Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Views - The company reported a revenue of 2.1 billion in Q1 2025, a 14% year-on-year increase, and a net profit attributable to shareholders of 110 million, up 10.3% year-on-year. The adjusted net profit after excluding non-recurring items was 120 million, reflecting a 25% increase [1]. - For the year 2024, the company expects a revenue of 8.1 billion, a 34% increase, but a decrease in net profit to 330 million, down 19% year-on-year [1]. - The company is facing multiple external challenges in 2024, including geopolitical tensions, rising shipping costs, extended shipping cycles, and increased tariffs, which pose significant risks to supply chain stability and competitive pressures [1]. - The company is focusing on product diversification and channel expansion, with specific strategies including logistics optimization, channel development, and digital ecosystem collaboration [1]. - Revenue projections for 2024 include 4.2 billion from furniture, 3 billion from home goods, 700 million from pet products, and 200 million from sports and outdoor products [1]. Financial Summary - The company’s revenue is projected to grow from 6.1 billion in 2023 to 8.1 billion in 2024, with a growth rate of 33.74% [9]. - The net profit attributable to shareholders is expected to decrease from 412.88 million in 2023 to 333.57 million in 2024, reflecting a decline of 19.21% [10]. - The company’s earnings per share (EPS) is projected to be 0.83 in 2024, down from 1.03 in 2023 [10]. - The company’s total assets are expected to increase from 5.58 billion in 2023 to 6.27 billion in 2024 [10]. - The company’s debt-to-asset ratio is projected to be 48.55% in 2024, up from 44.08% in 2023 [10].

Core Viewpoint - The company experienced revenue growth in Q1 2024, but net profit faced pressure due to rising shipping costs and supply chain shifts [1] Group 1: Financial Performance - In 2024, the company reported revenue of 8.12 billion, an increase of 33.7%, while net profit attributable to shareholders was 330 million, a decrease of 19.2% [1] - For Q4 2024, revenue reached 2.4 billion, up 23.6%, but net profit dropped to 60 million, down 55.7% [1] - In Q1 2025, revenue was 2.09 billion, a growth of 13.6%, with net profit increasing by 10.3% to 110 million [1] Group 2: Channel and Product Strategy - The company optimized its channel structure, focusing on emerging platforms like TEMU, Tiktok, and SHEIN, while enhancing its independent site and offline channels [2] - In 2024, revenue growth rates for various channels were 31.0% for Amazon, 40.3% for OTTO, 57.5% for independent sites, and 99.7% for other channels [2] - New and next-generation products contributed to a revenue increase of 89%, accounting for 37% of total revenue [2] Group 3: Supply Chain and Logistics - The company strengthened local fulfillment capabilities through a diversified warehouse network, with European revenue at 4.9 billion, up 31.3% [3] - In North America, revenue was 3.02 billion, an increase of 38.8%, with improved order fulfillment efficiency [3] - The company is migrating its supply chain to Southeast Asia to mitigate tariff risks, achieving 20% of shipments to the U.S. from Southeast Asia by the end of 2024 [3] Group 4: Profitability Metrics - The company's gross margin for 2024 was 34.7%, down 1.7 percentage points, while the net profit margin was 4.1%, down 2.7 percentage points [3] - In Q1 2025, gross margin improved to 35.4%, and net profit margin increased to 5.3% [3] - The decrease in financial expense ratio was primarily due to increased foreign exchange gains [3]

一、股份回购的进展情况 截至 2025 年 4 月 30 日，在本次回购方案中，公司通过股票回购专用证券账 户以集中竞价交易方式回购股份 1,546,500 股，占公司目前总股本的 0.39%，最高 成交价为 19.00 元/股，最低成交价为 14.82 元/股，成交金额为 24,942,375.00 元（不 含交易费用）。上述回购符合公司回购股份方案及相关法律法规的要求。 1 证券代码：301376 证券简称：致欧科技 公告编号：2025-038 致欧家居科技股份有限公司 关于回购公司股份的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 致欧家居科技股份有限公司（以下简称"公司"）于 2025 年 2 月 10 日召开 第二届董事会第十三次会议、第二届监事会第十一次会议审议，审议通过了《关 于回购公司股份方案的议案》。公司拟使用自有资金及银行回购专项贷款以集中 竞价交易方式回购公司股份（以下简称"本次回购"），用于实施员工持股计划 或股权激励计划。本次回购股份的种类为公司已发行的人民币普通股（A 股）。 本次回购的资金总额不低于人民币 5,000 ...

