2023 年年度股东大会的法律意见书 郑州市郑东新区平安大道189号正商环湖国际12F 电话（Tel）: 0371-65953550 传真(Fax): 0371-65953502 网址：http://www.shineway.org.cn 电子邮件：E-mail:qwlss@126.com 仟见字[2024]第 157 号 关于致欧家居科技股份有限公司 致：致欧家居科技股份有限公司 HENAN CHAIN-WIN LAW FIRM 河南仟问律师事务所 经核查，上述会议公告的公告日期符合《公司法》《股东大会规则》和《公 司章程》的规定。 地址：郑州市郑东新区平安大道 189 号正商环湖国际 12F 电话（Tel）：037165953550 传真（Fax）：037165953502 网址（Web site）:http://www.shineway.org.cn 地址：郑州市郑东新区平安大道 189 号正商环湖国际 12F 电话（Tel）：037165953550 传真（Fax）：037165953502 网址（Web site）:http://www.shineway.org.cn 一、关于本次股东大会的召集和召 ...

2、本次股东大会不涉及变更以往股东大会已通过的决议。 证券代码：301376 证券简称：致欧科技 公告编号：2024-029 致欧家居科技股份有限公司 2023 年年度股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会未出现否决议案的情形。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开的时间： （1）现场会议：2024 年 5 月 9 日（星期四）14：30 时； （2）网络投票时间： ①通过深圳证券交易所交易系统进行网络投票的时间为：2024 年 5 月 9 日的 交易时间，即 9:15-9:25，9:30-11:30 和 13:00-15:00； ①通过深圳证券交易所互联网系统（http://wltp.cninfo.com.cn）投票的具体时间 为：2024 年 5 月 9 日 9:15-15:00 的任意时间。 2、会议召开地点：郑州市二七区嵩山南路 198-19 号东方大厦 6 楼公司会议室 3、会议召开方式：本次会议采用现场表决与网络投票相结合的方式召开 4、会议召集人：公司董事会 5、会议主持 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 30.75 RMB based on the current market price of 24.84 RMB [3][14]. Core Insights - The company reported a revenue of 1.84 billion RMB for Q1 2024, representing a year-on-year increase of 45.3%, and a net profit attributable to shareholders of 100 million RMB, up 15.1% year-on-year [15]. - The European market is expected to continue its rapid recovery, with Q1 2024 revenue growth potentially exceeding 40%, while the US market is projected to grow over 35% [15]. - The company is focusing on enhancing its brand strategy by unifying its brands under "SONGMICS HOME" and aims to expand its product categories while maintaining a value-driven design philosophy [15]. - The report anticipates that the company's earnings per share (EPS) will be 1.25 RMB, 1.50 RMB, and 1.81 RMB for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 21, 17, and 14 [15]. Summary by Sections Company Overview - The company is projected to achieve revenues of 6.07 billion RMB in 2023, 7.52 billion RMB in 2024, and 9.24 billion RMB in 2025, with growth rates of 11.34%, 23.86%, and 22.87% respectively [21]. - The net profit attributable to shareholders is expected to rise from 250 million RMB in 2022 to 500 million RMB in 2024, reflecting a growth rate of 65.08% [21]. Financial Performance - The gross margin for Q1 2024 was reported at 36.0%, a decrease of 0.8 percentage points year-on-year, primarily due to increased shipping costs [15]. - The report highlights a strategic focus on operational efficiency through digitalization and supply chain optimization to enhance profitability [15]. Market Positioning - The company is strategically increasing its presence in the US market and is expected to implement a "full-channel" approach to improve operational efficiency [15]. - The report emphasizes the company's clear strategic direction and operational enhancements aimed at ensuring future growth and performance [15].

英国及欧盟投资者的通知事项：本报告由从事投资顾问的 Haitong International Securities Company Limited 所发布，本报告只面向有投资相关经验的专业客户发布。任何投资或与本报告 相关的投资行为只面对此类专业客户。没有投资经验或相关投资经验的客户不得依赖本报告。Haitong International Securities Company Limited 的分支机构的净长期或短期金融权益可能 超过本研究报告中提及的实体已发行股本总额的 0.5％。特别提醒有些英文报告有可能此前已经通过中文或其它语言完成发布。 地址: 1203A, Floor 12A, Tower 2A, One World Center 合规和申诉办公室联系人： Prasanna Chandwaskar ；电话: +91 22 43156803; 电子邮箱: prasanna.chandwaskar@htisec.com "请注意，SEBI 授予的注册和 NISM 的认证并不保证中介的表现或为投资者提供任何回报保证"。 Notice to Singapore investors: This resea ...

