证券研究报告 | 2026年02月25日 2026年02月26日 矩阵股份（301365.SZ） 优于大市 业绩触底回升， "AI+设计"探索第二曲线 矩阵股份：高端室内设计龙头企业。公司主营"空间设计+软装陈设"，业 务规模处于业内第一梯队。空间设计与软装陈设业务属于高端创意类设计， 能够以相对有限的资源投入实现较高的设计溢价。当前，尽管房地产市场仍 处于整体调整阶段，新开工与投资规模持续下行，但在国家鼓励建设"好房 子"、推动房地产行业高质量发展的政策导向下，地产开发企业愈发依赖于 通过高品质的设计与软装来提升产品力并实现差异化竞争，具备竞争优势的 头部室内设计公司有望迎来新一轮发展机遇。 盈利能力修复，业绩触底回升。2022 年至 2023 年受下游地产行业景气度下 滑影响，公司收入和利润均有下滑。2025 年起，随着地产相关应收款减值风 险释放基本完成，同时行业供给出清，竞争压力缓解，公司毛利率显著改善， 公司收入与利润明显复苏。根据公司业绩预告，2025 全年预计实现归母净利 润 0.58-0.80 亿元，同比大幅增长 72%-137%。 "AI+设计"持续迭代，探索第二曲线。公司 2024 年推出 ...

机构舆情偏中性，1家机构预测2025年净利润同比增长92.89%，2026年预测增长20.00%。估值方面，数 据显示矩阵股份相对估值较高，行业内竞争力护城河较差，但盈利能力优秀。概念层面，所属AI应用 概念近7日涨幅0.73%，可能受深圳市AI制造业政策利好间接带动。 以上内容基于公开资料整理，不构成投资建议。 近7天，矩阵股份股价区间振幅达7.74%，最高价为26.22元，最低价为24.27元。2月10日单日涨幅 2.88%，但2月11日回调-2.88%，显示短期波动加剧。成交额在2月10日放大至1.91亿元，换手率7.39%， 活跃度提升。技术面上，股价目前处于布林带中轨附近(25.23元)，20日压力位26.45元，支撑位24.01 元，MACD指标偏弱，短期需关注量能变化。 机构观点 经济观察网矩阵股份（301365）发布2025年度业绩预告，预计归母净利润为5800万元至8000万元，同比 增长72.12%-137.4%；扣非净利润预计4800万元至7000万元，同比增长358.71%-568.95%。该业绩预增主 要源于公司业务规模扩大及成本控制优化。 股票近期走势 ...

Core Viewpoint - The market has continued to adjust over the past two weeks, with various momentum strategies showing mixed performance, indicating a lack of clear investment opportunities during this period [1]. Performance Summary - The returns for different momentum strategies over the two-week period (January 24, 2026 - February 7, 2026) were as follows: March momentum at -0.67%, January momentum at 0.83%, half-month momentum at -1.01%, comprehensive intersection at -0.72%, and comprehensive union at -1.22% [1]. - The best-performing stock, excluding the suspended stock Minexplosion Optoelectronics, was Hangmin Co., which achieved a 14.50% increase, while the worst performer was Hengsheng Energy, which saw an 11.82% decline [4][5]. Stock Performance Details - Among the 19 stocks in the comprehensive union, only 5 stocks increased in value, while the rest experienced declines [5]. - The stock Minexplosion Optoelectronics had a remarkable increase of 115% but was not included in the final calculations due to its suspension during the period [4][6]. - Other notable performers included Fuanna, which rose by 3.80%, and Kemin Food, which increased by 1.26% [4][6]. Strategy Analysis - The average return for the half-month strategy was -1.01%, while the average return for the comprehensive intersection strategy was -0.72% [6][11]. - The performance of the stocks was evaluated based on their closing prices and changes in earnings ratios and dividend yields during the specified period [6][11].

Group 1 - The company, Matrix Co., announced an expected net profit attributable to shareholders for the year 2025 ranging from 58 million to 80 million yuan, representing an increase of 72.12% to 137.40% compared to the previous year's profit of 33.6983 million yuan [2]

Core Viewpoint - Matrix Co., Ltd. (301365.SZ) expects a net profit attributable to shareholders of 58 million to 80 million yuan for the year 2025, representing an increase of 72.12% to 137.40% compared to the previous year. The net profit after deducting non-recurring gains and losses is projected to be 48 million to 70 million yuan, reflecting a significant increase of 358.71% to 568.95% year-on-year [1]. Group 1: Performance Expectations - The company anticipates a substantial increase in net profit for 2025, with projections indicating a rise of up to 137.40% compared to the previous year [1]. - The expected net profit after excluding non-recurring items shows an even more dramatic increase, suggesting strong operational performance [1]. Group 2: Reasons for Performance Changes - The transition of China's real estate market from rapid growth to stable development continues to support the importance of residential real estate in driving economic growth and improving living standards [1]. - The company has focused on brand building and market expansion, which has led to increased business revenue and optimized team configuration [1]. - Strict cost control measures have been implemented, contributing to the increase in net profit compared to the previous year [1]. - Enhanced management of accounts receivable has accelerated collection speeds and effectively controlled bad debt losses [1]. - Non-recurring gains for 2025 include income from cash management, reversals of impairment provisions for receivables, and one-time share-based payment expenses [1].