Group 1: Government Initiatives - The second batch of 81 billion yuan of ultra-long-term special government bond funds has been allocated to support the consumption of old-for-new consumer goods [1] Group 2: Furniture Manufacturing Industry Performance - In the first quarter, China's furniture manufacturing industry reported a total profit of 3.71 billion yuan, a decline of 40.1% year-on-year [2] - The industry's operating revenue was 145.98 billion yuan, down 2.2% year-on-year, with operating costs also decreasing by 2.2% to 121.52 billion yuan [2] Group 3: Regulatory Changes in Real Estate - Dongguan plans to implement new regulations for fully furnished new housing sales starting May 1, 2025, emphasizing quality and transparency in the renovation process [3] Group 4: Company-Specific News - Jiayu Co. received a decision for stock delisting due to its stock price being below 1 yuan for 20 consecutive trading days [4] - TOTO announced the closure of its factories in Beijing and Shanghai, citing a 20.4% decline in revenue from the Chinese market and a significant asset impairment charge of 34 billion yen [5] - Kuka Home exposed 95 unauthorized stores selling non-official products, emphasizing the importance of consumer protection [6] Group 5: Annual Reports of Furniture Companies - Diou Home reported a net loss of 569 million yuan for 2024, a year-on-year increase of 13.53% in losses, with revenue down 27.12% to 2.741 billion yuan [8] - Henglin Co. achieved a net profit of 263 million yuan, a slight decrease of 0.02%, with revenue up 34.59% to 11.029 billion yuan [7] - Qusleep Technology reported a net profit of 28.97 million yuan, a year-on-year increase of 21.4%, with revenue growing by 13.93% to 347 million yuan [7] - Kuka Home's net profit for 2024 was 1.417 billion yuan, down 29.38% year-on-year, with revenue decreasing by 3.81% to 18.48 billion yuan [8] - Other companies like Zhihong Home, Haolaike, and Juran Smart Home reported significant declines in net profits, with losses ranging from 2.15 billion yuan to 11.71 billion yuan [8][9][10]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [6] Core Views - The company reported a revenue of 8.124 billion yuan for 2024, representing a year-on-year increase of 33.74%, while the net profit attributable to shareholders decreased by 19.2% to 334 million yuan [1] - The company is optimizing its supply chain and enhancing its warehousing capabilities, particularly in North America, which is expected to accelerate growth [2][3] - The company has introduced new product lines and improved its marketing strategies, which are anticipated to drive steady growth post-tariff adjustments [5][11] Financial Performance Summary - For Q4 2024, the company achieved a revenue of 2.396 billion yuan, a year-on-year increase of 23.62%, but the net profit attributable to shareholders fell by 56% to 56 million yuan [1] - In Q1 2025, the company reported a revenue of 2.091 billion yuan, a year-on-year increase of 14%, with a net profit of 111 million yuan, up 10% [1] - The company expects revenues of 9.769 billion yuan in 2025, with a year-on-year growth of 20.25%, and net profits of 388 million yuan, reflecting a growth of 16.45% [11] Product and Market Performance - The furniture segment generated 4.198 billion yuan in revenue, up 37% year-on-year, while the home goods segment saw a 36% increase to 2.953 billion yuan [2] - The company has established a strong market position in Europe, with revenue of 4.896 billion yuan, a 31% increase, and in the US, revenue reached 3.017 billion yuan, up 39% [3] - The company is diversifying its sales channels, with Amazon contributing 5.37 billion yuan in revenue, a 31% increase, and independent sites growing by 58% to 214 million yuan [4] Supply Chain and Product Development - The company is enhancing its supply chain by relocating some operations to Southeast Asia, which is expected to reduce costs while maintaining quality [5] - In 2024, the company launched several new product lines and received 31 international design awards, indicating a commitment to improving product design capabilities [5] Future Outlook - The company anticipates continued revenue growth, projecting revenues of 12.034 billion yuan and net profits of 547 million yuan by 2026, with respective year-on-year growth rates of 23.19% and 40.89% [11] - The ongoing optimization of the Southeast Asian supply chain is expected to mitigate tariff impacts and strengthen long-term competitive advantages [11]