Investment Rating - The report gives an "Accumulate" rating for the company with a target price of 27.74 CNY per share based on a 23x PE for 2024 [12][16][33]. Core Viewpoints - The company is a leading cross-border e-commerce player focused on home furnishing products, primarily targeting the European and North American markets. It has shown significant revenue growth from 1.595 billion CNY in 2018 to 5.455 billion CNY in 2022, with a CAGR of 36% [41][45]. - The company plans to expand its product categories and market presence, particularly in the U.S. and Latin America, where it currently holds a low market share [2][64]. Summary by Sections Company Overview - The company specializes in home furnishing products and operates mainly through online B2C platforms, with 80.53% of its revenue coming from this channel in 2022. Amazon accounted for 67.61% of its revenue [41][60]. - The company has a stable and experienced core management team, with the founder holding nearly 50% of the shares [32][63]. Financial Performance - Revenue projections for 2024-2026 are 76.74 billion CNY, 93.70 billion CNY, and 112.58 billion CNY, with year-on-year growth rates of 26.34%, 22.10%, and 20.14% respectively. Net profit is expected to be 4.84 billion CNY, 6.17 billion CNY, and 7.63 billion CNY for the same period [12][16][42]. - The company’s EPS is projected to be 1.21 CNY, 1.54 CNY, and 1.90 CNY for 2024-2026, with a 3-year CAGR of 22.72% [12][16]. Market Dynamics - The demand for imported furniture in the U.S. is significant, with 39% of furniture sourced from imports. The company aims to leverage this demand to mitigate domestic overcapacity issues in China's furniture manufacturing sector [45][51]. - The cross-border e-commerce model is seen as a more efficient alternative to traditional foreign trade, shortening transaction chains and enhancing market access [45][51]. Growth Strategy - The company plans to enhance its market share in the U.S. and expand into Latin America and Australia, with a focus on increasing its product offerings and distribution channels [2][64]. - The report highlights the potential for growth in the pet product segment, with expected revenue growth rates of 42%, 35%, and 34% for 2024-2026 [6][34].

维持盈利预测，维持"买入"评级 公司报告 | 季报点评 24Q1 收入 18 亿，同增 45%；归母净利润 1 亿，同增 15%；扣非净利润 1 亿，同增 14%； ①风格化：公司以 Ekho 系列为例，产品以统一的设计语言和独特的设计风 格带给消费者更好的视觉享受；②系列化：客户能够基于一种风格在多种 品类上面进行选择。③性价比：公司并没有使用复杂或者昂贵的材料来实 现风格化和系列化，产品本身可能跟市面上的款式在成本上并没有太大的 差异，但是能够带来更好的视觉享受。 第三方渠道快速增长 风险提示：海外需求下降风险；全球海运费上涨；行业竞争加剧；供应链 建设进度不及预期等。 | --- | --- | |----------------------------|--------------------------------------------| | | 证券研究报告 2024 年 04 月 30 日 | | 投资评级 | | | 行业 | 轻工制造 / 家居用品 | | 6 | 个月评级 买入（维持评级） | | 当前价格 | 23.53 元 | | | 目标价格 元 | | 基本数据 | | | A ...

分析师：龙羽洁 登记编码：S0730523120001 longyj@ccnew.com 0371-65585753 24Q1 收入高增，短期扰动不改长期优势 | --- | --- | --- | --- | |------------------------|--------------------------------------------|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

现金流表现亮眼，新渠道拓展顺利 [Table_Industry] 请务必阅读正文之后的重要声明部分 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------|--------|-------|-------|-----------------------|-----------------------|-------|-------|-------|---------------------| | 图表 1 ：公司三大财务报表 \n资产负债表 \n会计年度 | 2023 | 2024E | 2025E | 单位:百万元 \n2026E | 利润表 \n会计年度 | 2023 | 2024E | 2025E | 单位:百万元 \n2026E | | 货币资金 | 726 | 2,270 | 2,779 | 3,379 | 营业收入 | 6,074 | 7,567 | 9,265 | 11,264 | | 应收票据 | 0 | 0 | ...

证 券 研 究 报 告 股 票 研 究 公 司 更 新 报 告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------|-------------------------------------------------------------------------------------------------------------------|-----------------------------------------|-----------------------|-----------------------------------------|--------------|----------------------|--------------------------------|-------------------------------------------|------------------|------- ...

2024 年 04 月 25 日 公司发布 2024 一季报：24Q1 实现收入 18.42 亿元（同比+45.3%），归 母净利润 1.01 亿元（同比+15.1%），扣非归母净利润 0.96 亿元（同比 +13.6%）。受益于公司区域、平台扩张，营收增速靓丽，消费降级背景下 均价略调整、销量增速更优；利润增速放缓主要系海运费、汇兑等外部因素 干扰，此外，公司出于谨慎原则计提存货减值（约 0.1 亿元）。 现金流表现优异，营运能力稳定。2024Q1 净经营现金流为 4.38 亿元（同 比+1.80 亿元）。营运能力方面，截止 2024Q1 应收、应付、存货周转天数 分别为 8.63/32.76/76.11 天、同比-0.68/+7.30/+3.80 天。 -34% -27% -21% -14% -7% 0% 7% 14% 21% 2023-06 2023-10 2024-02 致欧科技 沪深300 证券研究报告 | 季报点评 多元平台&地区共驱成长，盈利小幅承压 毛利率逆势提升，净利率短暂承压。2024Q1 毛利率为 36.0%（同比-0.8pct）， 归母净利率为 5.5%（同比-1.4pct）；海运费提 ...