacturing cost advantages, efficiency, and continuous investment in design innovation [2][4]. - The exploration of the store-in-store model is a key step in the company's brand overseas strategy, which is expected to enhance brand influence and boost product sales [2][4]. - The company is positioned as a leading exporter in the home furnishings sector, with strong product capabilities driving market share growth, and the anticipated U.S. interest rate cuts may further stimulate industry demand [2][4]. Summary by Sections Company Overview - The company focuses on smart electric sofas, which accounted for 74% of revenue in 2023, followed by smart electric beds and smart furniture accessories at 15% and 10%, respectively [4][15]. - The company has strategically strengthened its retail customer base, with retail customers accounting for 81.8% of U.S. furniture customers in the first three quarters of 2024 [4][24]. Financial Performance - In 2023, the company reported revenues and net profits of 1.92 billion and 410 million yuan, respectively, with a CAGR of 14% and 26% since 2017 [5][27]. - The company has seen steady improvement in profitability, with the net profit margin increasing from approximately 16.2% to 20.5% from 2021 to 2023, and is expected to continue this upward trend in 2024 [5][30]. Product and Manufacturing Advantages - The company emphasizes high-end positioning, superior design, and manufacturing advantages, which allow it to compete effectively in the U.S. market [6][40]. - The company has a significant cost advantage in manufacturing, supported by vertical supply chain integration and efficiency improvements [6][40]. Brand Expansion and Store-in-Store Model - The store-in-store model is crucial for brand building and enhancing sales performance, with over 150 stores established in the U.S. by the third quarter of 2024, aiming for 500 by early 2025 [7][85]. - The company has successfully leveraged its strong product capabilities to gain recognition from retail customers, which supports the ongoing exploration of the store-in-store model [7][85]. Market Outlook and Profit Forecast - The U.S. functional sofa market is estimated to be worth approximately 9.8 billion USD, with the company holding a market share of about 4%, indicating significant growth potential compared to industry leaders [8][88]. - The company is projected to achieve net profits of approximately 610 million and 730 million yuan in 2024 and 2025, respectively, with corresponding P/E ratios of 22.2 and 18.5 [8][104].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [5][16]. Core Insights - The company is projected to achieve a net profit attributable to shareholders of 5.7 to 6.5 billion yuan in 2024, representing a year-on-year growth of 40% to 60% [1]. - The growth in performance is attributed to several factors, including the expansion of self-owned brands, increased direct sales to retail customers, enhanced innovation and product development, improved operational quality and efficiency, and a focus on international markets [1][3]. - The company has successfully established over 150 "store-in-store" setups in retail locations across the U.S., with plans to expand to nearly 500 by Q1 2025, which is expected to drive sales growth [3]. Financial Projections - The company anticipates a net profit of 612.15 million yuan in 2024, with projections of 718.13 million yuan and 840.96 million yuan for 2025 and 2026, respectively [4]. - Revenue is expected to grow from 1,462.65 million yuan in 2022 to 2,542.62 million yuan in 2024, reflecting a growth rate of 32.33% [4][11]. - The projected EBITDA for 2024 is 652.50 million yuan, with a steady increase expected in subsequent years [4]. Market Position and Strategy - The company has expanded its customer base significantly, with all of its top 10 customers being U.S. retailers, and 70% of them being retail merchants [3]. - The focus on international markets, particularly with transactions primarily in U.S. dollars, has positively impacted the company's foreign exchange gains [1]. - The report highlights the need for the company to address challenges related to shipping container availability, which has affected overall gross margin improvement [2].

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company has released a performance forecast for 2024, expecting a net profit attributable to shareholders of 570-650 million yuan, representing a year-on-year increase of 39.9% to 59.6%, with a median of 610 million yuan, indicating a 49.7% increase [1] - The fourth quarter net profit is projected to be between 139-219 million yuan, showing a year-on-year growth of 64.1% to 158.4%, with a median of 179 million yuan, reflecting a 111.2% increase [1] - The strong performance is attributed to favorable exchange rates and interest income, an increase in the proportion of high-margin new products, and improvements in operational efficiency and service costs [1][2] Summary by Sections Financial Performance - The company achieved total revenue of 1,463 million yuan in 2022, which increased to 1,921 million yuan in 2023, and is expected to reach 2,540 million yuan in 2024, reflecting a year-on-year growth rate of 32.2% [4][7] - The net profit attributable to shareholders is forecasted to grow from 335 million yuan in 2022 to 613 million yuan in 2024, with a year-on-year growth rate of 50.6% [4][7] - The gross profit margin is expected to improve from 32.6% in 2022 to 34.1% in 2024 [4][7] Market Trends - The recovery in terminal demand is supported by positive macroeconomic data from overseas, with U.S. furniture retail sales showing a year-on-year increase of 1.5% in October, 0.7% in November, and 5.3% in December [2] - The company is actively expanding its proprietary brand and accelerating the "store-in-store" model, with over 300 customer stores applying for this model by October 2024 [2] Competitive Position - The company has established a manufacturing base in Vietnam to mitigate tariff risks, ensuring that it can cover U.S. tax orders effectively [3] - The overseas brand, production, management, and service systems are maturing, enhancing the company's global competitive advantage [3] Profit Forecast - The projected net profits for 2024, 2025, and 2026 are 613 million yuan, 704 million yuan, and 803 million yuan, respectively, with corresponding P/E ratios of 20.0X, 17.4X, and 15.3X [3]