Core Viewpoint - Matrix Co., Ltd. (301365.SZ) expects a net profit attributable to shareholders of 58 million to 80 million yuan for the year 2025, representing an increase of 72.12% to 137.40% compared to the previous year. The net profit after deducting non-recurring gains and losses is projected to be 48 million to 70 million yuan, reflecting a significant increase of 358.71% to 568.95% year-on-year [1]. Group 1: Performance Expectations - The company anticipates a substantial increase in net profit for 2025, with projections indicating a rise of up to 137.40% compared to the previous year [1]. - The expected net profit after excluding non-recurring items shows an even more dramatic increase, suggesting strong operational performance [1]. Group 2: Reasons for Performance Changes - The transition of China's real estate market from rapid growth to stable development has not diminished the importance of residential real estate in driving economic growth and improving living standards [1]. - The company has focused on brand building and market expansion, leading to increased business revenue and optimized team configuration, which contributed to the profit increase [1]. - Enhanced management of accounts receivable has accelerated collection speeds and effectively controlled bad debt losses [1]. - Non-recurring gains for 2025 include income from cash management, reversals of impairment provisions for receivables, and one-time share-based payment expenses [1].

Financial Projections - The company expects a net profit of 58 million yuan for 2025, representing a 72.12% increase compared to the previous year's profit of 33.6983 million yuan [3]. - The net profit after deducting non-recurring gains and losses is projected to be 48 million yuan, a significant increase of 358.71% from the previous year's profit of 10.4642 million yuan [3]. Business Performance - The company has strengthened brand building and market expansion, leading to increased business revenue and optimized team configuration [6]. - The management of accounts receivable has improved, accelerating the collection speed and effectively controlling bad debt losses [6]. Non-Recurring Gains - Non-recurring gains for 2025 mainly include income from cash management and the reversal of impairment provisions for receivables [6].

证券代码：301365 证券简称：矩阵股份 公告编号：2026-003 矩阵纵横设计股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 矩阵纵横设计股份有限公司（以下简称"公司"）于2025年12月5日召开的第二届 董事会第十六次会议、2025年12月23日召开的2025年第二次临时股东会，审议通过了 《关于使用部分闲置募集资金进行现金管理的议案》，同意公司在不影响募集资金投 资项目建设和公司正常经营的前提下，使用不超过人民币55,000万元（含本数）闲置募 集资金（含超募资金）进行现金管理，使用期限为2026年1月1日至2026年12月31日（不 超过12个月），在前述额度及期限有效期内，可循环滚动使用。具体内容详见公司2025 年12月6日及2025年12月24日披露于巨潮资讯网（http://www.cninfo.com.cn）的相关公 告。 近日，公司根据经营情况在上述使用期限及额度内，使用部分闲置募集资金进行 了现金管理，现将具体情况公告如下： 一、进行现金管理的主要情况 （一）购买银行产品的 ...

1、上述"截至报告期末累计已签约未完工订单金额"是指截至报告期末累计已 签约未完工的剩余合同金额及截至报告期末累计已签约但尚未开工项目的合同金额。 2025年第四季度装修装饰业务主要经营情况简报 证券代码：301365 证券简称：矩阵股份 公告编号：2026-002 矩阵纵横设计股份有限公司 注： 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 根据《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监 管指引第3号——行业信息披露》等相关规定，矩阵纵横设计股份有限公司2025年第 四季度装修装饰业务主要经营情况如下： 单位：万元 | 项目 | 2025年第四季度新签订 单金额 | 截至报告期末累计已中 标未签约订单金额 | 截至报告期末累计已签 约未完工订单金额 | | --- | --- | --- | --- | | 建筑室内设计 | 24,136.10 | 27,453.23 | 82,602.40 | | 合计 | 24,136.10 | 27,453.23 | 82,602.40 | 矩阵纵横设计股份有限公司董事会 2026年1月29日 ...

Core Insights - The company announced that the new signed orders for architectural interior design in Q4 2025 amounted to 241.36 million yuan [1] - As of the reporting period, the total amount of orders that have been won but not yet signed is 274.53 million yuan [1] - The cumulative amount of signed but uncompleted orders stands at 826.02 million yuan [1] Summary by Categories - **New Signed Orders** - The company reported new signed orders of 241.36 million yuan for Q4 2025 [1] - **Orders Status** - The total amount of won but unsigned orders is 274.53 million yuan [1] - The cumulative signed but uncompleted orders amount to 826.02 million yuan [1]