Investment Rating - The report indicates a positive outlook for the home furnishing sector, driven by domestic consumption stimulus and the gradual recovery of retail channels [1]. Core Insights - The report highlights that the domestic consumption stimulus is beginning to show effects, with a notable recovery in retail channels, while export conditions are experiencing marginal declines [1][3]. - The performance of leading companies in the home furnishing sector is improving, particularly in the context of national subsidies and strategic adjustments [1][3]. Summary by Sections 1. Home Furnishing - Domestic sales show signs of recovery with a year-on-year revenue change of -12.44% in Q4 2024 and +1.75% in Q1 2025, while net profit for the same periods changed from -54.11% to +7.07% [13]. - Export performance for the furniture sector saw a cumulative year-on-year increase of +5.8% for 2024 but a decline of -8.0% in Q1 2025, indicating a downward trend in export conditions [13]. - The report anticipates that the domestic market will continue to recover in the short term due to national subsidy policies, while the export market may face ongoing pressures [13]. 1.1 Domestic - Custom Home Furnishing - Retail channels are showing marginal improvements, while bulk channels remain under pressure, with leading companies like Oppein and Sophia experiencing reduced revenue declines in Q1 2025 compared to previous quarters [20]. - The profitability of leading companies is improving, with a focus on cost control and product development, while second and third-tier brands may struggle to maintain performance [26]. - Prepayment and cash flow indicators show improvements for some leading companies, suggesting a gradual recovery in demand [38]. 1.2 Domestic - Soft Home Furnishing - The soft home furnishing sector is under pressure due to real estate downturns and changing consumer spending patterns, but companies like Kuka and Mengbaihe are showing signs of recovery [39]. - Profit margins are improving in Q1 2025 compared to 2024, with notable changes in gross and net profit margins across leading companies [44]. - Prepayment figures for soft home furnishing companies are showing positive growth, indicating a recovery in domestic demand [46]. 1.3 Export Home Furnishing - The overall export climate is declining, with a significant drop in cumulative export value in Q1 2025, reflecting challenges in the international market [51][53]. - Despite the overall decline, leading companies are still managing to perform well, showcasing resilience and strategic advantages [51].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook on growth and profitability recovery, suggesting a favorable investment stance [1]. Core Viewpoints - The company achieved a revenue of 8.124 billion yuan in 2024, representing a year-on-year growth of 33.7%, while the net profit attributable to the parent company was 334 million yuan, down 19.2% [1][6]. - The furniture and home products segment showed strong growth, with revenues of 4.198 billion yuan and a year-on-year increase of 36.8% [2]. - The company is expanding its global supply chain and enhancing brand recognition through the integration of its main brand and sub-brands, which is expected to reduce operational costs and maximize resource utilization [4]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 81.24 billion yuan, with a net profit of 3.34 billion yuan, and a gross margin of 34.7% [1][3]. - The first quarter of 2025 saw a revenue of 20.91 billion yuan, reflecting a 13.6% increase year-on-year, with a net profit of 1.11 billion yuan, up 10.3% [1][3]. Product and Market Expansion - The company’s product categories, including furniture, home, pet, and outdoor sports, achieved revenues of 4.198 billion yuan, 2.953 billion yuan, 676 million yuan, and 205 million yuan respectively in 2024, with significant year-on-year growth [2]. - The company is focusing on expanding its presence in Europe and North America, with Europe being the largest market, accounting for 61% of revenue [2]. Operational Efficiency - The company maintained a stable inventory turnover period of approximately 75 days in 2024, and generated a net cash flow from operating activities of 2.29 billion yuan [3]. - The gross margin for the first quarter of 2025 was reported at 35.4%, indicating a slight decrease from the previous year [3]. Future Projections - The company forecasts net profits of 4.1 billion yuan, 5.3 billion yuan, and 6.6 billion yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 17.6X, 13.5X, and 10.8X [4].

Core Insights - The company reported a revenue of 8.12 billion yuan for 2024, a year-on-year increase of 33.7%, but the net profit attributable to shareholders decreased by 19.2% to 330 million yuan [1] - In Q1 2025, the company achieved a revenue of 2.09 billion yuan, a year-on-year increase of 13.6%, with a net profit of 110 million yuan, up 10.3% [1] - The company plans to distribute a total dividend of 0.3 yuan per share for the year, resulting in a dividend yield of 1.8% based on the closing price on April 30 [1] Financial Performance - The gross margin and net profit margin for 2024 were 34.7% and 4.1%, respectively, both showing a decline compared to the previous year [1] - In Q4 2024, the gross margin and net profit margin further decreased to 33.6% and 2.3% [1] - For Q1 2025, the gross margin and net profit margin improved slightly to 35.4% and 5.3%, respectively, compared to Q4 2024 [2] Cost and Expense Analysis - The company's freight costs accounted for 18.5% of revenue in 2024, an increase of 0.8 percentage points year-on-year, primarily due to rising shipping costs influenced by the Red Sea crisis [1] - In Q1 2025, the company's sales, management, R&D, and financial expense ratios were 24.3%, 4.4%, 0.8%, and -1.3%, respectively [2] Strategic Developments - The company is focusing on long-term capability building, enhancing its supply chain, brand, logistics, and channel platforms [3] - It has integrated its main brand "SONGMICS HOME" with three sub-brands to improve brand recognition and resource synergy [3] - The company has expanded its overseas warehouse capabilities, with a self-operated warehouse area of 334,900 square meters by the end of 2024 [3] Profit Forecast - The net profit forecasts for 2025 and 2026 have been adjusted downwards to 420 million yuan and 540 million yuan, respectively, with a projected net profit of 680 million yuan for 2027 [4] - The company maintains a "buy" rating despite the adjustments, considering the stock price has already corrected [4]