Financial Performance - The company expects net profit attributable to shareholders to be between 570 million and 650 million CNY, representing a year-on-year growth of 39.91% to 59.55%[3] - The net profit after deducting non-recurring gains and losses is projected to be between 516 million and 596 million CNY, indicating a year-on-year increase of 44.87% to 67.33%[3] Operational Improvements - The company has significantly increased direct retail customers and successfully implemented the "store-in-store" model, contributing to performance growth[5] - Continuous enhancement of innovation and R&D capabilities has led to the successful development of new product lines, providing new momentum for revenue growth[6] - The company has focused on improving operational quality and efficiency, which has reduced costs related to customer complaints, returns, and after-sales services[7] Market Strategy - The company is concentrating on international markets, with product transactions primarily settled in USD, benefiting from stable USD interest rates and exchange rates[7] - A significant increase in shipping prices for exports from Vietnam and China to the US and Canada has posed challenges in obtaining sufficient containers, impacting overall gross margin[7]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5][4]. Core Insights - The company's core competitive advantage lies in product innovation, which is supported by a strong commitment to original design and technology integration [1]. - The company actively participates in charitable and community activities, enhancing its brand image and customer relationships [2]. - The report anticipates a positive outlook for the company's export chain performance in 2025, driven by strong domestic demand and overseas recovery [3]. Financial Projections - The projected net profit for the company from 2024 to 2026 is estimated at 537.85 million, 639.21 million, and 750.54 million respectively, with corresponding EPS of 3.21, 3.82, and 4.48 yuan per share [4][11]. - Revenue is expected to grow from 2,392.99 million in 2024 to 3,431.16 million in 2026, reflecting a growth rate of 24.54% in 2024 and gradually decreasing to 18.93% by 2026 [4][11]. - The company's EBITDA is projected to increase from 600.48 million in 2024 to 830.01 million in 2026 [4][11]. Financial Ratios - The report highlights a projected PE ratio of 22, 19, and 16 for the years 2024, 2025, and 2026 respectively, indicating a favorable valuation trend [4][11]. - The company's net profit margin is expected to remain stable, with a slight decrease from 22.48% in 2024 to 21.87% in 2026 [11]. - The return on equity (ROE) is projected to improve from 15.92% in 2024 to 17.42% in 2026, reflecting enhanced profitability [11].

Summary of Conference Call Notes Company Overview - The company specializes in electric functional sofas and has been experiencing a product innovation cycle since last year, which has driven its growth and market expansion in the U.S. [1][2][3] - The company currently holds approximately 3% market share in the U.S. electric sofa market, with significant growth potential as the market is valued at over $10 billion [1][2]. Key Insights Product Innovation and Market Position - The company has successfully introduced innovative products, including electric heating cup holders and mini sofas, differentiating itself from competitors like La-Z-Boy [2][3]. - The company has expanded its customer base significantly, adding 68 new clients in the first three quarters of the year, with a focus on major retailers [1][2]. Research and Development - The company has been investing in R&D, with a research expense ratio of 6%, indicating a strong commitment to product quality and innovation [1][2][3]. Supply Chain and Cost Management - The company has established a fully integrated supply chain, including factories for frames, motors, and sewing, allowing it to control costs and increase profitability [3][4]. - The pricing strategy positions its products at one-third to two-thirds the price of similar products from La-Z-Boy, enhancing its competitive edge [3][4]. Economic Performance - The company has maintained a gross margin of over 20%, which is considered high in the durable goods manufacturing sector [3][4][5]. - The company’s operational efficiency is reflected in its ability to generate significant profits despite market fluctuations [5][6]. Market Trends and Future Outlook - The company is exploring a new retail model called the "Electric Facial Model," with plans to open 500 stores by the end of the year [4][6]. - The company is expected to benefit from a recovery in durable goods demand in the U.S. market, which has been weak in recent years [8][9]. - The company’s strong currency management practices have positioned it well to capitalize on exchange rate fluctuations, potentially leading to higher profits [7][8][9]. Additional Considerations - The company is transitioning from a manufacturer to a brand-focused business model, which may enhance its market presence and customer engagement [6][7]. - The company’s ability to adapt to market demands and maintain strong relationships with retailers is crucial for its continued growth [2][3][4]. This summary encapsulates the key points from the conference call, highlighting the company's strategic initiatives, market positioning, and future growth prospects.