收入拆分：欧洲、北美地区收入高增，新平台开拓加速分地区来看，公司2024 年欧洲地区实现收入49.0 亿元（+31.3%），北美地区实现收入30.2 亿元（+38.8%），日本地区实现收入0.6 亿元（+29.8%），其 他地区实现收入0.6 亿元（+68.8%）。我们看好公司将欧洲市场作为业务基石，通过仓储布局优化与产 品升级巩固竞争优势，持续提升市场份额。渠道方面，公司2024年 B2C 渠道实现收入68.4 亿元 （+38.4%），B2B 渠道实现收入12.0 亿元（+14.4%），在巩固亚马逊平台头部地位的同时，加速布局 新兴流量阵地，我们看好公司公司精准卡位SHEIN、TikTok、Temu 等新兴渠道红利期，同时多元发展 欧洲本土线上B2C 平台，实现渠道结构从"单极依赖"向"多极共生"升级。 风险提示：海外市场不及预期、海运价格及汇率波动风险、行业竞争加剧。 公司2024 年毛利率为34.7%（-1.7pct），期间费用率为30.1%（+2.2pct），其中销售/管理/研发/财务费 用率分别为24.7%/3.7%/1.0%/0.8%，分别同比+1.5/-0.3/持平/+1.1pct。综合影响下， ...

Core Insights - The company reported a revenue of 8.124 billion yuan for 2024, representing a year-on-year growth of 33.74%, while the net profit attributable to shareholders decreased by 19.21% to 334 million yuan [1] - The performance for Q1 2025 showed a revenue of 2.091 billion yuan, a year-on-year increase of 13.56%, and a net profit of 111 million yuan, up 10.3% [1] Revenue and Profit Analysis - For 2024, the company achieved quarterly revenues of 1.842 billion, 1.879 billion, 2.007 billion, and 2.396 billion yuan, with year-on-year growth rates of +45.3%, +36.55%, +34.49%, and +23.62% respectively [1] - The net profit for the same quarters was 101 million, 71 million, 106 million, and 56 million yuan, with year-on-year changes of +15.06%, -27.94%, +5.44%, and -55.68% respectively [1] Segment Performance - Revenue growth by category showed furniture, home, pet, and garden segments increasing by 36.79%, 35.87%, 19.16%, and 19.82% respectively, with total revenues of 4.198 billion, 2.953 billion, 675 million, and 205 million yuan [2] - The gross margins for furniture and home segments decreased by 1.75 and 1.91 percentage points to 34.56% and 35.50% respectively [2] Regional Performance - Revenue growth by region indicated Europe, North America, and Japan with increases of 31.31%, 38.83%, and 29.76%, totaling 4.896 billion, 3.017 billion, and 62 million yuan respectively [2] - The gross margins for Europe and North America also saw declines of 2.38 and 0.51 percentage points to 36.54% and 31.85% respectively [2] Cost and Margin Impact - The company faced high shipping costs, resulting in a gross margin of 34.65% for 2024, down 1.67 percentage points [2] - The operating expense ratio for 2024 was 30.09%, an increase of 2.24 percentage points, with specific expense ratios for sales, management, R&D, and financial costs being 24.7%, 3.69%, 0.95%, and 0.76% respectively [2] Strategic Initiatives - The company aims to optimize its supply chain and expand market presence to counteract tariff disruptions, with 60% of revenue from Europe and 38% from the U.S. [3] - Plans include strengthening the European market position, accelerating new product launches, and penetrating offline channels in Germany, while addressing cost pressures in the U.S. through price increases [3] Profit Forecast and Valuation - The profit forecast for 2025 has been revised down by 26% to 378 million yuan, with a new forecast for 2026 at 493 million yuan [3] - The current stock price corresponds to a price-to-earnings ratio of 19 and 15 times for 2025 and 2026, respectively, with a target price maintained at 23 yuan, indicating a potential upside of 27% from the current price [3]